Comments on: We Are In a Real Mess – is bankruptcy an option? http://www.bankruptcy-ontario.org/bankruptcy-ontario/2008/07/we-are-in-a-real-mess-is-bankruptcy-an-option.html Mon, 23 Jan 2012 18:51:03 +0000 hourly 1 By: J. Douglas Hoyes, CA, Trustee http://www.bankruptcy-ontario.org/bankruptcy-ontario/2008/07/we-are-in-a-real-mess-is-bankruptcy-an-option.html/comment-page-1#comment-51 J. Douglas Hoyes, CA, Trustee Thu, 31 Jul 2008 19:25:07 +0000 http://www.bankruptcy-ontario.org/?p=269#comment-51 Follow up question: That you for your response.<br/><br/>May I kindly ask another related question.<br/><br/>If my OnLine internet business achieves the success that I expect then I would receive my funds from an Electronic Payment Processor similar to Paypal and which would be attached to my Bank Account<br/><br/>The Bank Account is for a registered Ontario Incorporated Corporation with a Board of Directors which is currently NOT ACTIVE and has NO debts and has never had ANY Debts.<br/><br/>If such funds were submitted to the Incorporated Bank Account would that be safe from any debtors?<br/><br/>I believe the funds would be safe but I would appreciate confirmation of that fact.<br/><br/>Thank you<br/><br/>Follow up answer:<br/><br/>Generally, yes, money in a corporate bank account is safe from seizure by personal creditors, unless they have a court order to seize the bank account, although if the account is at a bank that you owe money to they could attempt to take money (whether it's legal or not). Obviously if the business is a success you will have the funds available to pay the creditors, so it should not be an issue. Follow up question: That you for your response.

May I kindly ask another related question.

If my OnLine internet business achieves the success that I expect then I would receive my funds from an Electronic Payment Processor similar to Paypal and which would be attached to my Bank Account

The Bank Account is for a registered Ontario Incorporated Corporation with a Board of Directors which is currently NOT ACTIVE and has NO debts and has never had ANY Debts.

If such funds were submitted to the Incorporated Bank Account would that be safe from any debtors?

I believe the funds would be safe but I would appreciate confirmation of that fact.

Thank you

Follow up answer:

Generally, yes, money in a corporate bank account is safe from seizure by personal creditors, unless they have a court order to seize the bank account, although if the account is at a bank that you owe money to they could attempt to take money (whether it’s legal or not). Obviously if the business is a success you will have the funds available to pay the creditors, so it should not be an issue.

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