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This question tests students' knowledge ...View Answer
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A) the Superintendent of Bankruptcy has wide powers to inspect and investigate bankrupts' estates, regulate and examine the work of trustees in bankruptcy, and intervene in bankruptcy court proceedings across Canada.
B) the Official Receiver gathers in and liquidates the debtors' assets and distributes the proceeds to creditors.
C) a trustee in bankruptcy is appointed, after a debtor has been discharged from bankruptcy, to provide advice and guidance on financial matters.
D) the Registrar in Bankruptcy hears appeals from decisions of the Bankruptcy Court.
E) an Inspector is a deputy judge with the power to and make interim orders in cases of urgency.
G) C) and E)
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A) is based on a federal statute enacted by Parliament.
B) is governed entirely by provincial statutes.
C) is primarily created at a municipal level.
D) is mostly created by judges rather than legislators.
E) is a mix of federal and provincial laws, but provincial law dominates.
G) A) and D)
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A) avoids a race to the courts, encourages multiple proceedings against the debtor, and gives the debtor a fresh start.
B) permits a race to the courts, prohibits multiple proceedings against the debtor, and can give the debtor a fresh start.
C) avoids a race to the courts, prohibits multiple proceedings against the debtor, and prohibits giving the debtor a fresh start.
D) avoids a race to the courts, prohibits multiple proceedings against the debtor, and gives the debtor a fresh start.
E) permits a race to the courts, prohibits multiple proceedings against the debtor, and gives creditors a fresh start.
G) B) and E)
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A) is the subject of a proposal.
B) is bankrupt if she owes at least $1000.
C) is an insolvent person.
D) has committed an act of bankruptcy and so must become bankrupt.
E) is a bankrupt.
G) C) and E)
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A) as a result of being a prescriptive transfer.
B) only if Joel filed for bankruptcy within one month of the transfer.
C) as a void preference if Joel was indebted to his wife, if the transfer occurred within three months of his bankruptcy, and if he intended to ensure that the property went to his wife rather than his other creditors.
D) as a fraudulent conveyance, but only if Joel was insolvent at the time of the transfer.
E) but only by using provincial legislation.
G) C) and E)
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A) an insolvent individual whose debts, excluding those secured on their principal residence, do not exceed $250 000.
B) a corporation that is primarily indebted to consumers.
C) an individual whose debts arise exclusively from consumer purchases.
D) a corporation or an individual who purchases outstanding debts from creditors, and then uses various means to extract payment from the debtors.
E) any individual that is not carrying on a business.
G) All of the above
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A) The municipality will receive $80 000.
B) Mazurka will receive $40 000.
C) Frederic is entitled to receive a total of $80 000.
D) Polonaise will receive $20 000.
E) Frederic is entitled to receive a total of $160 000.
G) D) and E)
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A) Although her situation currently seems bleak, Martina will be debt free once she is released from bankruptcy.
B) Martina is entitled to keep her car
C) Martina is entitled to retain the insurance policy.
D) Martina is entitled to retain only $5000 worth of household furnishings.
E) Martina can keep $3000 worth of her clothing.
G) C) and D)
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A) Any one of his creditors can still apply for a bankruptcy order.
B) Only secured creditors can apply for a bankruptcy order.
C) Tae may include a composition, giving him more time to resolve his debts.
D) If Tae includes a scheme of arrangement, he must inform his creditors of all actions performed with his assets.
E) Tae may include a liquidation proposal, which is a similar process to bankruptcy, but with more control for the Tae.
G) None of the above
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A) a successful assignment but not a successful application for a bankruptcy order or proposal.
B) a successful proposal.
C) a successful application for a bankruptcy order but not a successful assignment or proposal.
D) a successful application for a bankruptcy order but not a successful proposal.
E) a successful receiving order, a successful assignment, or a successful proposal.
G) None of the above
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This question seeks to examine students'...View Answer
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A) an insolvent insurance company must use the Winding-Up and Restructuring Act rather than the Bankruptcy and Insolvency Act or the Companies' Creditors Arrangement Act.
B) debts arising from a student loan remain enforceable even after a discharge from bankruptcy.
C) a province can avoid the effects of a stay under the CCCA by dressing up a claim for money to look like an order to remediate a work site.
D) a province is entitled to suspend the driver's license of a person who has failed to pay a provincial debt, even if that person has been discharged from bankruptcy.
E) since bankruptcy is primarily a business issue, a court should apply a provincial statute rather than the Bankruptcy and Insolvency Act whenever there is a conflict between the statutes.
G) B) and D)
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B) False
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A) the debtor is generally able to pay its debts as they come due.
B) the creditor will receive more if the debtor is permitted to continue to operate under the proposal, than if the debtor is forced into bankruptcy.
C) the debtor does not want to part with voting control over the company.
D) the debtor cannot be trusted to pay its debts.
E) the debtor has given a security interest to the creditor in assets that, if sold, would yield proceeds exceeding the amount of the debt.
G) A) and E)
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