This paper provides a point-form overview of insolvency law basics. Topics discussed include licensed insolvency trustees, filing for bankruptcy vs. filing proposals, the effect of bankruptcy on credit ratings, exempt property, surplus income, and duties of a bankrupt. In addition, key features of division I and division II proposals are highlighted.

This paper is part of a collection presented at LESA’s Bankruptcy and Insolvency Fundamentals program in Calgary on October 17, 2017 and in Edmonton on October 24, 2017.