The following definitions are solely for the convenience of our website visitors. They are in no way to be used as or considered legal definitions.
If you are in the Greater Toronto Area and dealing with serious debt issues, we recommend you contact David Sklar & Associates, Bankruptcy Trustees for a free professional assessment of your current financial situation. Call us at 416-498-9200 to book your Free Consultation.
A type of absolute discharge that is given automatically to a bankrupt who has completed their required counselling, fulfilled all their legal requirements, and whose discharge has not been disputed by the Trustee, Office of the Superintendent of Bankruptcy, or by a creditor. Available to first and second time bankrupts after 9 months and 24 months respectively, unless the bankrupt is required to make surplus income payments, in which case it is 21 and 36 months respectively.
and Insolvency Act
A federal statute that governs bankruptcy and insolvency in Canada.
Canadian Association of Insolvency and Restructuring Professionals – represents as well as provides training and certification for insolvency professionals such as Trustees in bankruptcy, counsellors and administrators.
Issued by the Court – this ruling is a type of discharge from bankruptcy that sets specific conditions that the bankrupt must perform before they are released from their legal requirement to pay their debts.
Under the Bankruptcy and Insolvency Act – this is a legal process to assist qualified individuals in making legally binding proposals to creditors for the repayment of debt – without having to go into bankruptcy, specifically for those individuals with less than $250,000.00 in debt (excluding their primary residence mortgage).
An individual or business who gave credit to a debtor, which has not been repaid, and which can be proved to exist under the Bankruptcy and Insolvency Act. See Secured Creditor and Unsecured Creditor.
Release of the bankrupt from their legal requirement to pay the debts covered in their bankruptcy. There are five types of discharge; automatic, absolute, conditional, suspended or refused.
For use by individuals who have debt in excess of $250,000 (excluding their primary residence mortgage) and for use by businesses. A legally binding offer under the Bankruptcy and Insolvency Act from a debtor to their creditors to pay unsecured debts in a manner different from the existing terms.
The inability of an individual or business to pay debts as they become due. In the case of businesses – insolvency can also exist if the total value of debts is greater than the total value of assets.
of Intention to File a Proposal
Filed by a Trustee in Bankruptcy, this is a legal document that notifies the Superintendent of Bankruptcy that a debtor intends to file a proposal under the Bankruptcy and Insolvency Act.
Ontario Execution Act
The Act that is in effect in the province of Ontario - it stipulates which assets are exempt from a bankruptcy settlement. Stipulates certain assets you are entitled to keep. Amendment >
Order of Suspended Discharge
Document issued by the Court that officially removes the bankrupt’s legal responsibility to pay the debts covered in their bankruptcy – but it does not come into effect until a future date.
A specific sum of money owed to a creditor for which security rights against the debtor’s assets were given. Further explanation
Issued by the court – this ruling is a type of discharge from bankruptcy that releases the bankrupt from their legal requirement to pay their debts – but is not effective until a future date.
A specific sum of money owed to a creditor for which no security rights against the debtor’s assets were given. Further explanation
If your debt problems are out of control and you are in the Greater Toronto Area – contact the debt professionals at David Sklar & Associates to discuss your situation – and explore your options. Call 416-498-9200 or get started with our Quick Assessment Form to book your Free Consultation – we can help.
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