A federally appointed official who oversees the administration of the Bankruptcy and Insolvency Act in Canada.

A statement detailing the receipt and disbursement of funds, interest received, fees charged by the trustee, all the dividends distributed to the creditors and particulars of property that is not sold.

The bankrupt’s financial statement or a balance sheet of assets and liabilities showing the estimated value of assets and the names and addresses of creditors and the amounts owed along with other pertinent information.

An Officer of a provincial court appointed by the Chief Justice with the powers and jurisdiction as specified under the Bankruptcy and Insolvency Act.

An offer to creditors to settle debts under conditions other than the existing terms. It is a formal agreement under the Bankruptcy and Insolvency Act.

Includes money, goods, land and every description of property, whether real or personal, situated in Canada or elsewhere. Real Property is land and the buildings thereon, Personal Property is anything other than Real Property.

A procedure prescribed in Part X of the Bankruptcy and Insolvency Act, governed by provincial courts, which allows a person to pay debts. Only available in Alberta, Nova Scotia, Prince Edward Island and Quebec (where it is known as Voluntary Deposit Service / Lacombe’s Law).

A person licensed by the Superintendent of Bankruptcy to administer bankruptcy and proposal estates.

A financial obligation or debt of an individual or a business, including unpaid taxes, salaries, accounts payable etc.

The tax refund relating to the year of your bankruptcy will be sent to the Trustee for the benefit of your creditors. Subsequent tax refunds should be sent to you. The Trustee has a right to apply your GST credits towards the costs of administering your bankruptcy (up to a maximum of $1800). Once the Trustee’s costs are covered, the GST credits will again revert to you.