The decree of the bankruptcy court which terminates the bankruptcy proceedings is generally a discharge that releases the debtor from most debts. A bankruptcy court may refuse to grant a discharge under certain conditions.
The decree of the bankruptcy court which terminates the bankruptcy proceedings is generally a discharge that releases the debtor from most debts. A bankruptcy court may refuse to grant a discharge under certain conditions.
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An insolvent person, pursuant to section 49 of the BIA, may make an assignment of all of his property for the general benefit of his creditors. This is done by filing an assignment with the Official Receiver.
Insolvent person means 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 this Act amount to one thousand dollars, and.
Notice of opposition to discharge This occurs if the bankrupt has not met all of his/her obligations. It can likewise happen if the insolvent has committed a bankruptcy offense. Those are acts provided in Section 173 (1) of the Bankruptcy and Insolvency Act (Canada) (BIA).
In terms of section 5 of the Insolvency Act, no assets attached may be sold in execution by the sheriff after the publication in the Government Gazette of the notice of intention to surrender.
An objection to discharge is a notice lodged with the Official Receiver by a trustee to induce a bankrupt to comply with their obligations. An objection will extend the period of bankruptcy so automatic discharge will not occur three years and one day after the bankrupt filed a statement of affairs.
No one can prevent a person from filing bankruptcy but a bankrupt's discharge can be opposed by the Office of the Superintendent of bankruptcy, a creditor or the trustee.
The Bankruptcy & Insolvency Act tells us that you should file for bankruptcy in the "locality of the debtor." This means you should file in the province in which you have resided or carried on business for the past year.
Section 96(1) of the BIA mandates that privies to the transfers at undervalue (in this case, BCCL and FCC) must cover the deficiency of the transaction at undervalue. Courts may also void these undervalued transfers.