Insolvency Statistics in Canada—2014 (Glossary)

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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.