Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
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| There are 19 entries in the glossary. | |
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| Term | Definition |
| Section 170 Report | Trustee's Report on the Bankrupt's Application for Discharge (also known as the Section 170 Report): The trustee must prepare a report in the prescribed form with respect to the affairs of the bankrupt, the causes of the bankruptcy, the manner in which the bankrupt has performed the duties imposed under the Act or obeyed the orders of the court, the conduct of the bankrupt both before and after the date of the initial bankruptcy event, whether the bankrupt has been convicted of any offence under the Act, and any other fact, matter or circumstance that would justify the court in refusing an unconditional order of discharge. This report needs to be approved by the inspectors or provide the reasons why the inspectors did not approve it. The trustee is required to send a copy of this report to the creditors who have requested it. |
| Secured Creditor | A person holding an instrument such as a mortgage or a lien on or against the whole or part of the property of a debtor as security for a debt due him from the debtor. |
| security | Property or asset given or pledged to guarantee the fulfillment of an obligation, ex. for the payment of a loan. |
| Security Agreement | A verbal or written agreement between a secured party and a debtor giving the secured party a security interest in personal property; a written agreement is not necessary if the secured party is in possession of the collateral. |
| seizure | The act of taking possession of property by legal right or process. |
| settlement | A contract, covenant, transfer, gift, or designation of beneficiary in an insurance contract, to the extent that it is gratuitous or made for merely nominal consideration. Under certain circumstances, settlements are void against the Trustee and are brought back into the bankruptcy estate. |
| shortfall | A dollar realization on assets that is not sufficient to clear the debt completely. |
| Sine Die | Adjourned without giving any future date of meeting or hearing. |
| Small Claims | Small Claims/Small Claims Court: A Court which has simplified rules, thus encouraging non-lawyers to attend at the Court without legal representation. |
| solvent | Having assets in excess of liabilities and being able to meet one’s commitments in the normal course. |
| Special Resolution | A term under the Bankruptcy and Insolvency Act whereby voting is carried out, for example when creditors accept or refuse a proposal. In order for the Special Resolution to pass, of those creditors who vote there must be in excess of 2/3 of the dollars voting in favor and a simple majority in number of the creditors voting in favor. |
| Specific Charge | A lien or security interest in a specific asset; which asset is clearly distinguishable by description or serial number. For example, security over a vehicle. |
| Statement of Affairs | The listing of a debtor's assets and liabilities and sworn under oath by the debtor before a Commissioner for Taking Oaths. |
| Statement of Receipts and Disbursements | A statement prepared in the matter of receivership or agency appointment or a bankruptcy appointment, whereby the realizations and disbursements are set out. |
| Statutory Lien | A charge levied on an asset as a result of a federal or provincial statute. |
| Stay of Proceedings | The stopping or preventing of legal actions undertaken. In the Bankruptcy and Insolvency Act, there is a stay of proceedings in the case of a bankruptcy or in the case of a proposal. This stops all legal actions against the company or person. |
| Summary Administration | Under the Bankruptcy and Insolvency Act a summary administration bankruptcy is a consumer bankruptcy defined as a bankruptcy where the unencumbered, realizable assets are estimated to produce less than $10,000. Summary administration bankruptcies have stream lined procedures, making them less costly to administer. |
| Superintendent of Bankruptcy | A federally appointed official who oversees the administration of the Bankruptcy and Insolvency Act in Canada. The Superintendent is responsible for: supervising the administration of estates in bankruptcy, commercial reorganizations, consumer proposals and receiverships; maintaining a publicly accessible record of bankruptcy and insolvency proceedings; recording and investigating complaints regarding possible wrong doing by someone involved in the insolvency process; licensing of private sector trustees to administer estates and appointing administrators of consumer proposals; setting and enforcing professional standards for the administration of estates. The Superintendent's Web site address is: http://osb-bsf.ic.gc.ca |
| Surplus Income | The Superintendent of Bankruptcy sets standards for surplus income based on the number of people in your household. These standards set out the amount of net family income you can make before you have surplus income. Certain expenses (for example, medical expenses, child care expenses, or necessary employment expenses) are taken into account when establishing your net income. The amount of surplus income payable into the bankruptcy estate is then calculated based on these standards. This amount is subject to change if there are material changes in the personal or family situation of the bankrupt, or if the official receiver so recommends. The Superintendents Standards can be viewed at: http://strategis.ic.gc.ca/epic/site/bsf-osb.nsf/en/br01055e.html#appA. The amount required for payments in a bankruptcy would be discussed with the Trustee appointed to administer the bankruptcy at the time of filing the bankruptcy. |
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