Business Proposals

CANADIAN BANKRUPTCY WHILE LIVING ABROAD

Canadians living abroad can go into bankruptcy for their Canadian debts in the following ways:

• They can go bankrupt in their country of residence.

  This will free them of their Canadian debts so long as they live in that foreign country. If they return to Canada their Canadian debts will have survived and they will still owe that money.

• They can re-establish residency in Canada and then go bankrupt in Canada.

• They can go bankrupt under Canadian law while still living in that foreign country if:

  
  
  
• They have property in Canada (re: definition of "insolvent person"). "Property" includes money, goods, things in action, land and every description of property, whether real or personal, legal or equitable;
  
  OR
• They have carried on business in Canada in the preceding year (re: definition of "insolvent person" and definition of "locality of a debtor").