chapter ten: creditors’ remedies and debtors’ ?· secured party’s remedies ... creditors’...

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  • CHAPTER TEN: CREDITORS REMEDIES

    AND DEBTORS ASSISTANCE

    TABLE OF CONTENTS I. CREDITORS REMEDIES ............................................................................................................................. 1

    A. GOVERNING LEGISLATION ................................................................................................................................................. 1 B. INTRODUCTION TO CREDITORS REMEDIES ..................................................................................................................... 1

    II. CREDITORS REMEDIES AGAINST DEBTORS ................................................................................... 2 A. SECURED CREDITORS ........................................................................................................................................................... 2 1. Definition .............................................................................................................................................................................. 2 2. General Introduction to the PPSA ......................................................................................................................................... 2 3. What Does the PPSA Govern? ............................................................................................................................................. 3

    1. Perfection .............................................................................................................................................................................................. 3

    4. Methods of Perfection ............................................................................................................................................................. 3 5. Remedies ............................................................................................................................................................................... 3 6. Seizure .................................................................................................................................................................................. 4 7. Disposal of Collateral ............................................................................................................................................................ 4 8. Notice of Intention to Dispose of Collateral ............................................................................................................................. 4 9. Surplus or Deficiency ............................................................................................................................................................. 5 10. Voluntary Foreclosure ....................................................................................................................................................... 5 11. Restrictions on Realization ................................................................................................................................................ 6

    2. Subordination of Unperfected Security Interests ........................................................................................................................... 6 3. Restriction on the Right to Accelerate a Term Debt ..................................................................................................................... 6 4. Limitation of the Right of Seizure for Consumer Goods ............................................................................................................. 6 5. Obligation While in Possession of Collateral .................................................................................................................................. 6 6. Rights of a Debtor ............................................................................................................................................................................... 7 7. Rights of Redemption and Reinstatement ....................................................................................................................................... 7

    12. Consumer Goods ............................................................................................................................................................... 7 8. Secured Partys Remedies ................................................................................................................................................................... 7 9. Disqualification from Seize or Sue and Leases ........................................................................................................................... 8 10. Consequences of Electing to Proceed Against Collateral ........................................................................................................ 8 11. Consequences of Electing to Sue ................................................................................................................................................. 8

    B. UNSECURED CREDITORS ...................................................................................................................................................... 8 1. The Creditor Assistance Act .................................................................................................................................................. 9

    12. Money to be Levied by Execution ............................................................................................................................................... 9 13. Contest of the Creditors Claim.................................................................................................................................................... 9

    1. Execution ........................................................................................................................................................................... 10 2. Exemptions from Seizure ..................................................................................................................................................... 10

    14. Execution Procedure: Chattels, Money, Shares, Etc. .............................................................................................................. 11 15. Execution Procedure: Land ........................................................................................................................................................ 11 16. Legal Advice on Execution Orders ........................................................................................................................................... 12

    3. Garnishment of Bank Accounts and other Accounts Receivable ............................................................................................. 12 17. Garnishment Before or After Judgment ................................................................................................................................... 12 18. Which Debts Can be Garnished? ............................................................................................................................................... 13 19. Procedure for Pre-Judgment Garnishing Order ...................................................................................................................... 13 20. Procedure for Post-Judgment Garnishing Order .................................................................................................................... 13 21. Payment by Instalments ............................................................................................................................................................... 14

    4. Garnishment of Wages ........................................................................................................................................................ 14 22. Judgment Required ....................................................................................................................................................................... 14 23. Deductions and Exempt Wages ................................................................................................................................................. 14 24. Variation of Exemption ............................................................................................................................................................... 15 25. Employers Liability for Firing Employee ................................................................................................................................ 15

    5. Garnishment of Statutory Benefits ........................................................................................................................................ 15 6. Enforcing a Judgment Outside of B.C. .................................................................................................................................. 15

    C. UNSECURED CREDITORS: REMEDIES AND OPTIONS BEFORE JUDGMENT (LIENS) .................................................. 15 1. Liens on Land (Builders Liens) .......................................................................................................................................... 15

  • 26. Procedure ....................................................................................................................................................................................... 16 27. Limitation Period .......................................................................................................................................................................... 16

    2. Liens on Chattels (Repairers Liens) ....................................................................................................................

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