Page 4, The Herald, Wednesday, April 22, 1981 |

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aw
Talk

The last in a series of three articles by Gordon Hardy on
going bankrupt. . :
The pickings are slim for some types of creditors when

their debtors go bankrupt, Creditors such as department
stores are lucky to get five cents on every dollar owed,
according to Peggy Hales, a B.C. lawyer experienced in
solvency.

‘This is because department stores and other retailers are
Jow on the list when it comes to dividing up a bankrupt
person’s belongings.

“It works like this: when you enter bankruptcy

f ings — or make an assignment into bankruptcy, as
they put it in legal terms — you transfer all your assets toa
licensed trustee except for $2,000 worth of goods which you
are allowed to keep. The trustee then has the duty to divide
your assets up among your creditors. One purpose of
hankruptey proceedings, as set out in the Bankruptcy Act,
is to make sure that creditors share fairly in the division of
assets according to the Act. ——

Before this happens, though, the government gets its
pound of flesh. Debts owed in income taxes or to Crown
corporations and municipalities are among the first taken
out of the assets. This is because most government bodies
are called preferred creditors. Employees who are owed
wages are alsogiven priority over moet other creditors.

: By the time these debts are paid off, there's often very

"ttle left of the debtor's assets, Whatever is left is divided
among the unsecured creditors meaning stores, the phone
company, ete. The retum. is often very small. -

: Naturally, many creditors are not happy with this.
‘There's very little they ~an do about it. According to John
Procter, an Offielal- Recelver.with the Superigtendent of
Bankruptcy; “Some creditoré “seem “to -be under the
misapprehension that, if they receive notice that one of
their debtors is going bankrupt, they can say, ‘I object to
this individual going bankrupt.’ But at that point
bankruptcy is a fact and nobody is going to change that.”

: Writing off bad debts, Procter says, is a fact of business
life and one which business people take into account when
giving credit. .

: Unsecured creditors at.least have the satisfaction of
knowing that other creditors will not be getting a greater
share of the pie than them, Thaugh debtors may be
tempted to play favorites when it comes to paying debts, the
law forbids bankrupts to favor one creditor over another.

; This is true for personal debts, as well, For example, if
you owe a friend or relative money, you will not be able to
pay them over the finance company once you've started
bankruptcy preceedings. They will be lumped along with
the other tunsecured creditors and wil! get the same
percentage, if any, that the others do.

; According to Hales, “If you, as a bankrupt, prefer one

creditor over another, you can be charged with a serious

_ @ffence under the Bankruptcy Act.”

: However, once you’ve been discharged from bankruptcy
you may choose to pay off friends agd relatives. There is no
legal obligation to-do co but you may want them to talk to
you again! :

: Debt can be much complicated by marriage. A wife can
be lield liable for her husband's debts if she has co-signed
for him. Hales urges husbands and wives to make an
assignment in bankruptcy together if they have, co-signed
éach other's debts. Otherwise, creditors may simply pursue
the spouse of the person declaring bankruptcy.

: “That has, unfortunately, triggered a tot of women into
inaking an assignment in bankruptcy long after the
marriage has broken down and when they’re trying to
establish themselves in a new career," she says.

: For most people bankruptcy is a once-in-s-lifetime event.
But nothing in the law says you can only go bankrupt ence.

: “Anybody can go bankrupt ag many tlmes as you like,”
Procter says. “If a creditor is willing to loan money to

somebody who's been bankrupt three or four times, the

debtor has a right to go bankrupt again if he becomes
insolvent.” ;

: However, he warns, youcan face criminal charges if you
fraudulently run up bills with the intention of escaping them
by golng bankrupt. : .

War predicted

' OTTAWA (CP) ~ The chances of war will increase if
économic unrest in Poland spreads through the Soviet bloc,
an “artificial empire,” says Admiral. Robert Falls,
¢halrman of NATO's military committee.

* Falls, former chief of Canada's defence staff, told an Ot-
fawa audience Tuesday that Romania could be the next
Warsaw pact country to be plunged into turmoil.

i, If Moscow believes the West is behind these problems, the
West could be faced with a ‘wounded bear,” the admiral
said. If this unrest seeps into the Soviet Union, the probabil-
ity of war ‘becomes very real." .

