INSOLVENCY DICTIONARY
(Canadian Insolvency Terms - updated to August, 2000)

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Trustee:
The person under the Bankruptcy and Insolvency Act who administers bankruptcy estates.  Usually this person is an accountant and a member of the Canadian Insolvency Practitioners Association.

Ultra Vires:
Latin - without authority.

Usury:
Excessive or illegal interest rates.

Vesting Order:
An Order by the Court that gives to a person, possession, control or title of property.

Vexatious:
An act done by a person in order to annoy, embarrass or otherwise aggravate that person.

Voting Letter:
A document in which a proven creditor registers his vote for or against the acceptance of a proposal.

Warehouseman's Lien:
The charge that a warehouseman has on goods left for storage in his care.  The warehouseman has the right to hold onto the goods until he is paid or to sell the goods to recover his account.
 
 

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