No Man's Land - Interim Receiverships of Insolvent Retailers
May 1, 2002 | Article
Written by Natalie Vukovich
(Shopping Centre Newsletter, Vol. 22, No. 5)
A bankruptcy tenant is one who has either made a voluntary assignment into bankruptcy or whose creditors have petitioned the tenant into bankruptcy.
An insolvent intent is one who is not bankrupt but cannot pay its debts as they become due. An insolvent tenant may try to avoid bankruptcy by restructuring its liabilities using the Proposal provisions of the Bankruptcy and Insolvency Act ("BIA") (e.g.: Au Coton/Boca) or by filing a Plan under the Companies' Creditors Arrangement Act ("CCAA") (e.g. Eatons, Country Style Donuts).
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