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One to whom a debt is owed; in insolvency matters, a person having a claim provable under the Bankruptcy and Insolvency Act. Secured creditors have collateral (i.e. a charge or lien) against the property of the debtor, whereas unsecured creditors have no collateral.
Both individual bankrupts and those making a consumer proposal are required to go through counselling sessions with a qualified counsellor. You will be required to attend two sessions, which primarily cover good financial management (including prudent use of consumer credit and budgeting principles); developing successful strategies for achieving financial goals and overcoming financial setbacks; restoring one’s credit rating and at any over time,...
All funds received by a Licensed Insolvency Trustee from any source are placed into a trust fund. This would include surplus income payments, funds from the sale of non-exempt assets, tax refunds as appropriate etc. Out of these funds, the trustee is entitled to a set fee as determined by a Government set tariff and then any remaining funds are distributed by the Trustee to the Unsecured Creditors.
A person who is unable to pay debts as they become due in the ordinary course of business, or having liabilities that exceed the total value of assets.
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.
A federally appointed official who oversees the administration of the Bankruptcy and Insolvency Act in Canada.
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.
