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Category: Insolvency News
After Acquired Property
The term after acquired property refers to property that is acquired after an event, such as a bankruptcy. A bankrupt who wins the lottery after filing a bankruptcy has “after acquired property”. In that case they ought to simply pay off their creditors and their trustee and they could apply to court to have the […]
Pay Pennies on the Dollar
You really can pay pennies on the dollar of the debts that you owe. Making a consumer proposal will allow you to pay less than the face value of your debts. It will also allow you more time to pay your debts and all without interest. Sound too good to be true? Well it’s not, […]
Co-Signing debts
Co-signing debts can be very problematic for the co-signer. Usually a debt is co-signed with the best of intentions most often for a family member. It is common to co-sign for a spouse or a child and sometimes people will also co-sign for friends. Everything is good if the borrower is living up to his/her […]
Resign as a director
When you make an assignment into bankruptcy you must resign as a director of any incorporation in which you have an interest. Interestingly you may retain your shares, so you can own the corporation but you cannot be a director. Section 284 (5) of the Corporations Act of Ontario provides: “No undischarged bankrupt shall be a […]
Government debt forgiveness
Are you thinking about government debt forgiveness? Advertisements are everywhere “see if you qualify for debt relief” touts one google headline, “government debt relief programs” says another. Even Licensed Insolvency Trustees are involved, albeit not by design, in the deception. Yes, read that last bit again: we used to be called “Trustees in Bankruptcy” but […]