Uncategorized Archives - André Gabbay

Uncategorized


oct.

01

2014
Joint Consumer Proposal and Proof of Claim

Joint Consumer Proposal and Proof of Claim

In order for creditors in Canada to make a claim in a consumer proposal or a bankruptcy the Bankruptcy and Insolvency Act (BIA) stipulates that it is necessary to file a proof of claim. Proof of claim will eventually be filed with the Office of the Superintendent of Bankruptcy (OSB) and it will have to include documentation that certifies the identity of the creditor, as…

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sept.

03

2014
Bonus and incentive

Incentive Bonuses and Bankruptcy

The Office of the Superintendent of Bankruptcy (OSB) overseas and supervises the insolvency system in Canada and ensures that all aspects of the Bankruptcy and Insolvency Act (BIA) are complied with. Since 2009 the OSB also carries out the duties and powers mandated by the Companies’ Creditors Arrangements Act (CCAA). The CCAA is a federal law allowing insolvent corporations that owe their creditors in excess…

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août

20

2014
A History of Bankruptcy

A History of Bankruptcy

Bankruptcy or insolvency is the legal status of a person or an organization that cannot repay the debt it owes to its lenders (creditors). Bankruptcy law is the legal remedy available for the recovery of debt. The concept of debt forgiveness can be traced back to the Old Testament. There it is stated that every seventh year debts shall be eliminated. Those Israelites who had…

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août

06

2014
Spousal Support, Under-employment and Consumer Proposals

Spousal Support, Under-employment and Consumer Proposals

In Canada the Bankruptcy and Insolvency Act (BIA) stipulates under which situations an indebted person can make a consumer proposal or file for bankruptcy. The Office of the Superintendent of Bankruptcy (OSB) issues guidelines with respect to minimum standards of living and so forth, but information can also be obtained from other legal areas. One of these legal areas is spousal support. If a spouse…

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juil.

23

2014
Personal Bankruptcy in Canada and Quebec

Personal Bankruptcy in Canada and Quebec

Personal bankruptcy is a legal process that is available for an individual who is overextended financially and unable to pay his or her debt. The individual can file for bankruptcy in order to seek to legally eliminate some or all of his or her debt. Over the past two decades, personal bankruptcy rates have risen dramatically in Canada. It is believed that there are two…

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juil.

10

2014
Spousal and Child Support and Consumer Proposals

Spousal and Child Support and Consumer Proposals

It is always unfortunate when relationships break down. It is even more unfortunate when the former partners cannot agree over financial matters and it is yet worse if there are children involved. If the partners cannot agree on matters in a separation it may be necessary for the courts to decide things. This was the situation in a case involving a couple (hereinafter man and…

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juin

25

2014
Licensed Insolvency Trustee’s Fees

Licensed Insolvency Trustee’s Fees

In Canada the Bankruptcy and Insolvency Act (BIA) regulates payments of a Licensed Insolvency Trustee’s fees and costs. A Licensed Insolvency Trustee is normally paid for by the bankrupt through the bankruptcy estate. A Licensed Insolvency Trustee is a person licensed by the Office of the Superintendent of Bankruptcy (OSB) to manage and supervise bankruptcies and consumer proposals. In addition, the OSB reviews the statement…

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juin

18

2014
Consumer Proposals, Child Custody and Trial Costs

Consumer Proposals, Child Custody and Trial Costs

The Bankruptcy and Insolvency Act (BIA) in Canada governs that the federal government’s agency the Office of the Superintendent of Bankruptcy (OSB) is responsible for governing and overseeing the national insolvency system. Furthermore, the OSB licenses Licensed Insolvency Trustees, who are persons that manage and administer consumer proposals and bankruptcies. Both consumer proposals and bankruptcies are initiated by the indebted person contacting a Licensed Insolvency…

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juin

05

2014
Bankruptcy and Undue Hardship

Bankruptcy and Undue Hardship

Undue hardship is a legal definition of a circumstance that fully or partially exempts a person from a legal obligation so as to avoid an unreasonable or disproportionate burden or obstacle. What amounts to undue hardship has been considered by many courts. One of these cases is the case of Dr Pearlman (Trustee of), 1993 CanLII 2643 (BC SC). The facts surrounding the bankruptcy may…

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mai

28

2014
Canada’s Companies’ Creditors Arrangement Act

Canada’s Companies’ Creditors Arrangement Act

The Companies’ Creditors Arrangement Act (CCAA) is a federal law that allows financially distressed companies an opportunity to restructure or reorganize their business rather than liquidate. Thus, the CCAA presents an opportunity for the company to avoid bankruptcy and allows creditors to receive some, or all, of the amounts owed to them by the company. Corporate restructuring is also available under Canada’s Bankruptcy and Insolvency…

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