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Legal Blog: Bankruptcy
Oct
07
2013
What is a trustee in bankruptcy?
A trustee is defined as “a person licensed by the Superintendent of Bankruptcy to administer bankruptcy and proposal estates.” The trustee is an officer of the court, and has an obligation to assist both creditors and debtors to ensure fair bankruptcy or proposal proceedings.
Continue Reading >Oct
04
2013
What is the applicable bankruptcy law in Canada?
The applicable bankruptcy law in Canada is The Bankruptcy and Insolvency Act, R.S.C., 1985, c. B-3.
Continue Reading >Jun
26
2012
How does a bankruptcy affect ongoing litigation?
Under the Bankruptcy and Insolvency Act, the general rule is that the bankruptcy of a debtor imposes an automatic stay of on going action against the debtor for the recovery of a claim provable in bankruptcy. The creditor cannot prosecute the action without first obtaining leave of the court. A debtor’s bankruptcy does not prevent a secured creditor from realizing upon or dealing with its security.
Continue Reading >Jun
25
2012
What is the definition of insolvency under the Bankruptcy and Insolvency Act?
An “insolvent person” means a person who is not bankrupt and who resides, carries on business or has property in Canada, whose liabilities to creditors provable as claims under this Act amount to one thousand dollars, and
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