Bankruptcy
This is the more severe option than consumer proposal.
What is a Bankruptcy?
This is usually the first order granted after the petition is heard.
What is Order Nisi?
A judgment remains enforceable for this number of years in BC before renewal.
What is 10 years?
This is the formula for calculating simple pre-judgment interest under the Court Order Interest Act?
What is Principal × Interest Rate × (Fraction of the Year)?
This debt typically backed by collateral, such as real estate or a vehicle.
What is secured debt?
Bankruptcy does not protect individuals from these types of debt.
What is fraudulent behaviour?
This period, typically six months, is set by the Order Nisi.
What is the redemption period?
A builder or contractor can register this against land if unpaid for work done.
What is a builder’s lien?
This is a court order that lets a creditor take money owed to a debtor from someone else.
What is a garnishing order?
Under British Columbia’s Limitation Act, this is the general limitation period for bringing a debt claim to court.
What is 2 years?
This is a formal agreement with your creditors on the terms of repayment of your debts.
What is a consumer proposal?
This document starts a foreclosure action in BC Supreme Court.
This is registered against a land title to give notice of a pending court action.
What is a Certificate of Pending Litigation?
This garnishing order is issued before a judgment is obtained.
What is a Pre-Judgment Garnishing Order?
This person is hired to facilitate communication and help parties reach a mutual agreement
To qualify for this type of bankruptcy, the debtor must owe at least $1,000 to a single creditor or $1,000 between multiple creditors.
What is a voluntary bankruptcy?
The Petitioner is entitled to this order after expiry of the redemption period.
What is an Order for Conduct of Sale?
This document lists all financial charges, liens, and mortgages on a parcel.
What is a title search or state of title certificate?
This garnishing order is issued after judgment is entered.
What is a Post-Judgment Garnishing Order?
A firm acting for two different creditors could place the law firm in this kind of predicament.
What is a conflict of interest?
This professional administers bankruptcy estates.
Who is a Licensed Insolvency Trustee (LIT)?
This party usually files the foreclosure petition.
Who is the mortgagee or lender?
A written promise to pay a certain amount of money.
What is a promissory note?
This affidavit must be filed with the application for a garnishing order.
What is an Affidavit in Support of Garnishing Order?
This legal term which indicates that the settlement negotiations made cannot be used as evidence in court and to encourage settlement discussions.
What is "Without Prejudice"?