Lecture Notes 2-FRIA
Lecture Notes 2-FRIA
Lecture Notes 2-FRIA
INSOLVENCY1
I. BASIC CONCEPTS they fall due in the ordinary course of business.
Actual insolvency means the debtor has
Individual insolvent debtor liabilities that are greater than its or his assets.
An individual insolvent debtor may file a petition
for suspension of payments and/or may also Commencement Order
file, or be the subject of, a petition for Commencement Order refers to the order
liquidation. issued by the court under Section 16 of the law
and after it finds that the petition for
An individual debtor refers to a natural person rehabilitation is suZicient in form and
who has become insolvent. substance.
1 Unless otherwise indicated, all references to sections pertain to the Financial Rehabilitation and Insolvency Act.
CONSUMER PROTECTION RCS
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