Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
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| There are 12 entries in the glossary. | |
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| Term | Definition |
| Effective Date | The date an agreement comes into force. |
| encumbered | An asset is encumbered if it is pledged as security (collateral) to a creditor. |
| encumbrances | Those charges or the security that attaches to any kind of property. For example, if there is a mortgage on a piece of property, then the property is said to be encumbered by that mortgage. |
| equity | This refers to the excess that the value of a piece of property has over any charges or encumbrances against that piece of property. |
| estate | Under the Bankruptcy and Insolvency Act, the name given to the file or bankruptcy estate. |
| ethics | Trustees in Bankruptcy are subject to the Codes of Ethics under: o CAIRP, The Canadian Association of Insolvency and Restructuring Professionals; o The Bankruptcy and Insolvency Act; o Any other professional association they may be a member of. |
| ex parte | For one party only. Ex parte refers to those proceedings where one of the parties has not received notice and therefore is neither present nor represented in a court of law. Often when urgent action is required, as when the debtor is thought to be absconding assets. |
| examination | Questioning of the bankrupt under oath with respect to the bankrupt's conduct, causes of bankruptcy and disposition of the bankrupt's property. The examination may be conducted by an Official Receiver, a trustee, a creditor or other interested person in accordance with conditions prescribed in the Bankruptcy and Insolvency Act. |
| execution | To carry out. The process under which a judgment is collected, includes a writ of seizure and sale. |
| exempt | Those items that can not be legally seized by any execution creditor to enforce a debt or by a trustee in bankruptcy. These exemptions are determined by the province a debtor resides in at the time of filing of a bankruptcy or proposal. Exempt assets do not vest in the Trustee for the benefit of creditors. |
| exempt assets | Those items that can not be legally seized by any execution creditor to enforce a debt or by a trustee in bankruptcy. These exemptions are determined by the province a debtor resides in at the time of filing of a bankruptcy or proposal. Exempt assets do not vest in the Trustee for the benefit of creditors. |
| exigible assets | Assets which can be seized by creditors, or a Trustee on behalf of creditors. |
| Glossary V2.0 | |