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Bankruptcy Terms T-Z

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Trustee

The person under the Bankruptcy and Insolvency Act who administers bankrupt estates. Usually this person is an accountant and a member of the Association of Canadian Insolvency and Restructuring Practitioners.

Ultra Vires

Latin - without authority.

Usury

Excessive or illegal interest rates.

Vesting Order

An Order by the Court that gives to a person, possession, control or title of property.

Vexatious

An act done by a person in order to annoy, embarrass or otherwise aggravate another person.

Voting Letter

A document in which a proven creditor registers their vote for or against the acceptance of a Proposal.

Warehouseman's Lien

The charge that a warehouseman has on goods left for storage in his care. The warehouseman has the right to hold onto the goods until they are paid or to sell the goods to recover their account.

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