Is Bankruptcy Information Made Public

2008-12-16   minute read

The most common source of that information is an individual's credit rating or, for very high profile individuals, the media. If "Sam" goes into bankruptcy, the following persons or organizations are aware of or are informed of his bankruptcy: The Office of the Superintendent of Bankruptcy;All of Sam’s creditors;Financial institutions or other organizations that Sam has investments or other assets with;If Sam’s wages are being garnished by a creditor, his employer is notified so that the garnishment stops immediately;Canada Revenue Agency (the Trustee is required to file tax returns for Sam);The credit bureaus; and In certain types of bankruptcies (i.e., those in which the value of assets that will go to the creditors is more than $10,000), a notice must be placed in the legal notices section of the local paper.The Superintendent of Bankruptcy maintains a registry that lists all Bankruptcies, Receiverships and Proposals to Creditors that are filed in Canada. So if someone wants to find out if an individual or business has gone through a bankruptcy, they can go online and pay a fee to search the name of that business or person. It isn't possible to print out a list of bankruptcies or other filings - you can only search by a single name and you are charged a fee for every search. Judy Scott - MNP Vancouver - Port Moody - Abbotsford 604.949.2100   -   1.866.568.1335 [email protected]

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