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  • What are basic concepts of Personal Property Security in Canada?
     
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  • BANKRUPTCY FRAUD WARNING SIGNS - A CHECKLIST

    Use the following list to identify signs of bankruptcy fraud.

    • Failure to keep commonly used business records; incomplete or missing business records
    • Unusual depletion of assets shortly before bankruptcy filing
    • Assets are concealed
    • ...
     
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  • Overview of Proposed PIPEDA Amendments

    On May 25, 2010, the Minister of Industry tabled amendments to the federal private sector privacy legislation, the Personal Information Protection and Electronic Documents Act (PIPEDA). PIPEDA was introduced in 2001 and has been applicable to many private sector enterprises since 2004.

     
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  • CRA Trust Overrides Contractual Right To Set Off

    In a recent decision involving the Canada Revenue Agency (CRA), and the Caisse populaire du bon Conseil (Caisse), the Supreme Court of Canada, (SCC) considered whether a lender’s contractual rights in respect of its customer’s term deposit account could be overridden by a deemed statutory trust in favor of the Crown.

    The issue was whether the Caisse, by virtue of its contractual arrangement with its customer, Camvrac Enterprises Inc, held an iron clad security interest over the proceeds of its deposit account that could not be overruled.

     
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  • Supreme Court Rules Crown Doesn’t Have Rights To GST And QST

    In a unanimous decision on October 30, 2009 relating to the Goods and Services Tax (“GST”) and the Quebec Sales Tax (“QST”), the Supreme Court of Canada rejected the most recent attempt of the Crown to secure its position by recovering the tax portion of accounts receivable outstanding at the time of bankruptcy where the bankrupt had not made the required remittances.

     
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  • Factoring Agreement: Security or Sale of Assets?

    Lenders and other members of the factoring community should be aware of the potential impact of a recent ruling on a priority fight over the accounts receivable of a bankrupt company.  One of the issues that the court had to consider was the application of a factoring agreement.

     
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  • PPSA & Legislative Q's
     
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  • Fraudulent Financial Information

    Often, the depth and breadth of a credit analysis is based on the risk associated with a potential or existing customer.  For example, when the risk is considered low, a simple trade reference check might suffice whereas in cases where the stakes are high, many seasoned and trained credit managers will resort to financial statement analysis.  Aside from the challenge of getting your customers to furnish financial statements, determining the reliability of such documents can prove to be quite tricky.

     
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  • Role of the Office of the Superintendent of Bankruptcy (OSB)

    The Office of the Superintendent of Bankruptcy (OSB) is part of Industry Canada. Their role is to ensure public confidence in the market place by protecting the integrity of the bankruptcy and insolvency system.

     
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  • BIA compared to the CCAA

    The Companies' Creditors Arrangement Act (CCAA) is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. Under the CCAA, corporations ask the Court for protection while they prepare ...

     
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  • The Ultimate Skip List

    Valerie McGilvrey is a US Professional Skip Tracer who has agreed to share this list with the members of the Credit Institute of Canada. Much of the information is US related, but can be adapted for Canada.

     
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  • PIPEDA and Collections

    Often, collection activity requires interacting with personal information about a consumer, in order to research, contact or collect from that consumer. Whether you are in an internal receivables department, third party collection agency, or you are a legal agent...

     
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  • PPSA Registrations - Is this the Weakness in Your Armour?

    As the saying goes, an ounce of prevention is worth a pound of cure. This expression is particularly apt when it comes to secured creditors and their registrations under the Ontario Personal Property Security Act (the "PPSA"). Although "getting it right the first time" has always been the mantra of secured creditors, the economic roller coaster ride of recent months has heightened the need to ensure a properly perfected secured claim.

     
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  • Risk Assessment

    Risk assessment is a step in a risk management procedure. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat (also called hazard). Quantitative risk assessment requires calculations of two components of risk (R):, the magnitude of the potential loss (L), and the probability (p) that the loss will occur.

     
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  • Credit Risk Management

    Credit risk is defined as the likelihood of loss resulting from a customer's failure to pay for the goods delivered. It is the responsibility a Credit Manager to verify that all customer files are complete and contain all the necessary information to protect the accounts receivable.

     
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  • PPSA

    The Personal Property Security Act ("PPSA") is the name given to each of the statutes passed by all common law provinces, as well as the territories, of Canada. They regulate the creation and registration of...

     
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  • Hypothec

    Hypothec Definition: - Is a charge on property upon which an unpaid creditor may enforce payment of the debt.  It is the right of a creditor to take a...

     
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  • The Quickening of Innovation in Asset Based Financing

    Some would call it evolution: others, revolution. Semantic flourishes aside, financial technologies are increasingly in the foreground as drivers of product differentiation and proliferation in the asset-based financing industry.

