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In the bankruptcy and for proceedings underneath the CCAA, the ministry lien takes priority to subsequently registered safety passions, aside from a sound Order Money Safety Curiosity.
No. Though in The usa You'll need a lawyer to file bankruptcy, in Canada you could only go bankrupt or come up with a client proposal with a bankruptcy trustee, as merely a Trustee in Bankruptcy is accredited to administer to insolvency; a practising lawyer can not file a bankruptcy or purchaser proposal for yourself.
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The bankruptcy trustee is necessary to “know” on your own property, which means “flip them into hard cash”. The trustee is just not required to seize your belongings and provide them; They are really only necessary to “convert them into money”.
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