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Tom B.
Tom B., Barrister & Solicitor
Category: Canada Law
Satisfied Customers: 2263
Experience:  25 years in practice
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The company that I am working going to be insolvent and

Customer Question

The company that I am working for is going to be insolvent and restructuring. I am asked to be the placeholder for the president so that the current president can avoid any potential conflict of interest as he is one of the creditor.

To my understanding, the major personal liability for a president is staff wages and taxes. The company does not own any tax or wage at the moment. I am not aware of any reputation damage that this can cause.

The company is an incorporation and it has about $300k liability to vendors and 250k to creditor.

Should I help? What compensation would justify taking on this role?

Submitted: 1 year ago.
Category: Canada Law