A creditor’s remedies to recover against an estate are markedly different when the Estate is insolvent. This seminar examines the legal framework governing creditors’ remedies against a bankrupt estate under the Bankruptcy and Insolvency Act. The creditors will be subject to the orderly process of compromising debts. Their entitlement to the Estate’s proceeds will depend on whether the creditor is a secured or unsecured creditor, the priority scheme for distributing proceeds, and the existence of dependants and the Creditors Relief Act.  The seminar will also discuss the process to recovery, including submitting proofs of claim, participating in creditors’ meetings, and the hiring of inspectors. It also explores key remedies such as realizing on security, challenging preferences or transfers at undervalue, and prosecuting civil actions on the Estate’s behalf to secure recovery.

Topics

• Submitting proofs of claim against the Estate
• Application for Administration of an Insolvent Estate / Removing Estate Trustees
• Challenging Fraudulent Conveyances or Transfers at Undervalue, Joint Assets, and Beneficiary Designations
• Continuing proceeding on behalf of Estate
• Claims against Estate Trustees Personally