Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
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| There are 6 entries in the glossary. | |
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| Term | Definition |
| garnishment | A legal process whereby a creditor requires a third party to turn over to the creditor, a debtor's property such as wages or bank accounts |
| general benefit of creditors | For the overall good of all creditors; an insolvent person makes an assignment of all of his property for the general benefit of creditors pursuant to the Bankruptcy and Insolvency Act. |
| general security agreement | General Security Agreement (GSA) A contract under which all the personal property of a debtor is pledged as security to a lender. |
| goodwill | That value attributed to a business that is not tangible, but arises from the reputation, expertise, service or some other intangible that attaches to the business and makes it have more worth than just the value of its assets. |
| guarantee | A promise to perform some duty or contract, or payment of some debt, in case of failure by another person. |
| guarantor | A person who pledges collateral for the contract of another or who guarantees to pay a certain debt of a debtor if the debtor defaults. |
| Glossary V2.0 | |