Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
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| There are 21 entries in the glossary. | |
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| Term | Definition |
| absolute | Complete; perfect; final; without a condition or encumbrance. |
| act | A bill which has passed through the various legislative steps and, hence, has become law. |
| Act of Bankruptcy | An act committed by a debtor as defined under the Bankruptcy and Insolvency Act. One of the most common is if a debtor ceases to meet his liabilities generally as they become due. A creditor with a provable claim of $1,000 and over may file a petition for a receiving order if the debtor has committed such an act within the six months preceding the filing of the petition. |
| adjournment | To suspend hearing of a case or a meeting of creditors to another time or place or indefinitely. |
| Administrator of Consumer Proposal | A trustee or a person appointed or designated by the Superintendent of Bankruptcy to administer consumer proposals. |
| affidavit | A statement by a person in which the person states that to the best of his or her knowledge, the facts in question are true. An affidavit is sworn before a Notary, Commissioner for Oaths, lawyer or some other judicial officer who can administer oaths. |
| after Acquired Property | The property of a bankrupt that was acquired after the date of bankruptcy but before the date of discharge. |
| annul | To reduce to nothing; to make void; for example: a discharge of bankruptcy or a proposal can be annulled under certain circumstances. |
| appeal | An application or proceeding for review by a higher Court. |
| application | The act of making a request usually of the Court, for example, an application to have a bankrupt discharged. The making of a request for something, for example, an application to the Court for an Order discharging the bankrupt or Trustee. |
| appointment | The act of designating or placing in office. or a meeting arranged in advance |
| arm's length | At a distance; not under the influence or control of another; not related by blood or marriage. The act of dealing with a person who is not a relative but an independent third party. |
| arrangement | An agreement, such as a proposal, made between an insolvent person or bankrupt and his creditors. |
| arrears | The amount of money by which a contract or obligation is in default. |
| assessment | The valuing of a thing or property. |
| Assessment Interview | An interview conducted by a trustee or an administrator of a consumer proposal before a bankruptcy or a consumer proposal is made. Its purpose is to evaluate the debtor's financial situation, explain the options available and discuss the merits and the consequences of the debtor's choice. |
| asset | A thing, chattel, resource or item or piece of property owned or controlled by a person or company. |
| assign | To give or to transfer a right or interest to another. |
| Assignment into Bankruptcy | The act of a person who places himself or his company into bankruptcy pursuant to the Bankruptcy and Insolvency Act. A transfer by an insolvent person to a Trustee of all of his property for the general benefit of his creditors. |
| auction | A public sale in which articles are sold to the highest bidder. |
| Automatic Discharge | First-time bankrupts receive an automatic discharge nine months after they became bankrupt unless it is opposed by a creditor, the trustee or the Superintendent of Bankruptcy. In order to be eligible for the automatic discharge a debtor must complete all required obligations. |
| Glossary V2.0 | |