Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
| You can always search for entries (regexp permitted). | |
|
Submit Term | |
| I | |
| There are 9 entries in the glossary. | |
| Pages: 1 | |
| Term | Definition |
| insolvency | The inability to pay debts as they become due, in the usual course; or, having liabilities in excess of a reasonable market value of assets held. It is not the same as bankruptcy. |
| insolvent person | A person who is not bankrupt and whose liabilities exceed his assets and/or ability to pay. The BIA contains a statutory definition that differs from this general definition as follows: "means a person who is not bankrupt and who resides or carries on business in Canada whose liabilities to creditors provable as claims under the Bankruptcy and Insolvency Act amount to at least $1,000.00 and o (a) who is, for any reason, unable to meet his obligations as they generally become due, or o (b) who has ceased paying his current obligations in the ordinary course of business as they generally become due, or o (c) the aggregate of whose property is not, at a fair valuation, sufficient or, if disposed of at a fairly conducted sale under legal process, would not be sufficient to enable payment of all his obligations, due and accruing due." |
| inspector | A person appointed by creditors at the first or subsequent meeting of creditors, as part of a committee, to examine and give direction to the trustee's administration of the estate of the bankrupt. Inspectors may also be appointed pursuant to the provisions of a proposal. |
| instrument | A formal document with legal consequences; e.g., a debenture, mortgage, chattel mortgage. |
| interim dividend | Dividend paid to creditors before the administration of the estate of the bankrupt has been finalized; any dividend that is not a final dividend. |
| interim order | A temporary Court Order intended to be of limited duration, usually until the Court has had an opportunity of hearing the full case and the opportunity of making a Final Order. |
| interim receiver | A person appointed by the Court to be a watchdog regarding the assets of a debtor during that time between the application to the Court for a Receiving Order and the time where the Receiving Order is handed down. An Interim Receiver may also be appointed where a secured creditor is about to send out, or has sent out, a Notice of Demand under the Bankruptcy and Insolvency Act of its intention to enforce its security, or the debtor has filed a Notice of Intention to Make a Proposal or has filed a proposal. |
| inventory | A detailed listing and description of all of the property of the debtor, merchandise or supplies on hand, or in transit at a particular point in time. Can include raw materials, work in progress, and finished goods. |
| invoice | An itemized bill prepared by a seller of goods and services and submitted to the buyer showing goods purchased or services provided, quantities, prices and credit terms. An invoice is a bill of sale. |
| Glossary V2.0 | |