That body of Court decisions that act
as precedents in the interpretation of various Acts. In some cases,
the rule is not in statute books but can be found as a principle of law
established by a judge in some recorded case.
A formal warning. Beware!
CCAA - Companies' Creditors Arrangement
An Act under which proposals or arrangements
or compromising of debt is structured. For a company to be eligible
to file under the CCAA, it must have at least $5 million in debt.
An encumbrance, lien or financial obligation
that is attached to some property. For example, a person who files
a lien against a piece of property might say that he has a charge against
Assets that are movable and not attached
to land or real property.
An interest that is given by one person
in, say, a piece of property such as a piano to another person to secure
Chose In Action:
The right of property in intangible things
which are not in one's possession, but that are forcible through legal
or Court action, such as debts, insurance claims, shares in a company,
pensions and salaries.
Claim Provable In Bankruptcy:
Any claim or liability that is provable
in a proceeding under the Bankruptcy and Insolvency Act.
A certificate issued by a statutory body
signifying that they are not owed any money in regards to a certain file
Property that has been given or committed
in order to guarantee a loan.
That date on which the transfer of title
is to be made.
A contractual condition that is required
to be met before a contract can be completed.
Under common-law, one of the three criteria
that have to be met before a contract is binding. Refers to money
or payment of money.
To hand over or give poccession of an
asset to someone.
A natural person who is bankrupt or insolvent
and whose aggregate debts, excluding any debts secured by the person's
principle residence, do not exceed $75,000 or such other maximum as is
This is the definition under the Personal
Property Security Act, meaning goods that are used or acquired for use
primarily for personal, family or household purposes.
That fee which a person, often a lawyer,
is entitled to per agreement upon the successful completion of some action.
For example, a lawyer can take on an action for, say, 25% of the proceeds
which he would only be entitled to if the action is successful.
The setting off of mutual debt.
For example, if a company owes $100 to another company that is owed $30
by that company in turn, the company is allowed to set off the $30 against
the $100 and make a net payment of $70.
An agreement between parties, where each
party has obligations. In order to be valid, a contract requires
an offer, an acceptance of that offer and, in common-law jurisdictions,
That act which transfers property from
one person to another.
That person who has a claim, preferred,
secured or unsecured, provable under the Bankruptcy and Insolvency Act.
C D-E F-G-H-I J-K-L-M-N-O P-Q
That point in time where a contract or
agreement triggers certain clauses in that contract. For example,
when a bank appoints an Agent pursuant to its General Security Agreement,
all the assets of the company in question, that are not secured by other
creditors, are captured by that General