Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
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| There are 8 entries in the glossary. | |
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| Term | Definition |
| bailiff | A person who, for remuneration, will act or assist any other person to repossess, seizing or distraining or in evicting any person from property pursuant to conditions set out in various Acts. |
| bankrupt | A natural person or corporation who has, or is deemed to have, made an assignment or against whom a receiving order has been made under the Bankruptcy and Insolvency Act; or the legal status of such a natural person or corporation. |
| bankruptcy | The state of being bankrupt. Can be voluntary or involuntary. |
| Bankruptcy and Insolvency Act | The federal statute with respect to bankruptcy and insolvency. |
| Bankruptcy Order | (Receiving Order): An Order handed down by the Court following the successful petition to have a person or company placed into bankruptcy. |
| Beneficial Ownership | Where a person has the right of enjoying use and advantage of another's property. |
| beneficiary | The person who is in receipt, or will be in receipt, of some asset, thing, or thing of value. For example, a person can make a will naming someone as beneficiary of their estate. |
| Bona Fide | In good faith; genuine; without fraud or deceit. |
| Glossary V2.0 | |