Levy: Canada Debt .ca defines Levy

Bankruptcy Term Levy

<<< Back

Canada Debt has the definition to the bankruptcy and debt term Levy. Finding answers to terms such as Levy can be difficult, especially if there is more than one definition which is why we have created a page dedicated to financial terms dealing exclusively with debt. Levy in financial terms means...

In debt and bankruptcy terms, the phrase / term 'Levy' is used as follows:

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 dividend, he will only get $95 with $5 being paid to the government.