Personal Bankruptcy

Bankruptcy Terms A-B

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Acceleration Clause

Any clause in a contract which spells out that when certain actions are taken, the clause comes into effect. A common acceleration clause is the clause in a lease that says if a company goes into bankruptcy, three months rent is due as a preferred claim.

Accessions

Goods that are installed in or affixed to other goods.

Act

A bill which has passed through the various legislative steps and, hence, has become law.

Action

A proceeding in a Court of law where one person seeks a Court Order for the enforcement of that person's or company's rights.

Adjournment

The delay or postponement usually to another time of a meeting or action.

Adjustment Date

The date on which parties agree that certain financial adjustments will be made to a contract. For example, on the sale of property, there is an adjustment date set which is the time for the costs, such as property taxes, water, etc., to be apportioned between the purchaser and the vendor.

Affidavit

A statement by a person in which the person states that to the best of his or her knowledge, the facts in question are true. An affidavit is sworn before a Notary, Commissioner for Taking Oaths, lawyer or some other judicial officer who can administer oaths.

After Acquired Property

Property of a bankrupt acquired between the date of bankruptcy and prior to the bankrupt's discharge from bankruptcy.

Agent

A person who has received, usually by appointment, the power to act on behalf of another.

Annulment

To make void or to cancel.

Appeal

To ask a more senior Court or person to review a decision of a subordinate Court or person.

Arbitration

A dispute resolution mechanism, whereby an independent neutral third party is appointed to hear and consider the merits of the dispute, and who renders a final and binding decision called an award.

Asset

A thing, chattel, resource or item or piece of property owned or controlled by a person or company.

Assignment of Book Accounts

The assigning by a company or business to a lender, usually a bank, the interest that the person or company has in accounts receivables.

Assignment into Bankruptcy

The act of a person who places himself or his company into bankruptcy pursuant to the Bankruptcy and Insolvency Act.

Beneficiary

The person who is in receipt, or will be in receipt, of some asset, thing, or thing of value. For example, a person can make a will naming someone, usually their spouse, as beneficiary of their estate.

Bill of Exchange

A legal document, such as a cheque, where one person in writing specifies that a third party will pay a person a specific sum of money at a specific time, or upon demand.

Bill of Lading

A document received by a transportation company acknowledging that it has received certain goods and, for the purpose of transportation, serves as title to that property.

Bill of Sale

An agreement in writing signifying that one person has acquired specific assets, a specific sum of money.

Book Debts

Accounts receivables owned by a company.

Builder's Lien

The action that a supplier of goods or services, in respect of construction, can take by filing an entitlement against that property for monies they are owed.

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