Glossary - Bankruptcy and Credit Counselling St. John's | S.R Stack Skip to content

Glossary

Talk to Us Today

709-221-5500

Talk to Us Today

Transfer at undervalue

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.

Shareholder

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.

Secured creditor

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.

Proposal

means

  1. In any provision of Division I of Part III of the BIA, a proposal made under that Division, and
  2. 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.

Property

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.

Legal counsel

means any person qualified, in accordance with the laws of a province, to give legal advice.

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 the BIA to one thousand dollars, and

  1. Who is for any reason unable to meet his obligations as they generally become due,
  2. Who has ceased paying his current obligations in the ordinary course of business as they generally become due, or
  3. 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
Director

in respect of a corporation other than an income trust, means a person occupying the position of director by whatever name called and, in the case of an income trust, a person occupying the position of trustee by whatever name called

Debtor

includes an insolvent person and any person who, at the time of an act of bankruptcy was committed by him, resided or carried on business in Canada and, where the context requires, includes a bankrupt.

Creditor

means a person having a claim provable as a claim under the BIA.

Common-law partner

in relation to an individual, means a person who is cohabitating with the individual in a conjugal relationship, having so cohabited for a period of at least one year.

Claim provable

includes any claim or liability provable in proceedings under the BIA by a creditor.

Bankrupt

means a person who has made an assignment or means the state of being bankrupt or the fact of becoming bankrupt.