Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
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| There are 8 entries in the glossary. | |
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| Term | Definition |
| oath | A solid affirmation to tell the truth, oftentimes sworn in front of a Notary or Commissioner for Taking Oaths. |
| offences | The offences and sanctions provisions are contained in Part VIII of the Bankruptcy and Insolvency Act. These are criminal or quasi-criminal violations of law; a person guilty of an offence is liable to a fine or imprisonment. |
| official receiver | The Official Receiver is a federal government employee in the Office of the Superintendent of Bankruptcy and appointed by the Governor in Council. The Official Receiver, among other things, accepts the documents that are filed in proposals and bankruptcies, examines bankrupts under oath and chairs meetings of creditors. |
| order | A command of a Court or Judge. |
| Orderly Payment of Debts | A scheme governed by Provincial Court to allow a debtor to pay his debts in accordance with the sections under Part X of the Bankruptcy and Insolvency Act. Often referred to as a Consolidation Order. |
| Ordinary Creditor | A general creditor with no priority or security. |
| Ordinary Resolution | A resolution carried by the majority of votes (one vote for each dollar of debt) of claims of creditors at a meeting of creditors; disallowed claims do not have votes. |
| OSB | Office of the Superintendent of Bankruptcy, an agency of Industry Canada. The Office of the Superintendent of Bankruptcy supervises the administration of the Bankruptcy and Insolvency Act. The OSB has Division Offices throughout Canada. |
| Glossary V2.0 | |