Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
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| There are 23 entries in the glossary. | |
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| Term | Definition |
| CAIRP : | The Canadian Association of Insolvency and Restructuring Professionals is the national professional organization representing trustees in bankruptcy, receivers, agents and consultants in insolvency matters. The Association is a non-profit corporation, established in 1979 to "advance the practice of insolvency administration and the public interest related to it". The CAIRP website is: http://www.cairp.ca/ |
| Case Law | That body of Court decisions that act as precedents in the interpretation of various Acts. In some cases, the rule is not in statute books but can be found as a principle of law established by a judge in some recorded case. |
| caveat | A formal warning. A notice that a particular party has a certain interest, and that certain actions are prohibited without advising the party or giving notice. Normally filed against land titles, a caveat may only be valid for a limited time period in some jurisdictions. |
| CCAA | CCAA - Companies' Creditors Arrangement Act: An Act under which proposals or arrangements or compromising of debt is structured. For a company to be eligible to file under the CCAA, it must have at least $5 million in debt. |
| Certificate of Full Performance of Propo | A document issued by the trustee or administrator once a debtor has fully performed his or her obligations under the proposal. |
| charge | An encumbrance, lien or financial obligation that is attached to some property. For example, a person who files a lien against a piece of property might say that he has a charge against that property. |
| chattel | Assets that are movable and not attached to land or real property. |
| Chattel Mortgage | An interest that is given by one person in a piece of property to another person to secure a debt. |
| Claim Provable In Bankruptcy | Provable claims are defined by the Bankruptcy and Insolvency Act as all debts and liabilities, present or future, to which the bankrupt is subject to on the date on which the bankrupt becomes bankrupt. Provable claims also include claims that the bankrupt may become subject to before the bankrupt’s discharge by reason of an obligation incurred prior to the date of the bankruptcy. (For example contingent claims, unliquidated claims and claims payable at a future time) |
| collateral | Property that has been given or committed in order to guarantee a loan. |
| Commissioner of Oaths | Commissioner for taking affidavits in a province as authorized by provincial statute. |
| Common Law Partner | Defined by the Bankruptcy and Insolvency Act as an individual who is cohabitating with an individual in a conjugal relationship, having so cohabitated for a period of at least one year. |
| consideration | Under common-law, one of the three criteria that have to be met before a contract is binding. Consideration refers to money or payment of money or some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other. |
| Consumer Debtor | A natural person who is bankrupt or insolvent and whose aggregate debts, excluding any debts secured by the person's principle residence, do not exceed $75,000. |
| Consumer Proposal | A simplified form of Proposal available to debtors owing less than $75,000, excluding a mortgage on the principal residence |
| Contingent Claim | A provable claim in bankruptcy that may or may not become a debt depending upon the result of some future event. |
| contract | An oral or written agreement between two or more parties which is enforceable by law. In order to be valid, a contract requires an offer, an acceptance of that offer and, in common-law jurisdictions, consideration. |
| conveyance | The transfer of real or personal property from one person to another by writing or otherwise; includes a gift, encumbrance, or limitation of use. |
| corporation | Includes any company or legal person incorporated, or authorized to carry on business, by or under an Act of Parliament of Canada, or of any of the provinces or territories, that has an office or property in Canada. The Bankruptcy and Insolvency Act specifically excludes building societies, incorporated banks, to which the Bank Act applies, savings banks, insurance companies, trust companies, loan companies or railway companies. |
| counselling | A process under which services of a qualified counsellor are made available to assist and educate bankrupts and/or relatives of bankrupts, or consumer debtors, on good financial management, including prudent use of consumer credit and budgeting principles; in developing successful strategies for achieving financial goals and overcoming financial setbacks; and at any time, where appropriate, making referrals to deal with non-budgetary causes of insolvency (e.g.: gambling, addiction, marital and family problems, etc.).
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| CRA | Canada Revenue Agency (formerly known as Canada Customs and Revenue Agency (“CCRA”) |
| credit rating | Credit reporting agencies are third party reporting agents that collect information about consumers' financial affairs and sell this information to their clients (which include banks and lending institutions). Credit ratings are set by creditors who pass this information to the reporting agencies. A credit rating consists of a nine-point rating scale: Rating What it Means The R stands for Revolving credit (ie. a credit card or line of credit with no defined payment schedule). Accounts are also coded on this scale with the letter I in front of the number rating. This I stands for Installment credit (ie. a loan with a defined payment schedule such as a vehicle loan). |
| Creditor | A person to whom money is owed; in insolvency matters, a person who has a claim, preferred, secured or unsecured, provable under the Bankruptcy and Insolvency Act. |
| Glossary V2.0 | |