Bankruptcy Trustees

Bankruptcy Terms R-S

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Real Property
Immovable property such as a building and land.

Realization

The amount of money received from the sale of assets.

Receiver

A person or corporation appointed by a person who holds a debenture or other security agreement, giving that person authority to take possession of the property specified in the debenture. A Receiver cannot manage or operate a company for more than 14 days without a Court Order verifying the appointment.

Receiver's Certificate

Certificates given by a Receiver or Receiver-Manager to secure borrowings required by the Receiver or Receiver-Manager. Any debt secured by a Receiver's Certificate has a first charge over the property, ranking ahead of any other secured charge.

Receiver-Manager

Similar to Receiver above, except the Receiver-Manager can manage or operate the company.

Receiver of Rents

A person appointed by the Court to enforce the collection of rent as is specified in the charge on the property.

Receiving Order

An Order handed down by the Court following the successful petition to have a person or company placed into bankruptcy.

Registrar

An Officer of the Supreme Court appointed by the Chief Justice and empowered to deal with various matters as set out in the Bankruptcy and Insolvency Act.

Repairer's Lien

A mechanic or other person who, by bestowing money, skills or material on any chattel, is entitled to a lien on the chattel, which empowers that person to sell the chattel if he is not paid within 90 days.

Retainer

Monies paid as hire or to retain someone. Such funds are often placed in trust as security for future services to be performed. It is common for the Trustee in Bankruptcy to ask for a retainer before they accept an appointment. There is also a special type of retainer called a Third Party Retainer, whereby funds are put up that secure the fees and disbursements of the Trustee but are returned to the party putting up the funds if the Trustee realizes enough out of the estate to cover the fees and costs and, in the case of a proposal, returned to the party putting up the funds if the proposal is refused by the creditors or not approved by the Court.

Secured

The status a creditor has when they have security or a right in some property that they can sell or realize on.

Security

Something given or pledged to a person who is lending money in order to secure or guarantee payment of that debt.

Sine Die

Latin - adjourned without giving any future date of meeting or hearing.

Statement of Affairs

The listing of a debtor's assets and liabilities and sworn under oath by the debtor before a lawyer or Commissioner of Oaths.

Statement of Receipts and Disbursements

A statement prepared in the matter of receivership or agency appointment or a bankruptcy appointment, whereby the monies received and paid are set out.

Status Quo

The current state of affairs, or current position.

Subrogation

The legal right that a person or corporation has when they pay someone's debt to recover that money from the debtor.

Support

An amount given to one spouse by another while they are separated or divorced.

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