Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
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| There are 18 entries in the glossary. | |
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| Term | Definition |
| rank | Having a rightful place on the list of claims for a bankrupt estate. |
| Reaffirmation Agreement | An agreement between a debtor and a creditor whereby a debtor revives a pre-bankruptcy debt, for which the debtor was discharged under section 178 of the Act. |
| Real Property | Immovable property such as a building and land. |
| realization | The amount of money received from the sale of assets. |
| Receiver-Manager | Similar to Receiver, except the Receiver-Manager can manage or operate the company. |
| receiver: | A person or corporation appointed by a person who holds a debenture or other security agreement, giving that person authority to take possession of and sell the asset(s) specified in the debenture. |
| redemption | The act of recovering something pledged or mortgaged; especially after proceedings have been commenced by the mortgagee. |
| Redemption of Security | Subsection 128(3) of the Act, allows the trustee to redeem a security on payment to the secured creditor of the debt or the value of the security as assessed, in the proof of security, by the secured creditor. Before doing so, the trustee will ensure that there is a benefit for the estate. |
| registrar | An Officer of the Supreme Court appointed by the Chief Justice and empowered to deal with various matters as set out in the Bankruptcy and Insolvency Act. Powers include settling and signing orders, hearing unopposed discharge applications, taxing of fees, the summoning and examination of a bankrupt, substituting for the Official Receiver in the case of absence or illness and the referral of matters to a Judge. |
| Related Persons | Persons who are connected by a blood relationship, marriage, adoption or common law partnership; while so related, they are deemed not to deal with each other at arm's length. The Act provides that the definition of related persons extends to corporations, shareholders and directors in certain specified situations. |
| release | To discharge from obligation or responsibility. |
| Remuneration of Trustee | In estates under summary administration and in consumer proposals the trustee's, or administrators, fees and expenses are set by the Bankruptcy and Insolvency Rules. In all other cases, the remuneration of the trustee falls under the provisions of section 39 of the Act. Subsection 39(1) states that the remuneration of the trustee shall be such as is voted to the trustee by ordinary resolution at any meeting of creditors. Where the remuneration is not fixed pursuant to subsection 39(1), subsection 39(2) states that the remuneration shall not exceed seven and one-half per cent of the amount remaining out of the realization of the property of the debtor after the claims of the secured creditors have been paid or satisfied. Subsection 39(5) empowers the court to increase or reduce the remuneration. |
| Repairer's Lien | A mechanic or other person who, by bestowing money, skills or material on any chattel, is entitled to a lien on the chattel, which empowers that person to sell the chattel if he is not paid within a prescribed period of time. |
| RESP | Registered Education Savings Plan. |
| respondent | The party who responds to a claim filed in Court against him by a Plaintiff or the person who is being sued. Another term for the Respondent is the Defendant. |
| retainer | Under the Bankruptcy and Insolvency Act it is common for the Trustee in Bankruptcy to ask for a retainer before he accepts an appointment. There is also a special type of retainer called a Third Party Retainer, whereby funds are put up that secure the fees and disbursements of the Trustee but are returned to the party putting up the funds if the Trustee realizes enough out of the estate to cover the fees and costs and, in the case of a proposal, returned to the party putting up the funds if the proposal is refused by the creditors or not approved by the Court. |
| RRIF | Registered Retirement Income Fund. |
| RRSP | Registered Retirement Savings Plan. |
| Glossary V2.0 | |