Personal Liability for Corporate Debt
I have consultations scheduled next week to explore my case but I’m looking for some guidance and to calm my overthinking as I wait.
We had voluntarily cancelled a contract as we could no longer financially afford to pay the full amount. We notified within the required timeframe. There’s still a balance left and currently in a Civil Case for this, our corporation is in Canada and so are we, my main concern is that would the plaintiff be able to go after our personal assets? The corporation has been dissolved.
The contract had no personal guarantee but we signed as the corporations signing authority (owner/director). I’m filing a consumer proposal and the LIT advised to have a lawyer look over the case and contract to see if it needs to be included in the proposal.
Thank you!
Posted Aug 14, 2026, 6:03 AM UTC