LAW 603 Chapter Notes - Chapter 24: Bankruptcy, Registered Retirement Savings Plan, Official Receiver
2 Nov 2017
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Insolvency: inability of a debtor to meet their financial obligations to their creditors. In 2010, almost 100,000 canadians entered bankruptcy: 95% were consumers, 4% were corporations. Corporate and consumer bankruptcy: different rules for each type of bankruptcy proceedings (two differences are important) 2: proposals by corporations to their creditors to settle their obligations require the approval of a majority of creditors in each class of creditors, and those creditors must represent at least. Superintended of bankruptcy and official receivers: represents superintended of bankruptcy in each province and territory, receives voluntary assignments and proposals, examines bankrupts, chairs first meeting of creditors, monitors trustees" performance. Trustee in bankruptcy: creditors in a bankruptcy are usually represented by a trustee who gather in and liquidates the debtor"s assets and distributes the proceeds to creditors. Trustee is a private person licensed who assumes control of the debtor"s assets once appointed by a court or the official receiver.
