Complete and without
conditions. For example, a bankrupt, usually after nine months receives
an Absolute Order of Discharge, which means all of his debts, with certain
exceptions, are wiped out.
Any clause in a
contract which spells out that when certain actions are taken, the clause
comes into effect. A common acceleration clause is the clause in
a lease that says if a company goes into bankruptcy, three months rent
is due as a preferred claim.
The act of accepting
something, usually a contract. For example, an offer is made to some
person that that person buys certain goods for a certain amount of money.
If the person to whom the offer is made agrees, then the offer is considered
to be accepted.
Goods that are installed
in or affixed to other goods.
A bill which has
passed through the various legislative steps and, hence, has become law.
A proceeding in
a Court of law where one person seeks a Court Order for the enforcement
of that person's or company's rights.
The delay or postponement
usually to another time of a meeting or action.
The date on which
parties agree that certain financial adjustments will be made to a contract.
For example, on the sale of property, there is an adjustment date set which
is the time for the costs, such as property taxes, water, etc., to be apportioned
between the purchaser and the vendor.
A Trustee or person
appointed or designated by the Superintendent of Bankruptcy to administer
A statement by a
person in which the person states that to the best of his or her knowledge,
the facts in question are true. An affidavit is sworn before a Notary,
Commissioner for Taking Oaths, lawyer or some other judicial officer who
can administer oaths.
Property of a bankrupt
acquired between the date of bankruptcy and prior to the bankrupt's discharge
A person who has
received, usually by appointment, the power to act on behalf of another.
Agent - Section
427 of the Bank Act:
A person, usually
a Trustee in Bankruptcy, appointed by a bank to realize on its security
as defined under Section 427 of the Bank Act. The security covered
An amount given
to one spouse by another while they are separated or divorced.
To make void or
to cancel. Appeal:
To ask a more senior
Court or person to review a decision of a subordinate Court or person.
The act of showing
up in Court as either plaintiff, defendant, accused, or any other party
to a Court
The act of making
a request usually of the Court, for example, an application to have a bankrupt
The act of designating,
or the acquisition of some, responsibility or position. For example,
the Court can appoint a Trustee in Bankruptcy as Receiver of some property.
A dispute resolution
mechanism, whereby an independent neutral third party is appointed to hear
and consider the merits of the dispute, and who renders a final and binding
decision called an award.
The act of dealing
with a person who is not a relative but an independent third party.
The amount of money
by which a contract or obligation is in default.
The valuing of a
thing or property
A thing, chattel,
resource or item or piece of property owned or controlled by a person or
To give or to transfer
responsibility to another.
The assigning by
a company or business to a lender, usually a bank, the interest that the
person or company has in accounts receivables.
The act of a person
who places himself or his company into bankruptcy pursuant to the Bankruptcy
and Insolvency Act.
A person who, in
British Columbia, is appointed under the Debt Collection Act who will act
or assist any other person to repossess, cease or distrain pursuant to
conditions set out in various Acts.
A person who has
made an assignment or against whom a receiving order has been made, or
the legal status of that person.
The state of being
The person who is
in receipt, or will be in receipt, of some asset, thing, or thing of value.
For example, a person can make a will naming someone, usually their spouse,
as beneficiary of their estate.
Bill of Exchange:
A legal document,
such as a cheque, where one person in writing specifies that a third party
will pay a person a specific sum of money at a specific time, or upon demand.
Bill of Lading:
A document received by a transportation
company acknowledging that it has received certain goods and, for the purpose
of transportation, serves as title to that property.
Bill of Sale:
An agreement in writing signifying that
one person for a specific sum of money has acquired specific assets.
Accounts receivables owned by a company.
The action that a supplier of goods or
services, in respect of construction, can take by filing an entitlement
against that property for monies he is owed. Refer to the Builder's
C D-E F-G-H-I