Dictionary

 

Banking

In general terms, the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to earn a profit.

Keywords

Absolute Priority Rule

The highest rank amongst creditors; he who gets paid in full before any other creditor

Annulment

To make void forever; to cancel an event or judicial proceeding both retroactively and for the future so that in the eyes of the law, it never occurred

Automatic Stay

In bankruptcy law; a stay of collection and other similar debt enforcement proceedings against a bankrupt

Bank

A corporation empowered to deal with cash, domestic and foreign, and to receive the deposits of money and to loan those monies to third-parties

Bankrupt

A person who has legally declared bankruptcy

Bankruptcy

The formal condition of an insolvent person being declared bankrupt under law

Bankruptcy Trustee

An officer generally appointed by the court, who takes over the assets of a bankrupt for the benefit of creditors

Co-debtor

One of two or more debtors who are primarily liable to the same debt

Co-debtor Stay

A stay upon the debt enforcement or collection upon a co-debtor

Consumer Debt

Debt incurred by an individual primarily for a personal, family, or household purpose.

Consumer Debtor

A term of bankruptcy law designating debtors who have debts under a prescribed amount

Consumer Proposal

A summary form of bankruptcy for qualified individuals

Cram down

In a bankruptcy proceeding, forcing a secured creditor to lose his collateral and instead to take a specified cash payment

Creditor

A person to whom money, goods or services are owed by the debtor

Debt

An amount of money due and payable, from one person to another

Debtor

A person who owes money, goods or services to another, the latter being referred to as the creditor

Insolvent

A person not able to pay his or her debts as they become due

Personal Living Expenses

Expenses reasonably necessary to maintain health and well-being, to enjoy life's activities, and the capacity to earn money

Personal Use

Non-business use

Stay

To stop; to suspend; also known as a stay of proceedings; when a law suit is suspended either indefinitely or until the occurrence of a condition imposed by the court

Substantial Abuse

A term of American bankruptcy law which precludes a debtor from availing him or herself of bankruptcy protection

OUR SERVICES

Intellectual Property

Intellectual Property

A notoriously complex area of the law,...

Read more

LATEST NEWS

Kenetic Legale open New Office in Mazar-e-Sharif

Kenetic Legale open New Office in Mazar-e-Sharif

Kenetic Legale now have a new...

Read more