Common Credit Management Terms

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  • Insolvency
    The condition of being unable to pay debts as they become due or in the ordinary course of business, or having liabilities that exceed the total value of assets.

  • Insolvent person
    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.

  • Inspector
    A person appointed by creditors to represent them before the trustee during the administration of a bankruptcy or proposal.

  • Interim receiver
    A trustee appointed by the court to safeguard the estate assets for such time as the court may determine.

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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.