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CCAA-The Companies' Creditors Arrangement Act (CCAA) is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. The main purpose of the CCAA is to enable financially distressed companies to avoid bankruptcy or foreclosure or seizure of assets while maximizing returns for their creditors and preserving both jobs and the company's value as a functioning business. CCAA proceedings are carried out under the supervision of the Court.
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Who has the first claim to the profits and assets of a firm?
Creditors.
What happens when you die and you have no heirs and you owe money?
Generally, your creditor(s) may petition the probate court to commence a probate proceeding for your estate if you have left any assets. Then, the creditor can file a claim against the estate. If you die with no assets in your name, your creditors are out of luck.
What Is A No Win No Fee Claim?
A no win, no fee claim is an arrangement between you and your personal injury solicitor.
What is creditor holding unsecured priority claim?
Creditors holding unsecured priority claims
Which companies claim to sell tires for less?
There are many companies that claim to sell tires for lower prices than the competitive market. Companies such as American Omni claim to sell these low priced tires for automobiles.
What are the companies that claim to have the best elliptical trainers?
There are some companies out there that have elliptical trainers. Of course all the companies claim that theirs elliptical trainers are the best. Some companies that have elliptical trainers are Horizon, Tempo and Bladez
Would an estate be liable to pay a claim that was previously included in the deceased bankruptcy?
Bankruptcy is an extremely complex area of law. You should have the situation reviewed by the attorney who is handling the estate. Perhaps you could also contact the attorney who handled the bankruptcy to determine if the process was completed and if you could obtain a list of the creditors who were addressed in that proceeding.
How long does an executor have to distribute a will?
The distribution shouldn't be made until the statutory period during which creditors can make a claim has expired. An executor must act efficiently and expeditiously in settling an estate. If you think things are not proceeding as quickly as they should then ask the executor and/or the attorney who is handling the estate for a status report. If you don't receive a prompt response then complain to the court. Depending on the complexity of the estate it can take a few months to two years or more to complete the probate proceeding.
Can insurance companies call on receipts submitted in a claim?
Not sure what you are asking but insurance companies have the legal right do require proof of spending for claim settlement.
Who can file a proof of claim in any bankruptcy proceedings?
In a chapter 7, with a no-asset notice, no claim can be filed. In a chapter 13, all creditors should file a proof of claim within the time period provided.
What percentage of unsecured debt is paid to the debtors involved in a chapter 13 bankruptcy?
The percentage paid to unsecured creditors in a Ch 13 is determined by your disposable income. Secured creditors get paid at 100%, house and car payments remain the same. What's left over gets paid out to those unsecured creditors who file proofs of claim. If a creditor does not file a claim, then that creditor does not get paid.
What are creditors holding secured claims?
If you signed a Security Agreement, then your creditor has a secured claim on the collateral specified in the agreement.