= TheSoviet Union had built a truly awesome war machine
iat the expense of the economic well-being of its people, he
said.

: Soviet-blec countries were like ‘dinosaurs that are much
fo heavily armored, slow, clumsy and unable {o feed
themselves.” ,

¥ He said these critical imescall for patience and restraint
ih the West. '

= Owe ees to create condi
the Warsaw pact will consider bivi
their soldiers less.”

where the leaders of
thir ptople more and

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~  ILEGISLATURE

\-. BYPREMIERBILLBENNETT |

of the many positive things happening inthis province. -

It is true that we have challenges before us and we ais &

- government must always strive todo better. But Tama -
_ believer that if we dedicate ourselves to working hard to
solve ouy problems, our challenges can be turned info
ties. . . .

There are a few gloomsters around who are only happy If
they can predict that things are going torack arid ruin. Byt
even they are not getting very much attention these days,
because the evidence is all against them.

The British Columbia economy is in very good shape
today. It outperforms the rest of North America. In 190,
while the United. Stajes and, the Canadian .economigs
stagnate, the British Columbia economy exparkied at &
strdag three-and-one-half per cent. . ,
. ‘This healthy etonomy bf ours, cwupled with the fact that

‘our province is auch a good place to live, continues to
attract dther Canadians in increasing numbers. Last year.
for example, wehad a pet gain of $0,000 people moving here
from other provinces. Contrast that to the Last year when:
the NDP was in power, Tswas a net outflow from British
Columbia of about: 2,000 people. People were actually
fleeing the province. . : “

Despite this rapid population growth, the unemployment
rate.has declined every year in the last five years. In
January it stood at 5.8 per cent, thelowestomrecord.

_ ‘The unemployment rate fell despite that huge influx of

* other Canadians, because, since 1975, well over 200,000 new

jobs have been created in British Columbis.

Family power is important

The ward “power” may. suggest aggressiveness, force,
and confrontation — but that is not what the B.C. Council for
the Family had in mind when it chose as its 1981 theme
“Family Power For Social Change.” .

Family Power grows from the closeness, commitment
and willingness of each family member to care for, support
and understand the others within its family group. —

Family Power is expressed by parents who insisj on.

healthy educational, recreational and legal services for
themselves and their children; by breadwinners who seek
employment conditions that enable them to maintain
family commitments; by grandparents who resist the lure
of retirement ghettos: by many people who recognize that
family relationships are irreplaceable. :

“All we need to do is stick together and quietly insist,”
says Dave Nordstrom, an active member of Provincia] and
Capital Region Boards of the B.C. Council for the Family.
Nordstrom claims .that.families de not have to.campaign

loudly to assert themselves,’ and, cites: his experience! with:
local alternative school programs which: fully tpvelye'

‘families, amd with preventative counselling and health

maintenance systems that serve families in their ows’ -

~

homes, . : '
True power within a family lies in the recognition of
common values: and bonds, and the ‘protection and
development of such positive bonds. With the support of
_ such agencies as the B.C. Council for the Family and its
affiliates, “family” can be broadened to include the
increasingly larger groups of committed, caring
individuals. .
Social change is promoted when an increasing network of
familles uphold the integrity of their communities, and
support each other in resisting the influence of economic,
social and political developments that may fragment their
family base,
During Family Month every year, the B.C. Council for the
Family spreads the good word throughout the province of

their. contrihution .io

‘a. Responsive. community. province,
aad country we

Balance diet for good teeth

“There is more involved in keeping teeth healthy tha
regular brushing and flossing. . \
A well-batineed diet, use of

ensure good dental health for your entire family.

_ Fluoride, which occurs naturally in water, is an effective

element in‘ preventing tooth decay. Studies show’. that.

fluoridation of community water supplies can reduce tooth
decay by as much as 65 per cent.

