THIS WEEK CREDIT ARTICLE

Bankruptcy corner

Summary of key legislative amendments:
Consumer and other issues

PART 4

CONSUMER ISSUES […]

>> Definition of income

The definition of "total income" has been amended to […]

>> Definition of consumer debtor

A consumer proposal may be filed by someone with up to […]

>> Consumer proposal default

Administrators of consumer proposals have discretion to "revive" a consumer proposal that would otherwise be deemed annulled. Creditors retain the right to […]

>> Section 170 report

The amendment to subsection 170(1) of the BIA limits the circumstances in which a report ("section 170 report") must be prepared. The section 170 report is required […]

>> Undischarged bankrupt — Credit

Undischarged bankrupts must […]


OTHER ISSUES

>> Voting issues / Non–arm's length voting rights

If the outcome of a vote at a meeting of creditors is determined by the vote of one or more persons who did not deal with the debtor […]

>> Legal opinion

In order for a trustee of an estate to act for a secured creditor in realizing on its security, the trustee must […]

>> Orderly Payment of Debts

Provinces that have chosen to "opt in" to the Orderly Payment of Debts (OPD) provisions may also...

>>> Read more

COLLECTOR'S QUIZ

This month's question

What is "ignorance of the law"?

1. What lawyers will often quote when negotiating with you on behalf of their client.
2. A collection "best-seller" written by Kurt Nodd, C.P.A.
3. What you tell a debtor when you call them at an unusual hour.
4. A poor and unusable excuse.

>>> Find the answer

LAST WEEK CREDIT ARTICLE

Collector’s corner

“I’m gonna’ tell!”

Here is a great technique to improve relationships.

In our business of credit and collections, many of us will use the real or implied threat of being a tattletale. “If you don't pay your account, we're gonna' tell.” The report may be to a credit bureau or a similar agency. Sometimes, it is the only viable action that may lead to payment from our customers.

How often though, do we thank all of those customers who do pay on time as they agreed?

Marv Steir is the Managing Director of a group of companies that fill a niche for credit and fraud information. He has twenty years with the R.C.M.P. including ten of them involved investigating fraud.

At a recent program, Marv told me about a project that appears to be unique…

>>> Read more

>>> Previous articles

THIS WEEK'S QUESTION When a judgment is given by a court, assets of the debtor may be seized by the Sheriff and given to the judgment-creditor. True False		THIS MONTH'S QUESTION What is "ignorance of the law"? What lawyers will often quote when negotiating with you on behalf of their client. A collection "best-seller" written by Kurt Nodd, C.P.A. What you tell a debtor when you call them at an unusual hour. A poor and unusable excuse.
Find the answer >>>		Find the answer >>>

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