|Joint and Several
The liability of
more than one person for which each person may be sued for the entire amount
of the damages.
The situation where
two or more persons are equally owners of some property.
A formal decision,
sentence or Order of a Court of Justice.
Those assets which
are attached to a building and cannot be removed from any property being
Under the Bankruptcy
and Insolvency Act the government has imposed a levy (in 1997 equal to
5%) over all dividends paid to unsecured creditors. Therefore, if
a creditor is entitled to a $100 dividend, he will only get $95 with $5
being paid to the government.
Any legal obligation
for which a person is responsible.
A dispute which
is the subject of ongoing or pending litigation. Oftentimes, a lis
pendens can be filed at the Land Registry Office against real property
to denote to third parties that another party may have an interest in the
A dispute that results
in formal Court action or a law suit.
The obligation that
one person has to contribute in part or in whole to the cost of living
of another person.
An alternate dispute
mechanism whereby the mediator acts as a facilitator assisting the parties
in coming to a mutually agreed settlement. Under the Bankruptcy and
Insolvency Act, mediation can be used, for example, if a creditor or the
Trustee opposes a bankrupt's discharge.
An interest given
on real property to guarantee the payment of a debt or execution of some
Latin - with appropriate
changes as applicable. For example, in proposals all other sections
of the Bankruptcy and Insolvency Act, over and above the section on proposals,
applies to proposals, mutatis mutandis.
Notice of Disclaimer
In a proposal, the
company may disclaim a lease or, in other words, state that it does not
require that lease and is cancelling it. The proposal must indicate
one of the options that is given to the landlord for him to file a claim
as follows actual losses resulting from the disclaimer or the lesser of
years rent, or
aggregate of the rent provided for in the lease for the first year of the
lease following the date on which the disclaimer becomes effective and
15% of the rent for the remainder of the term of the lease after that year.
Unable to locate
A solid affirmation
to tell the truth, oftentimes sworn in front of a Notary or Commissioner
for Taking Oaths.
A person deemed
to be an officer of the Court who reports to the Superintendent of Bankruptcy
and performs duties as specified by the Bankruptcy and Insolvency Act.
A scheme governed
by Provincial Court to allow a debtor to pay his debts in accordance with
the sections under Part X of the Bankruptcy and Insolvency Act.
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