such as a building and land.
The amount of money
received from the sale of assets.
A person or corporation
appointed by a person who holds a debenture or other security agreement,
giving that person authority to take possession of the specified in the
debenture. A Receiver cannot manage or operate a company for more
than 14 days.
by a Receiver or Receiver-Manager to secure borrowings required by the
Receiver or Receiver-Manager. Any debt secured by a Receiver's Certificate
has a first charged over the property, ranking ahead of any other secured
Similar to Receiver
above, except the Receiver-Manager can manage or operate the company.
Receiver of Rents:
A person appointed
by the Court to enforce the collection of rent as is specified in the charge
on the property.
An Order handed
down by the Court following the successful petition to have a person or
company placed into bankruptcy.
An Officer of the
Supreme Court appointed by the Chief Justice and empowered to deal with
various matters as set out in the Bankruptcy and Insolvency Act.
A mechanic or other
person who, by bestowing money, skills or material on any chattel, is entitled
to a lien on the chattel, which empowers that person to sell the chattel
if he is not paid within 90 days.
The party who responds
to a claim filed in Court against him by a Plaintiff or the person who
is being sued. Another term for the Respondent is the Defendant.
Under the Bankruptcy
and Insolvency Act it is common for the Trustee in Bankruptcy to ask for
a retainer before he accepts an appointment. There is also a special
type of retainer called a Third Party Retainer, whereby funds are put up
that secure the fees and disbursements of the Trustee but are returned
to the party putting up the funds if the Trustee realizes enough out of
the estate to cover the fees and costs and, in the case of a proposal,
returned to the party putting up the funds if the proposal is refused by
the creditors or not approved by the Court.
The status a creditor
has when he has security or a right in some property that he can sell or
or pledged to a person who is lending money in order to secure or guarantee
payment of that debt.
Seize or Sue:
That phrase referring
to a concept that, in British Columbia under the Personal Property Security
Act, allows a secured creditor, in regard to consumer goods, to either
seize or sue for the goods but not do both. For example, a financial
institution holding security over a vehicle that is used for personal use
and not for business can on default either seize that vehicle and sell
it in satisfaction of its debt or sue the person for what is owed, but
cannot do both.
of property to another person or a gift. Under certain circumstances,
settlements are void against the Trustee and are brought back into the
Sine Die: (Latin)
giving any future date of meeting or hearing.
A Court which has
simplified rules, thus encouraging non-lawyers to attend at the Court without
legal representation. In British Columbia, the amount that can be
considered in a small claims action is $10,000 or less:
A term under the
Bankruptcy and Insolvency Act whereby voting is carried out, for example
when creditors accept or refuse a proposal. In order for the Special
Resolution to pass, of those creditors who vote there must be in excess
of 2/3 of the dollars voting in favor and a simple majority in number of
the creditors voting in favor.
A lien or security
interest in a specific piece of property that can be distinguished from
other pieces of property. For example, security over a vehicle.
Statement of Affairs:
The listing of a
debtor's assets and liabilities and sworn under oath by the debtor before
a lawyer or Commissioner for Taking Oaths.
Statement of Receipts
A statement prepared
in the matter of receivership or agency appointment or a bankruptcy appointment,
whereby the realizations and disbursements are set out.
The current state
of affairs, or current position.
Stay of Proceedings:
The stopping or
preventing of legal actions undertaken. In the Bankruptcy and Insolvency
Act, there is a stay of proceedings in the case of a bankruptcy or in the
case of a proposal. This stops all legal actions against the company
The legal right
that a person or corporation has when he pays someone's debt to recover
that money from the debtor.
Under the Bankruptcy
and Insolvency Act a summary administration bankruptcy is a consumer bankruptcy
defined as a bankruptcy where the free and clear assets are less than $10,000.
Summary administration bankruptcies have stream lined procedures, making
them less costly to administer.
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