Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
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| Claim Provable In Bankruptcy | Provable claims are defined by the Bankruptcy and Insolvency Act as all debts and liabilities, present or future, to which the bankrupt is subject to on the date on which the bankrupt becomes bankrupt. Provable claims also include claims that the bankrupt may become subject to before the bankrupt’s discharge by reason of an obligation incurred prior to the date of the bankruptcy. (For example contingent claims, unliquidated claims and claims payable at a future time) |
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