Cash compensation awarded by a Court to
offset losses or suffering caused by another person's negligence or fault.
Date of the Initial Bankruptcy Event:
In respect of a person, it means the earliest
of the date of filing or making (a) an assignment into bankruptcy; (b)
a proposal; (c) a Notice of Intention to Make a Proposal; (d) the first
petition for a Receiving Order.
A person who owes money, goods or services
A provisional decision of the Court that
does not have absolute effect until certain conditions are met.
The name given to the final and conclusive
Court Order after the condition of a "decree nisi" is met.
A trust that is established by statute
to be in effect even though there may not be any actual asset or monies
held in that trust. For example, Revenue Canada in a bankruptcy or
insolvency situation takes the position that it has a deemed trust covering
source deductions that they claim rank even ahead of certain secured creditors.
Failure to pay or otherwise perform obligations
under a contract.
A letter usually from a lawyer on behalf
of a client that makes a demand for payment or some other action which
is in default. Under the Bankruptcy and Insolvency Act, a financial
institution before it takes any action must give demand and notice of intention
if it intends to enforce its security and must wait 10 days before it can
enforce its security by, say, the appointment of a Receiver or Agent.
To refuse or to set aside. For example,
the Trustee in Bankruptcy, under the Bankruptcy and Insolvency Act, can
disallow a claim submitted by a creditor.
To cancel or relieve a person of an obligation
The act of denying, refusing, renouncing
or repudiating an interest that one might have in some item.
The act of ending, terminating or winding
up of a company or state of affairs.
The right that a landlord has to seize
the property of a tenant on the premises being rented and sell that property
for payment of rent arrears.
Under the Bankruptcy and Insolvency Act
it refers to those monies paid by a Trustee in Bankruptcy to the creditors.
The right held by one person to make use
of the land held by another person for a limited interest. For example,
a utility may have an easement over a piece of real property which allows
that utility to have, for example, electrical power lines running over
The date an agreement comes into force.
Those charges or the security that attaches
to any kind of property. For example, if there is a mortgage on a
piece of property, then the property is said to be encumbered by that mortgage.
This refers to the excess that the value
of a piece of property has over any charges or encumbrances against that
piece of property.
The holding on to of money or a written
document, such as shares or a deed, until certain conditions are met by
the two contracted parties.
Under the Bankruptcy and Insolvency Act,
the name given to the file or bankruptcy estate.
Latin - for one party only. Ex parte
refers to those proceedings where one of the parties has not received notice
and therefore is neither present nor represented.
Examination For Discovery:
A legal proceeding whereby one party examines
the party on the other side, usually under oath for the purpose of confirming
facts and perhaps obtaining admissions from that other party.
To carry out.
Under the Court Order Enforcement Act
effective May 1, 1998 (in British Columbia), there are certain assets that
are exempt from seizure by any execution creditor or by a Trustee in Bankruptcy.
Equity in a house in Vancouver or Victoria
= $12,000; In the rest of the province = $9,000;
Equity in a motor vehicle = $5,000;
The vehicle exemption drops to $2,000 if the debtor is behind on
child care payment (to facilitate the enforcement of Maintenance Orders);
Equity in household items = $4,000;
Clothing/Medical aids =
Tools of the Trade = $10,000.
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