Business Proposals

Bankruptcy Terms P-Q

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Pari Passu
Latin - equally and without preference.

Perfection

An action that has to be taken before a security interest is secured.

Petition

The application made under the Bankruptcy and Insolvency Act for the Court to hand down a Receiving Order stating the person is in bankruptcy.

Prima Facie

Latin - on the face of it or at first sight.

Pro Rata

Latin - to divide proportionately amongst people having a claim.

Pro Bono

Latin - provided for free.

Provable Claims

All those debts of a bankrupt outstanding as of the date of the bankruptcy.

Proven Claims

Claims that have been filed in the proper manner with evidence to prove what is owed and subsequently accepted by the Trustee in Bankruptcy and used as the basis for the payment of dividends when there are monies to distribute.

Proxy

Under the Bankruptcy and Insolvency Act a written statement can be made whereby a creditor appoints another person to act on his behalf in a creditors' meeting and any other matters pertaining to that bankruptcy.

Purchase Money Security Interest (PMSI - pronounced "pimzee")

A security that a person takes in property, such as inventory for example, that secures payment with regard to those assets of all or part of its purchase price.

Quantum

Latin - amount.

Quit Claim

A deed releasing interest in real property. Sometimes, when a Trustee has real property vested in the pursuant to the bankruptcy and there is no equity in that property, they may quit claim it to the mortgage holder, thereby saving the mortgage holder time and expense. The Trustee should charge the mortgage holder for executing this deed.

Quorum

Under the Bankruptcy and Insolvency Act there must be one person present, either in person or by proxy, at a meeting of creditors before the meeting is considered to be a properly constituted one and hence can carry on with the business of the meeting.

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