     
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Wiki (21)
  • Property
    https://creditedu.org/knowledgecentre/index.php/site/wiki/58
    Assets including money, land, movable and immovable property, personal and real property, situated in Canada or elsewhere.
  • Mortgage
    https://creditedu.org/knowledgecentre/index.php/site/wiki/43
    A conveyance of title to property that is given as security for the payment of a debt. NOTE: In the province of Quebec, it is a real right on property securing the performance of an obligation, without relinquishment of its owner.
  • Receiver
    https://creditedu.org/knowledgecentre/index.php/site/wiki/62
    A person who has taken possession pursuant to a security agreement of substantially all of the inventory, accounts receivables or the other property of the debtor. Receiver also includes a person who has been appointed privately pursuant to a security agreement or by an order of the court for the protection or collection of property that is the subject of diverse claims, usually to seize and sell the property of the debtor.
  • Estate
    https://creditedu.org/knowledgecentre/index.php/site/wiki/25
    The aggregate of possessions, including real rights, movable and immovable property, and personal and real property of an individual or a corporation.
  • Hypothec
    https://creditedu.org/knowledgecentre/index.php/site/wiki/32
    A right on property given to a creditor as performance for an obligation. It confers on the creditor the right to follow the property (even if it undergoes successive changes of ownership), to take possession of it, to take it in payment, or to sell it.
  • Insolvent person
    https://creditedu.org/knowledgecentre/index.php/site/wiki/34
    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 Act amount to $1000.00 or more, and: - who is unable to meet obligations as they become due; - who has ceased paying current obligations in the ordinary course of business as they 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 obligations, due and accruing due.
  • Collateral
    https://creditedu.org/knowledgecentre/index.php/site/wiki/10
    Property that is pledged as security against a debt.
  • Seizure
    https://creditedu.org/knowledgecentre/index.php/site/wiki/67
    The act of taking possession of property by legal right or process.
  • Charge
    https://creditedu.org/knowledgecentre/index.php/site/wiki/9
    A lien, preference or financial obligation attached to property.
  • Special resolution
    https://creditedu.org/knowledgecentre/index.php/site/wiki/68
    The act of taking possession of property by legal right or process.
  • Trust
    https://creditedu.org/knowledgecentre/index.php/site/wiki/74
    A property interest held by one person at the request of another for the benefit of a third party.
  • Security
    https://creditedu.org/knowledgecentre/index.php/site/wiki/66
    Property or asset given or pledged to guarantee the fulfillment of an obligation, e.g., for the payment of a loan.
  • Assignment (in bankruptcy)
    https://creditedu.org/knowledgecentre/index.php/site/wiki/5
    Made by insolvent persons who assign all their property to a trustee for the benefit of their creditors.
  • Lien
    https://creditedu.org/knowledgecentre/index.php/site/wiki/40
    A legal right or interest that a creditor has in the debtor's property, lasting usually until the debt that it secures is satisfied.
  • Assets
    https://creditedu.org/knowledgecentre/index.php/site/wiki/4
    Items that are owned and have value; in the context of bankruptcy it means all the property of the debtor available for the general benefit of creditors.
  • Garnishment
    https://creditedu.org/knowledgecentre/index.php/site/wiki/29
    A legal process whereby a creditor requires a third party to turn over a debtor's property, such as wages or bank accounts, to a creditor.
  • Secured Creditor
    https://creditedu.org/knowledgecentre/index.php/site/wiki/65
    A person holding an instrument such as a mortgage or hypothecary claim, a lien or preference on or against the whole or part of the property of a debtor as security for a debt due to him from the debtor.
  • Statement of Affairs
    https://creditedu.org/knowledgecentre/index.php/site/wiki/69
    The bankrupt's financial statement or a balance sheet of assets and liabilities showing the estimated value of the debtor's property and the names and addresses of creditors and the amounts owed.
  • Conditional sale
    https://creditedu.org/knowledgecentre/index.php/site/wiki/12
    The sale of goods where the buyer receives possession of goods or property, but does not receive title to them until specific conditions are fulfilled.
  • Examination
    https://creditedu.org/knowledgecentre/index.php/site/wiki/26
    Questioning of the bankrupt under oath with respect to the bankrupt's conduct, causes of bankruptcy and disposition of the bankrupt's property. The examination may be conducted by an Official Receiver, a trustee, a creditor or other interested person in accordance with conditions prescribed in the Act.
  • Stay of Proceedings
    https://creditedu.org/knowledgecentre/index.php/site/wiki/70
    Upon the filing of a bankruptcy, a proposal or a notice of intention to make a proposal, no creditor with a claim provable in bankruptcy shall have any remedy against the debtor or the debtor's property or shall commence or continue any action, execution or other proceedings for the recovery of a claim provable in bankruptcy.