Bankruptcy Insolvency Act of Canada ...

The Bankruptcy and Insolvency Law of Canada Act is a federal law that the affairs of the people who are bankrupt and does not regulate committed fraud. ... .It was written to protect their rights and the rights of creditors. ... .The law also stipulates the rights and obligations of individuals and organizations as liquidator in Canada. ... .BankruptcyA request creditor that is a minimum of $ 1000 is for a bankruptcy order against a debtor must apply. ... .The creditor may also apply if the debtor sold its assets to a trustee for the last six months. ... .The plaintiff files an affidavit of the facts. ... .A judge reviews the petition in bankruptcy, and can reject it if the debtor has the means to pay his debt.Proposals CreditorsA of consumers who have difficulty meeting their financial obligations can make a proposal to creditors is considered. ... .If the creditors accept the consumer proposal, the amount due must be paid back within five years. ... .The consumer is responsible for paying any fees or expenses associated with the consumption of proposal.Property bankruptcy bankruptcy has the right to an income sufficient for him to earn a decent living. ... .A portion of the surplus is used to pay creditors. ... .The type of property that may be excluded from the bankruptcy proceedings, may be required under provincial law.OffensesA person fails to comply with a court order, a fine or imprisonment up to three specific numbers. Years. ... .A person who is in bankruptcy, who runs a business must keep accurate. ... .The sale of property with intent to defraud and an offense under the Bankruptcy Act Canada's insolvency. ... .If a trustee knows or suspects that a person has been declared bankrupt, commits an offense under the law, it has a duty to report to the court. ... .A prosecution under the Act must be commenced within five CreditorsA years.Secured secured creditor may appoint a receiver to inventory to be undertaken, receivables or other assets of the bankrupt person. ... .The secured creditors have the responsibility if the bankruptcy is ....