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means a disposition of property or provision of services for which no consideration is received by the debtor or for which the consideration received by the debtor is conspicuously less than the fair market value of the consideration given by the debtor.
includes a member of a corporation – and in the case of an income trust, a holder of a unit in an income trust – to which the BIA applies.
means a person holding a mortgage, hypothec, pledge, charge or lien on or against the property of the debtor or any part of that property as security for a debt due or accruing due to the person from the debtor, or a person whose claim is based on, or secured by, a negotiable instrument held as collateral security and on which the debtor is only indirectly or secondarily liable.
- In any provision of Division I of Part III of the BIA, a proposal made under that Division, and
- In any other provision, a proposal made under Division I of Part III of the BIA or a consumer proposal made under Division II of Part III of the BIA
and includes a proposal or consumer proposal, as the case may be, for a composition, for an extension of time or for a scheme of arrangement.
means any type of property, whether situated in Canada or elsewhere, and includes money, goods, things in action, land and every description of property, whether real or personal, legal or equitable, as well as obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, in, arising out of or incident to property.
means any person qualified, in accordance with the laws of a province, to give legal advice.
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 the BIA to one thousand dollars, and
- Who is for any reason unable to meet his obligations as they generally become due,
- Who has ceased paying his current obligations in the ordinary course of business as they generally become due, or
- 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