LEGAL ASSIGNMENT



LEGAL ASSIGNMENT

Answer to the Question # 1

Being a resident of Ontario, as Mr.X is not capable to pay his bills as they are due and hi is unable to file proposal to the creditors, it might be essential to file an obligation in bankruptcy.

The idea at the back bankruptcy in Ontario is this: he surrender everything he own to a trustee in bankruptcy in substitute for the removal of his unsecured debts.

Considering the case of Mr. X, the act of bankruptcy that he has committed may be defined as, “Execution debtor” involves an individual in opposition to whom a court order of implementation is issued on a result of the judgment or an order that has been prepared for the seizure as well as sale of private property, real property or both real property in addition to personal property. Similarly, the Judgment debtor indicates a person, either plaintiff or defendant, in opposition to whom the judgment has been recovered.

Answer to the Question # 2

According to the law of bankruptcy if someone present, transfer, sell or gift an asset to another person in up to the four years earlier than filing, then the trustee into bankruptcy is able to reverse the transfer in addition to believe it fraudulent, condition that it was completed for under the fair marketplace worth of that asset. In this case Mr. X has gifted the car earlier which will give the advantage to him. Usually, one is supposed to not transfer pay or anything or any debts (except regular monthly bills) earlier than discussing with a lawyer of bankruptcy. If one have made earlier such a transfer, then it is very important that he talk to a skilled lawyer of bankruptcy earlier than you try to reverse such transaction.

Bankruptcy in Ontario allowto keep ...