Glossary of Terms
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| Directive | Subsection 5(4) of the Bankruptcy and Insolvency Act empowers the Superintendent of Bankruptcy to issue directives. Every person to whom a directive is issued must comply with the directive. Directives may be issued concerning: counselling; the carrying out of the purposes and provisions of this Act and General Rules; the criteria to be applied by the Superintendent in determining whether a trustee license is to be issued to a person and governing the qualifications and activities of trustees; and prescribing the form of any document that is to be prescribed by the Act and the information to be given therein. Subsection 68(1) requires that a directive be issued by the Superintendent to establish the standards for determining the portion of total income of an individual bankrupt that exceeds that which is necessary to enable the bankrupt to maintain a reasonable standard of living. This directive governs the calculation and treatment of surplus income. |
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