Bankruptcy Trustee and Insolvency Consultants, Vancouver
The Office of the Superintendent of Bankruptcy has recently released the 2011 Income Standards.
The Superintendent’s Standards are derived from the Low Income Cutoffs (LICO) released by Statistics Canada. The Superintendent uses the before-tax LICO for urban areas with 500,000 people or more.
The 2011 standards are updated adding to the 2009 LICO, the 2010 Consumer Price Index (CPI) of1.84% plus a 2.1% adjustment reflecting the 2011 CPI expectation.
This paper describes the changing of the Trustees role throughout the bankruptcy process.
Download a PDF copy of the paper:
The Role of the Trustee in Personal Insolvency Matters
This paper provides a general overview of the Insolvency Process.
Download the PDF copy: Insolvency Paper
This paper describes your rights when opening a new bank account.
FCAC Paper on opening a new bank account
In this issue;
Stephen Boale re-elected a Director of BCAIRP
Boale, Wood & Company Ltd. hires new Trustee
Boale, Wood & Company Ltd. opens New Westminster office
Insolvency Seminar
Case Law Update
RRSP Change
Money in a RRSP, RIF or a deferred profit sharing plan will no longer be available for distribution among a bankrupt’s creditors. Any contributions made in the 12 months before the date of the bankruptcy are subject to a claw back. Where provincial legislation exempts RRSPs from execution, the provincial legislation will apply.
Student Loan Debt
The amendments reduce the period of time from ten to seven years that a student must wait after ceasing to be a full or part-time student before a discharge order will release a student loan debt or obligation. The “hardship provision” which allows for an application to have student loans discharged can now be made after 5 years.
Selected Insolvency Legislation Amendments Come into Force
The Government of Canada has finally amended certain portions of the Bankruptcy and Insolvency Act (the “BIA”) as well as introducing the Wage Earner Protection Program Act (the “WEPP”) and has made other amendments to legislation relating to Student Loans, RRSPs etc. The General Rules relevant to the BIA amendments that were brought into force have also been amended.
The Government of Canada has finally amended certain portions of the Bankruptcy and Insolvency Act (the “BIA”) as well as introducing the Wage Earner Protection Program Act and has made other amendments to legislation relating to Student Loans and RRSPs etc.
The General Rules relevant to the BIA amendments that were brought into force have also been amended. It should be noted that more changes to various insolvency legislation is contemplated but are not yet in force.
The partners and staff of Boale, Wood & Company Ltd. are pleased to announce that John McEown joined the firm in June, 2008.
John McEown is a member of the Canadian Association of Insolvency and Restructuring Professionals (“CAIRP”), a licenced Trustee in Bankruptcy and a Chartered Accountant. Prior to joining Boale, Wood & Company Ltd., John spent several years with another insolvency boutique.
John has been involved in and has extensive experience in corporate insolvency proceedings. He has been involved in large real estate and development restructurings as well as a variety of other corporate matters. He has worked for secured lenders performing viability assessments, acted as Monitor under the Companies Creditors Arrangement Act as well as formal receiverships and has worked with debtors in financial difficulty.
He is currently a member of the Vancouver Insolvency Discussion Group.
John can be reached at (604) 605-3335 or at jmceown@boalewood.ca.
The Office of the Superintendent of Bankruptcy has recently released the 2008 Income Standards.
The Superintendent’s Standards are derived from the Low Income Cutoffs (LICO) released by Statistics Canada. The Superintendent uses the before-tax LICO for urban areas with 500,000 people or more.
The 2008 standards are updated adding to the 2006 LICO the 2007 Consumer Price Index (CPI) of 2.2% plus a 1.7% adjustment reflecting the 2008 CPI expectation.
Click here for the 2008 Income Standards
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