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Bankruptcy and insolvency act stay of proceedings means

bankruptcy and insolvency act stay of proceedings means

A Stay of Proceedings is automatic upon filing an insolvency bankruptcy or consumer proposal. This means that unsecured creditors are prohibited from starting any legal proceedings or continuing with their lawsuits, and from garnishing your wages. Under the Bankruptcy Insolvency Act, secured creditors can still seize assets you’ve provided. BANKRUPTCY ACT - SECT 60 Stay of legal proceedings (1) The Court may, at any time after the presentation of a petition, upon such terms and conditions as it thinks fit: (a) discharge an order made, whether before or after the commencement of this subsection, against the person or property of the debtor under any law relating to the imprisonment of fraudulent debtors and, in a case where. Marginal note: Winding-up and Restructuring Act not to apply If an application for a bankruptcy order or an assignment has been filed under this Act in respect of a corporation, the Winding-up and Restructuring Act does not extend or apply to that corporation, despite anything contained in that Act, and any proceedings that are instituted under the Winding-up and Restructuring Act in. bankruptcy and insolvency act stay of proceedings means

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