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The term “insolvency” refers to a person or company’s financial situation. When someone or a business is deemed “insolvent,” it indicates that they are unable to pay off all of their debts.
Who will be aware of my bankruptcy filing?
Many people considering filing for personal bankruptcy are concerned about their privacy. The good news is that bankruptcy proceedings in Ontario are, in fact, fairly private. In the majority of personal bankruptcies, the only parties with knowledge of the proceedings are the debtor, the Office of the Superintendent of Bankruptcy (OSB), the Licensed Insolvency Trustee (Bankruptcy Trustee), and the creditors.
