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Glossary of terms, in part, defined as per the official Office of the Superintendent of Bankruptcy.
United States national association of Credit Counseling Agencies, affliated members of Credit Counselling for Canada.  Tips, tools, member listings of Independent Consumer Credit Counseling Agencies
The Association of Credit Counseling Professionals is the credit counseling  industry’s newest and fasted growing trade association.
Bankruptcy and Insolvency Act – BIA
Bankruptcy and Insolvency Act, a federal statute governing bankruptcy and insolvency in Canada, which is applicable to all provinces and territories.
Business
A commercial or industrial enterprise – which is in the form of a sole-proprietorship, a partnership, or a corporation.
CAIRP
Canadian Association of Insolvency and Restructuring Professionals – Canadian Association of Insolvency and Restructuring Professionals is the national professional organization representing trustees in bankruptcy, receivers, agents, monitors and consultants in insolvency matters.
The Canadian Association of Credit Counselling Services (CACCS) represents a Canada-wide network of accredited, not-for-profit agencies and affiliates offering preventive education and confidential services to clients experiencing financial difficulties.
Recognize the danger signs, know your alternatives and where to go for help, material and handbook from the Government of Canada.
The aim of OACCS is to enhance the personal financial well-being of Canadians through financial literacy, education and industry leadership. OACCS establishes and regulates uniform standards of practice, knowledge, skills and ethics for the Credit Counselling and Financial Coaching profession.
Superintendant of Bankrutpcy- Bankruptcy in Canada is governed by the OSB, Office of the Superintendent of Bankruptcy. Bankruptcy and compliance to the BIA is controlled through this government body.
Glossary of Terms used in Insolvency   List of terms and definitions of Insolvency terms according to the OSB
CCAA  Companies’ Creditors Arrangement Act. Department of Justice, regulations and rules for creditors claims.
Certificate of Full Performance of Proposal
A document issued by the trustee or administrator once a debtor has fully performed his or her obligations under the proposal.
CIRP
Chartered Insolvency and Restructuring Professional; a professional designation given by CAIRP to those who meet the Association’s standards for admission, complete the prescribed course of study and pass the required examinations.
Conditional Discharge
The release of a debtor from the obligation to repay his or her debts. A bankrupt’s discharge may be automatic, suspended, conditional or absolute. A bankrupt may also be refused discharge.
Consumer Proposal
A simplified process to make a proposal for repayment of debt to creditors, available under the Bankruptcy and Insolvency Act to a consumer debtor whose aggregate debts, excluding any debts secured by the person’s principal residence, do not exceed the amount prescribed in the Bankruptcy and Insolvency Act.
Creditor
An individual or business who gave credit to a debtor, which has not been repaid, and which can be proved to exist under the Bankruptcy and Insolvency Act. See Secured Creditor and Unsecured Creditor.
Debt
A simplified process to make a proposal for repayment of debt to creditors, available under the Bankruptcy and Insolvency Act to a consumer debtor whose aggregate debts, excluding any debts secured by the person’s principal residence, do not exceed the amount prescribed in the Bankruptcy and Insolvency Act.
Debtor
One who owes money to another.
Discharge From Bankruptcy
The release of a debtor from the obligation to repay his or her debts. A bankrupt’s discharge may be automatic, suspended, conditional or absolute. A bankrupt may also be refused discharge.Automatic Discharge
A debtor whose  discharge is not opposed by the Superintendent of Bankruptcy, the trustee or a  creditor and who has not refused or neglected to receive counselling, is  automatically discharged after 9, 21, 24 or 36 months, depending on whether it  is a first or second bankruptcy. The discharge also depends on whether or not  the bankrupt is required to pay a portion of his or her surplus income into the  bankruptcy estate per the standard established by the  OSB.Order of Absolute Discharge
This official document issued by the court relieves the debtor of the debts incurred before the debtor declared bankruptcy, taking under consideration the exceptions provided in the Act.Order of Conditional Discharge
The court may impose certain conditions that must be met before a person’s discharge becomes absolute. For example, the Court may require you to pay an amount to your trustee for distribution to your creditors.Order of Suspended Discharge
The court orders a delay so that the discharge will not be effective until a certain date.
Division I Proposal
Similar to a consumer proposal but designed to faclilitate individuals who have debt in excess of $250,000 and for use by businesses. A legally binding offer under the Bankruptcy and Insolvency Act from a debtor to their creditors to pay unsecured debts in a manner different from the existing terms.
DMP
Debt managment plan, set up by credit counselors, usually offer reduced payments, fees and interest rates to the client.
Garnishment
A legal process whereby a creditor requires a third party to turn over to the creditor, a debtor’s property such as wages or bank accounts.
Insolvency
The condition of being unable to pay debts as they become due, or in the ordinary course of business, or having liabilities that exceed the total value of assets..
Notice of Intention to File a Proposal
A legal document filed with the Official Receiver stating that the debtor intends to file a proposal. The document is to include the name and address of the licensed trustee who has consented in writing to act as the trustee under the proposal and the names of the creditors who are owed $250 or more and the amounts of their claims. The filing of this document triggers the protection afforded to insolvent debtors under the Bankruptcy and Insolvency Act.
Proposal
An offer to creditors to settle debts under conditions other than the existing terms. It is a formal agreement under the Bankruptcy and Insolvency Act.
Secured Creditor
A person holding an instrument such as a mortgage or a lien on or against the whole or part of the property of a debtor as security for a debt due him from the debtor
Security
Property or asset given or pledged to guarantee the fulfilment of an obligation, e.g. for the payment of a loan.
Solvency
The ability of an individual or a business to pay debts as they become due.
Superintendent of Bankruptcy
The Office of the Superintendent of Bankruptcy,A federally appointed official who oversees the administration of the Bankruptcy and Insolvency Act in Canada. 
Superintendent’s Standards
Based on the Superintendent’s Standards and a fixed formula, the amount of income that a bankrupt individual must pay into their bankruptcy estate
Surplus Income
The portion of an individual bankrupt’s income that is required to be paid into the bankruptcy estate during the bankruptcy as per standards established by the  OSB
Trustee in Bankruptcy
A person licensed by the Superintendent of Bankruptcy to administer bankruptcy and proposal estates.
Unsecured Creditor
A creditor who advances credit without taking any rights against the property of the debtor
Unsecured Debt
A specific sum of money owed to a creditor for which no security rights against the debtor’s assets were given.