Search results for proposal
Court Declines to Approve Sale of Assets as Part of Proposal Proceedings
In the decision of Justice Cumming In the Matter of the Proposal of Hypnotic Clubs Inc. (“Hypnotic” or the “Debtor”) the court dismissed a motion by the Debtor for a sale of its assets pursuant to s.65.13 of the Bankruptcy and Insolvency Act (“BIA”).
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.
Search Sites for Bankruptcies in Canada and the US
In Canada, you can check on the Superintendent of Bankruptcy search site, or in the US, by looking for a filing on PACER, (Public Access Court Electronic Records.) You will have to establish an account on PACER, but the fees are ...
What is a Proposal?
Under the Bankruptcy and Insolvency Act, a Trustee or an Administrator of Proposals files a Proposal or an arrangement between you and your creditors to have you pay off only a portion of your debts, extend the time you have to pay off the debt, or provide some combination of both.
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Division II Proposal (Consumer Proposal)
https://creditedu.org/knowledgecentre/index.php/site/wiki/23A simplified proposal for repayment of debt to creditors, available under the Act to a consumer debtor whose aggregate debts, excluding a home mortgage, do not exceed the amount prescribed in the Act.
Division I Proposal
https://creditedu.org/knowledgecentre/index.php/site/wiki/22An offer made by debtors to their creditors in order to modify their payments. The procedure for a Division I Proposal applies to companies and individuals who want to avail themselves of it. This procedure also allows for a restructure of business debts while the business continues to operate.
Stay of Proceedings
https://creditedu.org/knowledgecentre/index.php/site/wiki/70Upon 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.
https://creditedu.org/knowledgecentre/index.php/site/wiki/35A person appointed by creditors to represent them before the trustee during the administration of a bankruptcy or proposal.
Trustee in Bankruptcy
https://creditedu.org/knowledgecentre/index.php/site/wiki/75A person licensed by the Superintendent of Bankruptcy to administer bankruptcy and proposal estates.