A consumer proposal is a formal agreement with your creditors to settle debts for less than the full amount owed. It allows you to avoid bankruptcy while providing a manageable repayment plan.

Secured debt is a type of loan backed by collateral, such as a house, car, or other valuable asset. If the borrower defaults, the lender can seize the collateral to recover the debt. 

Debt consolidation involves combining multiple debts into a single loan with a lower interest rate. This simplifies payments and may reduce overall financial strain. 

The process by which a person voluntarily places themselves in Bankruptcy. Most bankruptcies in Canada are voluntary.

The command of a Court or Judge.

A person who has taken possession pursuant to a security agreement of substantially all of the inventory, accounts receivables or the other property of the debtor. “Receiver” also includes a person who has been appointed privately pursuant to a security agreement or by an order of the court for the protection or collection of property that is the subject of diverse claims, usually to seize and sell the property of the debtor. Registrar An Officer...

The Official Receiver is a federal government employee in the Office of the Superintendent of Bankruptcy. The Official Receiver, among other things, accepts the documents that are filed in proposals and bankruptcies, examines bankrupts under oath and chairs meetings of creditors, if such meetings are held.

The offences and sanctions provisions are contained in Part VIII of the Bankruptcy and Insolvency Act. These are criminal or quasi-criminal violations of law; a person guilty of an offence is liable to a fine or imprisonment.

A formal decision issued by a court on a matter under its consideration.

A bar (i.e. stop) against any creditor for the recovery of a claim provable in bankruptcy or a proposal against the insolvent person or the insolvent person’s property. No creditor shall start or continue any action, execution or other proceeding for the recovery of such claims.