Sentences with phrase «claims of other creditors»

After Wabush had sold its assets, it sought direction from the Quebec Court on whether the deemed trust in respect of the deficits and the outstanding special payments took priority over the claims of other creditors.

The deceased's administrators applied to the court to sanction the payment of debts owed to certain admitted creditors and a subsequent distribution to the beneficiaries, despite the fact that there remained certain unresolved potential claims of other creditors (potential creditors).

The PBA / PPSA deemed trust priority is critically important for the Sears Canada Plan beneficiaries in the circumstances of Sears Canada's CCAA proceedings and future competing claims of other creditors.

A bankruptcy would, at a minimum, tie up your bullion during a lengthy legal process, and at worst be used to meet the claims of other creditors.

Not exact matches

The school also owes rent to several other race tracks across America, including $ 239,617.19 to Road Atlanta, $ 169,568 to California's Monterey County (the lawful owner of Mazda Raceway Laguna Seca), $ 112,000 to Mid-Ohio, $ 105,983 to Palm Beach International Raceway, $ 56,623.77 to Virginia International Raceway, and $ 29,600 to Willow Springs, among other unsecured claims to creditors.

In other words, creditors of the broker are not permitted to claim the funds in these segregated accounts as part of the broker's assets which can be used to pay off the broker's debt.

Even if funds in your American Express Serve Account (whether held by us or held in a Custodial Account) are protected from claims by our creditors, in the unlikely event of our insolvency, it is possible that you will not have access to those funds while court or other legal proceedings are ongoing.

Once the lien is filed all of your creditors will be notified and the IRS will have claim to your property before any other creditor.

It may seem tempting to declare bankruptcy to avoid the long arm of the FRO; however, your support arrears merely become a claim that is made against your estate, with the FRO dealing directly with the bankruptcy trustee like any other creditor.

In light of his decision on the other heads of claim, Birss J reached the unsurprising conclusion that if the trust deeds did operate to divest Mr Pugachev of his beneficial interests in the assets, then their purpose was to hide his control of the assets from his creditors.

Before any debts of the estate are paid, the executor or administrator should see to the publication of the proper advertisement for creditors, claims and other claims against the estate.

If the debtor does not pay the amount of a Small Claims Court judgment and does not work out a payment plan, a creditor must wait 30 days from the date of the judgment before using other legal means to collect.

James H. Wilson, Jr.'s, past experience representing creditors helps him know the perspective of the other side to help you in defending yourself against creditors and their claims.

Applying the common - law «interest stops rule» normally applied in Bankruptcy and Insolvency Act proceedings, Justice Newbould ruled that post-filing interest was not payable on the Crossover Bonds.5 Justice Newbould began his reasons with reference to the «fundamental tenet of insolvency law that all debts shall be pari passu and all unsecured creditors [shall] receive equal treatment».6 Justice Newbould found that the status quo with respect to unsecured creditors should be maintained as at the date of Nortel's filing and that to permit certain claims to grow disproportionately to others during the CCAA stay period would violate the status quo.

In 2008, another federal court harshly dismissed his claims for violations of the Fair Credit Reporting Act against two other creditors, noting that Flury had «filed eleven lawsuits against various defendants over the last four years, and with the exception of one case that ended in a default judgment, plaintiff has voluntarily dismissed every action once the defendant moved to dismiss the case or otherwise responded to the complaint.»

Our experience, coupled with our strengths in commercial and insolvency work, enable us to assist clients not only in dealing with their disputed claim, but also in coping with cash flow, trade creditors and many other related commercial problems that often arise from the delayed settlement of an insurance claim.

He has acted in a wide range of matters including for example commercial / construction disputes, expropriation of real estate (against TransLink and others), professional negligence claims, debtor / creditor matters, shareholder disputes, insurance matters (including product liability), and lessor / lessee disputes (real estate and vehicles — including Personal Property Security Act and Bankruptcy and Insolvency Act matters), among others.

Entireties property is generally exempt from the claims of creditors of the individual spouses, and it passes to the surviving spouse upon the death of the other.

According to court documents, some of the other creditors include Vision Appraisal in Massachusetts at $ 2.6 million and Marshall & Swift in Wisconsin at $ 815,000 holding the largest unsecured claims.

A Nebraska bankruptcy court recently upheld the longstanding principle that a creditor filing a proof of claim may seek the entire amount due despite amounts collected from other obligors who may be jointly and severally liable for the debt.

The husband objected, and brought an appeal to the Court of Appeal, claiming that the judge's award was tantamount to re-distributing the husband's assets in favour of the wife and in preference to his other creditors.

In Holtby v Draper et al [5], a husband transferred a farm business and real property into joint names with his second wife in a hope to avoid creditor claims by his first wife and other potential civil claims by a couple of third parties.

This rule applies where, before the company goes into liquidation there have been mutual credits, mutual debts or other mutual dealings between the company and any other creditor of the company proving or claiming to prove for a debt in the liquidation.

Where the last day of the limitation period falls on an official holiday or other dies non juridicus precluding the appropriate legal action in the jurisdiction where the creditor institutes legal proceedings or asserts a claim as envisaged in article 13, 14 or 15, the limitation period shall be extended so as not to expire until the end of the first day following that official holiday or dies non juridicus on which such proceedings could be instituted or on which such a claim could be asserted in that jurisdiction.

There is no delay, as might be the case with other types of assets, because of the intervention of state or other governmental bodies due to settlement of tax issues, or because of claims by the decedent's creditors.

Canada Revenue Agency (CRA) has higher rights than other creditors and can garnish wages and pensions and file a lien against real property without issuing a Statement of Claim, and that lien becomes like a mortgage.

Fighting with BK court to make the claim the asset should be exempt not to mention other creditors who would want the asset to be included so they stand a chance of recovery is simply a rat race no Mortgagee in their right mind wants to take one.