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The Ontario Court of Appeal has ruled that, in the case of a "requirement to pay" under the Income Tax Act (Canada) that was issued after a notice of application to appoint a receiver (but before the court heard the application), supported by an ex parte "jeopardy order" issued by the Federal Court of Canada under s. 225.1(1) of that Act, [60 ...
The Parliament of Canada has exclusive jurisdiction to regulate matters relating to bankruptcy and insolvency, by virtue of Section 91(2) of the Constitution Act, 1867. It has passed the following statutes as a result: The Bankruptcy and Insolvency Act ("BIA") [1] The Companies' Creditors Arrangements Act ("CCAA") [2] The Farm Debt Mediation ...
The Bankruptcy Act of 1919 [42] 1 July 1920 subject reassumed by the Parliament of Canada; covered all individuals, companies and other entities; voluntary and involuntary bankruptcy allowed; 1923 The Bankruptcy Act Amendment Act, 1923 [43] trustee to be selected by the estate's creditors (they were previously appointed by the government)
Before you can file for Chapter 7 or Chapter 13 bankruptcy, you are required to attend credit counseling. Your credit counselor will go over your options. Your credit counselor will go over your ...
I can pay $0.10 on the dollar (it's a good idea to start low), if that doesn't work, we will very likely have to file Chapter 7 bankruptcy." Then you negotiate.
For the purposes of the BIA, it is important to be able to distinguish between legal definition of "insolvent person" and one of "bankrupt".Generally, an insolvent person is one who cannot pay his or her debts and may subsequently become bankrupt, either by assigning himself into bankruptcy, being petitioned into bankruptcy by the creditors, or being deemed to assign himself into bankruptcy by ...
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