If fluoridated water is not available, fluoridé- solutions’

can be applied by your dentist.
‘The use of toothpastes, mouth rinses and gels
fluoride ‘are also ‘good preventive “ measures.
Fluorides combine with the tooth enamel to make it more

resistant to attack by acids, thus slowing down the decaying ©

process, or sometimes stopping it altogether,

In drinking water, fluorides are carried by the
Hoodstream to the pulp, dentine and enamel of developing
teeth. There the fluorides combine with apatite crystal

which is the substance that forms strong enamel. The

fluorides replace hydraxylions in the apatite crystal ta form

GONER, You WATCH f

fluorides and regular -
checkups by’s dunitist are the other preventive measures to

containing .

(TROSE COMMIE FAN
-ENVIRONMENTALISTS..

a new kind of crystal called flucrapatite, which is more
_ resistant to acid attack.

A well-balanced diet that contains a minimum of sugar is
another important factor in good dental health. Poor
’ nutrition can make teeth susceptible, andcan lead to gum

disease. It is wise to limit sugar consumption because sugar

combines with bacteria in the mouth to form acids which

cause tooth decay. - : .

Regular dental checkups are basic to your dental health.
A person who delays seeing a dentist until there is a serious
problem may find treatment more extezsive, mbre costly
and perhaps more painful in the long run. -

Another preventive measure is the use of resin sealants
om the chewing surfaces of the teeth. Dentisis apply
sealants to the decay-suseeptible area of the tooth to create
a barrier that resists decay-producing bacteria and acids.

Sealants should not be regarded as 2 panacea, but as part
of an overall prevention program that Includes good oral
hyglenehabits, checkups by your dentist, fluoridation anda
sensible dict. ; ;

,  wilkbegin initial shipments of 7.7 million tons of coal in 1988,

programs and plans that empower families, and jnorease,

'

And we continue fo create new jobs.

‘This year just in connection with the development of the
porthern . transportation system, of which the coal
development is the catalyst, we will ace an estimated 2,190
jobs created by the startup of that project. It will also see
mere than $300 million in new investments generated.

During the peak construction period of the project,-which

there will be $,000 construction jobs created. And the -
project will generate 3,500 new permanent jobs by 1963. :
The economic climate in British Columbia is good not
only for the large investor but also for the angll
businessman and enterpreneur. Incorporations of new
businesses continues at a record pace inthe province. =,
Despite a growing umber of people doing business in the
province, last year saw declines in the number of both
business and non-business bankruptcies, compared to 1979.
‘The number of business bankruptcies was down 35 per
cent over the previous year, while the number of nome.
business bankruptcies fell by 12 per cent. This was at-a
time when bankruptcies were up, compared to the previous -
year, in every other province in Canada, Including Alberta. |
Last year British Columbia, with 11 percent of Canada's —
pépilacion, accudnited for 22 per'cent!'or the few joie”
ertated im Canada: ‘British Columbis accountell for 14 yet
cent of new Investment in Canada. The. amount. of
investment in the province rose to almost 90 per cent ovér
the previous year, to $9.1 billion. *
And, significantly, In 1980, British Columbla accounted ~
for an astonishing 25 per cent of all the new home starts last
year in Canada. Among our initiatives to help our citleda
with affordable housing was the §200 million housing
program that saw British Columbians getting mortgages at
9% per cent. oye
That program alone resulted in 5,076 new homes being
’ built in the province, about half of the self-owned and the
rest rental units. - : . ,
Our problems in this great province when judged against.
our opportunities, seem very small.
The challenge facing our government and the people of
British Columbia {s to ensure that the opportunities and the
potential for economic growth are fully realized in gll-
sectors. And that is precisely the job our government
intends to carry out. a

‘She Herald welcomes its readers comments.
All letters to the editor of general public interest
will be printed. We do, however, retain the right
lo refuse to print letters on grounds of possible
libel or bad taste. We may also edit letters for
‘style and length. All letters to be considered for

a

publication must be signed.

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Ko \ WiLL use THs LaTesT YY MR. HANSON, You
INUCLEAR INCIDENT TO .
“TRY AND DISCREDIT_ THE.
MIGHTY ATOM

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HOULD BE ASHAMED

—_—

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To Love The ENVIRON MENT,
AND To WANT OUR CHILDREN To

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LA commie PiNKol

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