Common Credit Management Terms

  • Secured Creditor
    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.

  • Security
    Property or asset given or pledged to guarantee the fulfillment of an obligation, e.g., for the payment of a loan.

  • Seizure
    The act of taking possession of property by legal right or process.

  • Special resolution
    The act of taking possession of property by legal right or process.

  • Statement of Affairs
    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.

  • Stay of Proceedings
    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.

  • Superintendent of Bankruptcy
    The official appointed by Governor-in-Council to supervise the administration of all estates and matters to which the Act applies.

  • Surplus income
    Payment required, if any, to be made by a bankrupt to the estate for distribution to creditors. The amount of the payment is fixed by the trustee, having regard to the standards established by the Superintendent and to the personal and family situation of the bankrupt.


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.