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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.
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.
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.
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...
