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Joint and Several Liability
The liability of more than one person for which each person may
be sued for the entire amount of the damages.
Leasehold Improvements
Those assets which are attached to a building and cannot be removed from any property
being leased.
Levy
Under the Bankruptcy and Insolvency Act the government has imposed a levy (in 1997,
equal to 5%; for example, if a creditor is entitled to a $100 dividend, he will
only get $95 with $5 being paid to the government).
Liability
Any legal obligation for which a person is responsible.
Lis Pendens
A notice which indicates that property is the subject of ongoing or pending litigation.
Oftentimes, a lis pendens can be filed at the Land Registry Office against real
property to denote to third parties that another party may have an interest in the
property.
Litigation
A dispute that results in formal Court action or a law suit.
Mediation
An alternate dispute mechanism whereby the mediator acts as a facilitator assisting
the parties in coming to a mutually agreed settlement. Under the Bankruptcy and
Insolvency Act, mediation can be used, for example, if a creditor or the Trustee
opposes a bankrupt's discharge.
Mutatis Mutandis
Latin - with appropriate changes as applicable. For example, in Proposals all other
sections of the Bankruptcy and Insolvency Act, over and above the section on Proposals,
apply to Proposals, mutatis mutandis.
Nulla Bona
Unable to locate assets.
Official Receiver
A person deemed to be an officer of the Court who reports to the Superintendent
of Bankruptcy and performs duties as specified by the Bankruptcy and Insolvency
Act.
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