Bankruptcy and Insolvency Act — B-3 2
roperty is not, at a fair valuation, sufficient, or, if disposed of at a fairly conducted sale under legal process, would not be sufficient to enable payment of all his obligations, due and accruing due; ( personne insolvable ) legal counsel means any person qualified, in accordance with the laws of a province, to give legal advice; ( conseiller juridique ) locality of a debtor means the principal place (a) where the debtor has carried on business during the year immediately preceding the date of the initial bankruptcy event, (b) where the debtor has resided during the year immediately preceding the date of the initial bankruptcy event, or (c) in cases not coming within paragraph (a) or (b), where the greater portion of the property of the debtor is situated; ( localité ) Minister means the Minister of Industry; ( ministre ) net termination value means the net amount obtained after netting or setting off or compensating the mutual obligations between the parties to an eligible financial contract in accordance with its provisions; ( valeurs nettes dues à la date de résiliation ) official receiver means an officer appointed under subsection 12(2); ( séquestre officiel ) person includes a partnership, an unincorporated association, a corporation, a cooperative society or a cooperative organization, the successors of a partnership, of an association, of a corporation, of a society or of an organization and the heirs, executors, liquidators of the succession, administrators or other legal representatives of a person; ( personne ) prescribed (a) in the case of the form of a document that is by this Act to be prescribed and the information to be given therein, means prescribed by directive issued by the Superintendent under paragraph 5(4)(e), and (b) in any other case, means prescribed by the General Rules; ( prescrit ) property means any type of property, whether situated in Canada or elsewhere, and includes money, goods, things in action, land and every description of property, whether real or personal, legal or equitable, as well as obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, in, arising out of or incident to property; ( bien ) proposal means (a) in any provision of Division I of Part III, a proposal made under that Division, and (b) in any other provision, a proposal made under Division I of Part III or a consumer proposal made under Division II of Part III and includes a proposal or consumer proposal, as the case may be, for a composition, for an extension of time or for a scheme or arrangement; ( proposition concordataire ou proposition ) public utility includes a person or body who supplies fuel, water or electricity, or supplies telecommunications, garbage collection, pollution control or postal services; ( entreprise de service public ) resolution or ordinary resolution means a resolution carried in the manner provided by section 115; ( résolution ou résolution ordinaire ) secured creditor means a person holding a mortgage, hypothec, pledge, charge or lien on or against the property of the debtor or any part of that property as security for a debt due or accruing due to the person from the debtor, or a person whose claim is based on, or secured by, a negotiable instrument held as collateral security and on which the debtor is only indirectly or secondarily liable, and includes (a) a person who has a right of retention or a prior claim constituting a real right, within the meaning of the Civil Code of Québec or any other statute of the Province of Quebec, on or against the property of the debtor or any part of that property, or (b) any of (i) the vendor of any property sold to the debtor under a conditional or instalment sale, (ii) the purchaser of any property from the debtor subject to a right of redemption, or (iii) the trustee of a trust constituted by the debtor to secure the performance of an obligation, if the exercise of the person’s rights is s