Search site            Home     About us     Contact us     Blog     Forms     Corporate recovery      

       

Thank you for making a difficult time in our life easier to deal with.

- Grant Thornton client

» Read success stories

Thank you for making a difficult time in our life easier to deal with.

- individual we've assisted

» Read success stories

 

Legal stuff

Excerpts from the Bankruptcy and Insolvency Act

Section 173 – DISCHARGE

(1) Facts for which discharge may be refused, suspended or granted conditionally –

The facts referred to in section 172 are:

  1. the assets of the bankrupt are not of a value equal to fifty cents on the dollar on the amount of the bankrupt's unsecured liabilities, unless the bankrupt satisfies the court that the fact that the assets are not of a value equal to fifty cents on the dollar on the amount of the bankrupt's unsecured liabilities has arisen from circumstances for which the bankrupt cannot justly be held responsible;

  2. the bankrupt has omitted to keep such books of account as are usual and proper in the business carried on by the bankrupt and as sufficiently disclose the business transactions and financial position of the bankrupt within the period beginning on the day that is three years before the date of the initial bankruptcy event and ending on the date of the bankruptcy, both dates included;

  3. the bankrupt has continued to trade after becoming aware of being insolvent;

  4. the bankrupt has failed to account satisfactorily for any loss of assets or for any deficiency of assets to meet the bankrupt's liabilities;

  5. the bankrupt has brought on, or contributed to, the bankruptcy by rash and hazardous speculations, by unjustifiable extravagance in living, by gambling or by culpable neglect of the bankrupt's business affairs;

  6. the bankrupt has put any of the bankrupt's creditors to unnecessary expense by a frivolous or vexatious defence to any action properly brought against the bankrupt;

  7. the bankrupt has, within the period beginning on the day that is three months before the date of the initial bankruptcy event and ending on the date of the bankruptcy, both dates included, incurred unjustifiable expense by bringing a frivolous or vexatious action;

  8. the bankrupt has, within the period beginning on the day that is three months before the date of the initial bankruptcy event and ending on the date of the bankruptcy, both dates included, when unable to pay debts as they became due, given an undue preference to any of the bankrupt's creditors;

  9. the bankrupt has, within the period beginning on the day that is three months before the date of the initial bankruptcy event and ending on the date of the bankruptcy, both dates included, incurred liabilities in order to make the bankrupt's assets equal to fifty cents on the dollar on the amount of the bankrupt's unsecured liabilities;

  10. the bankrupt has on any previous occasion been bankrupt or made a proposal to creditors;

  11. the bankrupt has been guilty of any fraud or fraudulent breach of trust;

  12. the bankrupt has committed any offence under this Act or any other statute in connection with the bankrupt's property, the bankruptcy or the proceedings thereunder;

  13. the bankrupt has failed to comply with a requirement to pay imposed under section 68;

  14. the bankrupt, if the bankrupt could have made a viable proposal, chose bankruptcy rather than a proposal to creditors as the means to resolve the indebtedness; and

  15. the bankrupt has failed to perform the duties imposed on the bankrupt under this Act or to comply with any order of the court.

(2) Application to farmers – Paragraphs (1)(b) and (c) do not apply in the case of an application for discharge by a bankrupt whose principal occupation and means of livelihood on the date of the initial bankruptcy event was farming or the tillage of the soil.

 

Contact us

© 2017 Grant Thornton Limited, Licensed Insolvency Trustees. All rights reserved.


back to Bankruptcy Thunder Bay home

Confidential callback from a bankruptcy professional

Please call me

As soon as possible
Today at
Next business day at

My Phone # 

Extension  

Ask for  

×


back to Bankruptcy Thunder Bay home

Make an appointment

Name

Phone
- -

Email

Preferred Date (dd/mm/yy)

 


Location

×

×