Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
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| There are 4 entries in the glossary. | |
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| Term | Definition |
| negligence | The failure to exercise the standard of care that a reasonable person should, by law, have exercised in the circumstances; the doing of something which a reasonable and prudent person would not do. |
| Notice of Disclaimer - Lease | In a proposal, the company may disclaim a lease or, in other words, state that it does not require that lease and is cancelling it. The proposal must indicate one of the options that is given to the landlord for him to file a claim as follows actual losses resulting from the disclaimer or the lesser of (i) three years rent, or (ii) the aggregate of the rent provided for in the lease for the first year of the lease following the date on which the disclaimer becomes effective and 15% of the rent for the remainder of the term of the lease after that year. |
| Notice of Intention to Enforce Security | The statutory notice required by the Bankruptcy and Insolvency Act to be sent by a secured creditor to an insolvent debtor ten days before the security agreement can be enforced and any of the debtors’ assets seized. |
| Notice of Intention to File a Proposal | A legal document filed with the Official Receiver stating that the debtor intends to file a proposal. The document is to include the name and address of the licensed trustee who has consented in writing to act as the trustee under the proposal and the names of the creditors who are owed $250 or more and the amounts of their claims. The filing of this document triggers the protection afforded to insolvent debtors under the Bankruptcy and Insolvency Act. |
| Glossary V2.0 | |