What is a creditor?

A creditor is a person, organization or company to whom another person, organization or company owes money.
Understanding the terms relating to insolvency
When we are in debt, solutions are at hand, but it is not always easy to see them. While we are busy dealing with [...]

2020-03-28T16:07:12-04:00

What is a debtor?

A debtor is a person who has an obligation towards another person or an organization, including a requirement to pay an amount of money.

2020-03-28T16:07:12-04:00

What is insolvency?

Insolvency is the state of a person or company who is not able to pay his debts when they become due. There is also talk of insolvency when the value of the debts of an individual or a company exceeds the value of his assets.

2020-03-28T16:07:12-04:00

What is an asset?

An asset is something belonging to a person (car, home, RRSPs, inheritance, investment, etc.) or property that the person does not have possession of, but that someone owes to them.

2020-03-28T16:07:12-04:00
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