First, a director does not lose his post simply because of the bankruptcy of the corporation. (See ¶11 and Kalef v. R,  2 C.T.C. 1 (FCA).) Second, the Quebec register of businesses is not the incorporating statute. So, though being struck from the register can impact the corporation’s ability to carry on business in Quebec, it doesn’t dissolve a corporation incorporated under the Canada Business Corporations Act. (¶13.) Last, the bankruptcy of a corporation and discharge of its trustee does not, according to the Chief Justice, cause the dissolution of the corporation. Had the corporation been properly dissolved under the CBCA, Mr. Jobin “would have ceased to be its director”. (¶17, my tranlsation.)
From this decision, one might conclude that to protect yourself from directors’ liability, if you bankrupt your corporation, you should also submit to the trustee your resignation as a director at the same time.
See Jobin c. La Reine, 2014 CCI (Rip CJ)