Describe the Key Features of Bankruptcy Proceedings Under Chapter 7

question 44

Essay

Describe the key features of bankruptcy proceedings under Chapter 7 and Chapter 11.

---

Definitions:

Builders' Lien Act

Legislation that allows contractors and suppliers to place a lien on a property they have worked on or supplied materials for, to secure payment.

Easement by Prescription

A right to use the property of another acquired through continuous and open use for a period defined by law.

Adverse Possession

A right to actual possession, which can be acquired by non-contested use of the land.

Profit a Prendre

A right granted to an individual to take resources, such as minerals, fish, or timber, from the land of another.