Assertion: bankruptcy | /r/HasProperty | procedure
Facets:
value: under the bankruptcy and insolvency act
type: OTHER
Source sentences:
text: Bankruptcy is a procedure under the Bankruptcy and Insolvency Act (the “BIA”), which is designed to provide financial relief to individuals, corporations, partnerships and certain trusts with overwhelming debt burdens, by halting the legal actions of creditors (also known as a stay of proceedings).
text: A bankruptcy under Chapter 7 of the Bankruptcy Code is a procedure whereby a person in severe financial straits can have some or all of his or her debts eliminated.