Common Credit Management Terms

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  • Equity
    The difference between the market value of an asset and the debt against it.

  • Estate
    The aggregate of possessions, including real rights, movable and immovable property, and personal and real property of an individual or a corporation.

  • Examination
    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.

  • Exempt Assets
    Assets made exempt from execution or seizure by provincial legislation that are not available to the trustee for the benefit of creditors.

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This glossary is presented as a service to our members and the general public. Click on the highlighted letter above and it will take you to the alphabetical section for the term you are seeking. As a new service, we welcome your suggestions to expand our glossary. Think a term should be explained differently? If so, you are welcome to submit the term and its meaning for our consideration. However, you must not do so by violating copyright and other laws. Don't see the term you're looking for? Contact us at geninfo@creditedu.org so we can help you.