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Upper Canada was a cash-poor province without its own currency. As a result, the economy of the province was based upon credit-debt relationships. To be in debt was to be in danger of indefinite imprisonment. The only protection was a reputation for being able to pay those debts - "respectability" indicated a person's credit-worthiness.
The 18th-century debtors' prison at the Castellania in Valletta, now the offices of the Health Ministry in Malta. A debtors' prison is a prison for people who are unable to pay debt. Until the mid-19th century, debtors' prisons (usually similar in form to locked workhouses) were a common way to deal with unpaid debt in Western Europe. [1]
the debtor was insolvent at the time of transfer, or rendered insolvent by the transfer; the debtor intended to defraud, defeat or delay creditors (and such intent must be proved) The trustee need only prove to the court that: the transfer was under value, and; it occurred within one year of the initial event
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Government of Canada, accessed Dec. 10, Reasons you may be inadmissible to Canada Government of Canada, accessed Dec. 10, Immigration and Refugee Protection Act (S.C. 2001, c. 27) Thank you for ...
The person who is unable to pay his obligation is considered to be an insolvent person under the BIA. Under s. 2 of the BIA, an "insolvent person" is a person who is not bankrupt and who resides, carries on business, or has property in Canada, whose liabilities to creditors provable as claims under this Act amount to $1,000, and
the debtor making an application under the CCAA to make a compromise or arrangement with its creditors [18] an insolvent debtor making an assignment under the BIA for the general benefit of his creditors [19] creditors applying for a bankruptcy order where the debtor owes at least $1,000 and has committed an act of bankruptcy
The Parliament of Canada has exclusive jurisdiction to regulate matters relating to bankruptcy and insolvency, by virtue of Section 91(2) of the Constitution Act, 1867. It has passed the following statutes as a result: The Bankruptcy and Insolvency Act ("BIA") [1] The Companies' Creditors Arrangements Act ("CCAA") [2] The Farm Debt Mediation ...