Actually in Canada like the US, in a number of circumstances parent companies can be held liable for certain claims against their bankrupt subsidiaries. But that is beside the point.
In any event I talked to the CPR today and they did infact own Canadian Creosote - which did NOT go bankrupt. The Calgary site ceased operating in 1962 and through a confusing series of transactions the remains of Canadian Creosote are owned by a German company today, only one former facility continues to operate in Hamilton.
The provincial and federal government each contributed approximate $10,000,000 to the clean-up.
Originally Posted by jsbertram
If your brothers' business goes bankrupt, the creditors can't get money out of you or your business just because you are brothers.