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A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower.
An unsecured creditor does not have a charge over the debtor's assets. [2] The term creditor is frequently used in the financial world, especially in reference to short-term loans, long-term bonds, and mortgage loans. In law, a person who has a money judgment entered in their favor by a court is called a judgment creditor.
Debt-shifting is the practice of transferring debt from one creditor to another in order to get a lower interest rate or otherwise make it easier to repay the debt. Debt-shifting is not discussed in official DA literature, although it is discussed in an unofficial auxiliary book based on DA principles. [53]
In that case, the Court gave a detailed explanation of the nature of insolvency law in Canada. The Bankruptcy and Insolvency Act (BIA) provides a more rules-based approach for resolving a corporate debtor's insolvency, which must be observed strictly. The CCAA, on the other hand, provides a more discretionary approach that is remedial in nature ...
Here’s a look at the differences between good and bad debt. Good Debt One sign of good debt is that it can be used to finance something that will offer a good return on the investment, according ...
The law does not allow the debtor to coerce the creditor into accepting a tender. [69] This is the case, even when the debtor has forwarded valid tender . [ 70 ] It is the subsequent acceptance or non-acceptance of the tender from the creditor which crystallises payment and effects discharge. [ 70 ]
Corporate law (also known as company law or enterprise law) is the body of law governing the rights, relations, and conduct of persons, companies, organizations and businesses. The term refers to the legal practice of law relating to corporations, or to the theory of corporations .
Debt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor. Debt may be owed by a sovereign state or country, local government , company , or an individual.