Related Persons: Canada Debt .ca defines Related Persons

Bankruptcy Term Related Persons

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Canada Debt has the definition to the bankruptcy and debt term Related Persons. Finding answers to terms such as Related Persons 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. Related Persons in financial terms means...

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

Persons who are connected by a blood relationship, marriage, adoption or common law partnership; while so related, they are deemed not to deal with each other at arm's length. The Act provides that the definition of related persons extends to corporations, shareholders and directors in certain specified situations.