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9 Cards in this Set
- Front
- Back
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Bankrupt
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a person who has made a voluntary assignment in bankruptcy or against whom a receiving order has been made
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Insolvent Person
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a person who is unable to meet or has ceased to pay his or her debts as they become due, or whose debts exceed the value of his/her realizable assets
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Proposal
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Agreement to allow debtor reorganize affairs so bankruptcy can be avoided
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Consumer Proposal
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debts do not exceed 75,000, if creditors reject, not automatically bankrupt
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Commercial Proposal
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if creditors reject, automatically bankrupt
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Assignment
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voluntarily declares bankruptcy
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Petition for Receiving Order
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Forced into bankruptcy
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Trustee
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appointed to take ownership of debtors assets and control financial affairs
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Fraudulent Preference
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payment or transfer of property to creditor within last 3 months prior to bankruptcy to give creditor advantage over other creditors
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