Danny is thinking of bankruptcy for his business,but so far he has not made an assignment,nor is the business subject to a receiving order.Yet,because Danny meets all the requirements of bankruptcy,the Bankruptcy and Insolvency Act refers to Danny as

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The fact that Danny meets all the requirements of bankruptcy makes him an insolvent person, as defined by the Bankruptcy and Insolvency Act. However, he has not made an assignment or been subject to a receiving order yet. Therefore, he is not yet bankrupt, nor can he be considered a candidate or applicant for bankruptcy. The term "consumer debtor" does not accurately apply to Danny's situation, as he is running a business, not simply incurring personal debt.

Danny Is Thinking of Bankruptcy for His Business,but So Far