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.
Chapter 11 is a section of the United States Bankruptcy code (law) which is used by businesses to obtain protection from creditors while it restructures its operations so that it can sustain itself in the future. This law is similar to the two Acts that apply to companies in Canada, the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (CCAA) .
Chapter 13 is a provision in the United States bankruptcy code (law) which is comparable to the Consumer Proposal option under Canadian Bankruptcy law.
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).
It is a piece of legislation that governs the administration of a bankrupt’s estate and oversees the distribution of its value to the estate’s creditors, while providing a fresh financial start for individual debtors. Both Bankruptcies and Consumer Proposals are filings 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.
Bankruptcy is a legal process in which you may be discharged from most of your unsecured debts. It is regulated by the Bankruptcy and Insolvency Act . The purpose of the Act is to permit an honest, but unfortunate debtor to obtain a Bankruptcy discharge from his or her debts, subject to reasonable conditions. To start the Bankruptcy process, first contact your local MNP Ltd. Trustee Office and discuss your particular circumstances with an...
