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INSOLVENT DEFINITION: A NEW FOCUS FOR TORONTO BANKRUPTCY TRUSTEE - YouTube
Channel: Ira Smith
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in solvent definition a new focus for
Toronto bankruptcy trustee the oxford
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dictionary definition is insolvent
adjective unable to pay debts out
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section 2 of the bankruptcy and
insolvency act RSC 1985 cv3 BIA defines
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insolvent person as insolvent person
means a person who is not bankrupt and
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who resides carries on business or has
property in Canada whose liabilities to
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creditors provable as claims under this
act amount to $1,000 and a who is for
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any reason unable to meet his
obligations as they generally become do
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be who has ceased paying his current
obligations in the ordinary course of
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business as they generally become do or
see the aggregate of whose property is
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not at a fair valuation sufficient or if
disposed of it a fairly conducted sale
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under legal process would not be
sufficient to enable payment of all his
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obligations do an accruing to insolvent
person refers to both individuals and
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companies the BIA definition
incorporates the common English
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definition the P definition also
incorporates the accounting concept of
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net worth core Mosby fast 2018 o NSC
6044 Canley mr. and mrs. Kaur Moe's got
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a judgment against their neighbors mr.
and mrs. fast the small claims court
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issued the judgment for 25565 dot
sixty-four cents this judgment comes
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about from problems arising from
flooding in their home which was
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triggered by the fasts after the
judgment was given the fasts were
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contacted by mr. core most licensed
insolvency trustee trustee the trustee
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advice that mr. fast had submitted a
consumer proposal under the via numerous
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months previously on August 24th 2016 mr
fast did not previously mention anything
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about his consumer proposal or his
subsequent filing of an assignment in
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bankruptcy fifteen days after the Corps
most plaintiffs started enforcement of
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the judgment by serving a notice of
examination on mrs. fast
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she made an assignment in bankruptcy
under the be on April 25th 2017 in their
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different bankruptcy filings each of the
fasts attested in their respective sworn
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statement of affairs that their home in
Queenston Ontario home was worth six
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hundred thirty thousand dollars
mr. and mrs. Kaur most provided evidence
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by way of an expert witness appraisal
who also testified in court showing that
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the home was considerably underestimated
in the BIA filings by mr. fast on August
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24th 2016 and mrs. fast on April 25th
2017 when she made an assignment in
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bankruptcy the cor most lawyers stated
that when a reasonable value is
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designated to the home neither mr. fast
nor mrs. fast were insolvent when their
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corresponding filings were made under
the BIA they were obviously relying on
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the fact that each of mr. and mrs. fast
really had a positive net worth
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mr. and mrs. poor Moe's were looking for
an order under the BIA I am le mr. fast
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consumer proposal as well as if required
his 2014 bankruptcy as well as to
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annulling mrs. fast bankruptcy the
courts analysis
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fasts did not challenge the expert
appraisal opinion the court accepted the
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experts appraisal as being the value of
the home on the relevant dates of mr.
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and mrs. fasts respective filings under
the BIA the court looked at the
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insolvent definition in the BIA in her
bankruptcy filing
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mrs. fast filed her statement of monthly
income in expenses according to the
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statement her monthly expenses exceed
her monthly income by 2010 dollars when
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looking at the definition of insolvent
the court concluded that mrs. fast was
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unable to meet her obligations and had
stopped paying her current obligations
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notwithstanding that the court found
that mrs. fast probably understated the
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value of her interest in the home the
court was not persuaded to annul her
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bankruptcy as she met the definition of
an insolvent person as for mr. fast the
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court decided it would not annul his
consumer proposal the judge went on to
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say that even if he was persuaded to do
so
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mr. fast was still a bankrupt and the
judge had no evidence for the
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proposition that his bankruptcy should
also be annulled so the judge did not
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grant the application the fasts are
under their respective BIA proceedings
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and mr. and mrs. poor Mose can file
their claim with the fasts trustee are
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you insolvent are you unable to pay your
debts as they come due are your bills
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past due and you don't know how you are
going to pay them if so then you are
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insolvent and we can help eliminate your
pain
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the iris Smith team has decades and
generations of experience helping people
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and companies in financial trouble
whether it is a consumer proposal debt
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settlement plan a larger personal or
corporate restructuring proposal that
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settlement plan or is a last resort
bankruptcy we have the experience call
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us today for your free consultation
I hope you enjoyed the video the IRA
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Smith team is available to help you at
anytime
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we offer sound advice and a solid plan
for starting over starting now so that
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you'll be well on your way to a
debt-free life in no time for more
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information on a no cost basis please
visit our website or call us our website
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and telephone details are coming right
up now
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