Common Credit Management Terms

  • Offences
    The offence and sanction provisions are contained in Part VIII of the Act. These are criminal or quasi-criminal in nature; a person guilty of an offence is liable to a fine and/or imprisonment.

  • Official Receiver
    A person appointed by the Governor in Council deemed to be an Officer of the Court who performs statutory duties as specified by the Act, such as: accepting the documents for the filing of proposals and bankruptcies, examining bankrupts under oath and chairing meetings of creditors.

  • Opposition
    An objection to the bankrupt's discharge by the Superintendent, the trustee or a creditor.

  • Ordinary creditor
    A creditor with no priority or security under the Act.

  • Ordinary resolution
    A resolution carried by the majority of votes (one vote for each dollar of debt) of claims of creditors; disallowed claims do not vote.

  • OSB

    The Office of the Superintendent of Bankruptcy (OSB) is part of Industry Canada. The Office of the Superintendent of Bankruptcy supervises the administration of the Bankruptcy and Insolvency Act.


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 so we can help you.