Inspectors can be appointed by creditors to represent them before the trustee during the administration of proposals and bankruptcies. They are expected to assist the trustee by virtue of their experience and are required to supervise certain aspects of the trustee’s administration.

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

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

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

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.

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 command of a Court or Judge.

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).

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.