Category: Insolvency News
Statute barred debts are an interesting concept and one that is frequently misunderstood. The challenge is to wrap one’s head around the fact the debt didn’t just disappear, it still exists, but it is uncollectable – unless the debtor volutarily makes payments.
Section 67 (1) of the Bankruptcy & Insolvency Act sets out what property of the bankrupt is divisible amongst his/her creditors. Many people live in fear of bankruptcy because they think that they will lose everything they own to the trustee. That is simply not the case. If you are holding property in trust for […]