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Category: Insolvency News

Receivership versus Bankruptcy

February 26, 2018

Are you confused about when to use receivership versus bankruptcy? The media sometimes uses the terms interchangeably but they mean quite different things and are used for divergent reasons. A receivership is used by secured creditors and a bankruptcy is for unsecured creditors. A receiver is appointed either by the court or by an instrument […]

Do not self-liquidate

February 20, 2018

Self-liquidation is becoming a major problem for Canadians. Far too many consumers sell off their RSPs and take unnecessary loans against insurance policies to deal with debt problems. Such measures should be last resorts, even behind filing a bankruptcy. Many assets are exempt from seizure or sale by a bankruptcy trustee (Licensed Insolvency Trustee). You […]

Joint corporate and personal bankruptcies

February 15, 2018

The definition of a person in the Bankruptcy & Insolvency Act includes a “a corporation” and the Act contemplates the filing of joint files for both bankruptcies and proposals. So, there is no reason why a joint corporate and personal bankruptcy, or proposal, cannot be filed. There may be issues with joint files, imposed by […]

Bankrupts can leave the country

February 15, 2018

We are sometimes asked if bankrupts can leave the country, and the answer is yes. Now, it is important to recognize the difference between leaving the country and fleeing the country. If someone files for bankruptcy then skips out of the country taking assets and leaving no contact information they may have committed an offence […]

Mortgages in arrears

February 5, 2018

Across Canada there are 11,249 Bank issued mortgages in arrears. Saskatchewan leads the pack with a .75% delinquency rate, while Ontarians are most up to date on their payments with a .09% delinquency rate. Many more Canadians have private mortgages than in the past, and those mortgages do not appear in these statistics. Nonetheless, it remains […]

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