Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
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| Act of Bankruptcy | An act committed by a debtor as defined under the Bankruptcy and Insolvency Act. One of the most common is if a debtor ceases to meet his liabilities generally as they become due. A creditor with a provable claim of $1,000 and over may file a petition for a receiving order if the debtor has committed such an act within the six months preceding the filing of the petition. |
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