COMM 304 Lecture Notes - Lecture 1: Debenture
Document Summary
Imposed by a court, student loans, any purchases that are deemed to be necessity. Not eradicated: every province of canada is a bankruptcy district in ottawa has superintendent of bankruptcy. Each province is headed by a bankruptcy district. It is against the law for creditors to harass the debtors obligated to get in touch with the trustee. Customs and revenue agency) can object if think you are trying to get rid of taxes owing get conditional discharge. Example: 200,000 in assets, security creditors are owed 300,000 but only get 200,000 and even though preferred and ordinary creditors are owed 10,000 and 490,000 they will get nothing. 400,000 in assets, security creditors are owed 300,000 and get 300,000 but even though preferred and ordinary creditors are owed 10,000 and 490,000 the preferred will get. Can treat as terminated and can sue me or wait and see if i perform and then if i fail to perform then seek a remedy (sue).
