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Bankruptcy Terms J-O

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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.

A-B C D-E F-G-H-I J-K-L-M-N-O P-Q R-S T-U-V-W-X-Y-Z

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