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A B C D E F G H I J L M N O P Q R S T U V W Z
LE LI LO
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Leasehold Improvements
Those assets which are attached to a building and cannot be removed from any property being leased.
Letter of Comment
"This refers to the letter from the Superintendent commenting on the trustee's statement of receipts and disbursements. When the statement needs to be taxed, this letter must be More…
Levy
"Under the Bankruptcy and Insolvency Act the government has imposed a levy (in 1997 equal to 5%) over all dividends paid to creditors. Therefore, if a creditor is entitled to a $100 More…
Liabilities
"This includes bank overdrafts, loans taken out for the business and money owed by the business to its suppliers. Liabilities are included on the right hand side of the balance sheet More…
Liability
Any legal obligation for which a person is responsible.
Lien
"Security for the holder against a debtor's assets, usually arising by operation of law rather than express contract between the parties. "
LIQUIDATED
"A specific dollar amount such as e.g. invoice, cheque, fixed debt."
Liquidated Damages
Compensation for non-performance or loss which is cash or easily converted into cash.
Lis Pendens
"A dispute which is the subject of ongoing or pending litigation. Oftentimes, a lis pendens can be filed at the Land Registry Office against real property to denote to third parties More…
Litigation
A dispute that results in formal Court action or a law suit.
LITIGATION GUARDIAN
"A person who acts on behalf of a minor or a mentally incompetent person in a lawsuit. Where the plaintiff or defendant is a minor, the litigation guardian will normally be a parent. More…
Locality of Debtor
"Locality of Debtor Means the principal place during the year immediately preceding the bankruptcy where the debtor has carried on business or where the debtor has resided, or where More…
Look-See
"Slang expression meaning ""Business Review""."
Cred-O-Pedia Glossary of Credit Learning
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