INSOLVENT PERSON

insolvent person: A person who is not bankrupt and whose liabilities exceed his assets and/or ability to pay.

The BIA contains a statutory definition that differs from this general definition as follows: "means a person who is not bankrupt and who resides or carries on business in Canada whose liabilities to creditors provable as claims under the Bankruptcy and insolvency Act amount to at least $1,000.00 and (Dictionary of Canadian Bankruptcy Terms)

(a) who is, for any reason, unable to meet his obligations as they generally become due, or (Dictionary of Canadian Bankruptcy Terms)

(b) who has ceased paying his current obligations in the ordinary course of business as they generally become due, or (Dictionary of Canadian Bankruptcy Terms)

(c) the aggregate of whose property is not, at a fair valuation, sufficient or, if disposed of at a fairly conducted sale under legal process, would not be sufficient to enable payment of all his obligations, due and accruing due." (Dictionary of Canadian Bankruptcy Terms)