1) How will it affect your other corporation?
I'm assuming that these are actual incorporated businesses. Are there shared financial or physical resources? If the two are truly independent other than a shared director, I don't see how there would be an effect.
2) How will it affect you personally?
It depends. Have you guaranteed the debts of the company? If so, then you would be personally liable for the debt to the bank. There are also potential tax implications - you may owe money to CRA as a director's liability.