Insolvency Statistics in Canada—2015 ( Glossary)
- The state of a consumer or a business that has made an assignment in bankruptcy or against whom a bankruptcy order has been made.
- Any commercial entity or organization other than an individual, or an individual who has incurred 50 percent or more of total liabilities as a result of operating a business.
- Census Metropolitan Area (CMA):
- Each area consists of one or more adjacent municipalities situated around a major urban core. To form a census metropolitan area, the urban core must have a population of at least 100,000. Refer to Statistics Canada's geographical definitions of CMAs.
- An individual with more than 50 percent of total liabilities related to consumer goods and services.
- Monies paid to creditors by trustees during or at the end of a bankruptcy or a proposal.
- Economic Region (ER):
- Statistics Canada's standard geographical units created for analysis of regional economic activity. Refer to Economic Region.
- In the context of this report, a bankruptcy or a proposal.
- North American Industry Classification System (NAICS):
- Industry classification system that classifies economic units that have similar production processes in the same industry. This is a supply-based or production-oriented economic concept.
- An offer to creditors to settle debts under conditions other than existing terms. A proposal is a formal agreement under the Bankruptcy and Insolvency Act.
- Action against an insolvent person or a bankrupt where a secured creditor takes steps to enforce its security through seizure of assets. The Court-appointed receiver is an officer of the court who acts in a fiduciary capacity with respect to all interested parties. The privately appointed receiver derives his/her powers and authority wholly from the security agreement.
The amounts for assets and liabilities are reported as declared by the debtors when completing their sworn Statement of Affairs.
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