THE INFORMATION PORTAL

An order of discharge under the Bankruptcy and Insolvency Act releases a bankrupt individual from the majority of their debts and responsibilities. This signifies that the bankrupt is no longer legally obligated to repay their debts, and creditors can no longer pursue legal action against the bankrupt to recover the debts.

Section 37 of the Conveyancing and Law of Property Act (the “Act”) of Ontario regulates the rights and responsibilities of parties in connection to liens on lands for improvements performed under a mistake of title.

A lien is a legal claim or right to a piece of property as security for the payment of a debt or other obligation, according to the Act. A lien on lands for improvements describes a circumstance in which a person has made improvements to a piece of property under the assumption that they are the owner or have some other legal interest in the property.

The oppression remedy is intended to offer shareholders, directors, and officers with a method to seek redress where they have been subjected to oppressive treatment by the corporation. This may include instances in which the corporation has operated in a manner that is unfairly prejudicial to the interests of specific shareholders or has disregarded the rights of its directors or officers.

Asset protection planning is a process that involves organizing one’s affairs to prevent the loss of wealth due to legal actions, divorce, and taxes. To achieve this goal, many people have created asset protection trusts, which are legal arrangements that allow individuals to safeguard their assets, such as their home or other property, business, retirement funds, and children’s education savings. One type of asset protection trust that is available is the Nevada Asset Protection Trust.

Rule 31.10 of the Ontario Rules of Civil Procedure provides for the right to examine a non-party. This rule allows a party to a legal action to request that a non-party to the action be examined for discovery purposes. Examining a non-party is done to gather information or evidence that may be relevant to the case.

Law Bytes: Marriage Contract