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SHORT TITLE
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1. Short title
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INTERPRETATION
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2. Definitions
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2.1 Time or date of bankruptcy
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2.2 Superintendent’s division office
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3. Reviewable transaction
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4. Definitions
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HER MAJESTY
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4.1 Binding on Her Majesty
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PART I: ADMINISTRATIVE OFFICIALS
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Superintendent
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5. Appointment
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6. Outside investigations
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7. and 8.
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9. Appointment of employees
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10. Investigations or inquiries by Superintendent
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11. Reporting offence to provincial authority
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Public Records
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11.1 Public records
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Official Receivers
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12. Bankruptcy districts and divisions
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Trustees
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Licensing of Trustees
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13. Application for licence
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13.1 Form of licence
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13.2 Fees payable
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Conduct of Trustees
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13.3 Where trustee is not qualified to act
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13.4 Trustee may act for secured creditor on certain conditions
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13.5 Code of ethics
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13.6 Persons disqualified from working for trustee
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Appointment and Substitution of Trustees
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14. Appointment of trustee by creditors
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14.01 Decision affecting licence
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14.02 Notice of proposed decision to trustee
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14.03 Conservatory measures
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14.04 Removal and appointment
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14.05 Where there is no licensed trustee, etc.
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14.06 No trustee is bound to act
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14.07 Effect of defect or irregularity in appointment
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Corporations as Trustees
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14.08 Majority of officers and directors must hold licences
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14.09 Acts of body corporate
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14.1 Not carrying on business of trust company
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Official Name
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15. Official name in bankruptcy and proposal proceedings
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Status of Trustee
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15.1 Declaration
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Duties and Powers of Trustees
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16. Security to be given by trustee
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17. Property to be delivered to trustee
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18. Conservatory measures
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19. Legal advice or action before first meeting
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20. Divesting property by trustee
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21. Initiating criminal proceedings
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22. Duties regarding returns
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23. Trustee to permit inspection of records
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24. Insuring property
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25. Trust account
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26. Books to be kept by trustee
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27. Reports by trustee
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28. Documents to be forwarded to Superintendent
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29. Duty of trustee on expiration of licence or removal
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30. Powers exercisable by trustee with permission of inspectors
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31. Borrowing powers with permission of court
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32. Trustee not obliged to carry on business
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33. Reimbursement of trustee’s advances
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34. Trustee may apply to court for directions
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35. Redirection of mail
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36. Duty of former trustee on substitution
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37. Appeal to court against trustee
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38. Proceeding by creditor when trustee refuses to act
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Remuneration of Trustee
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39. To be voted by creditors
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Discharge of Trustee
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40. Disposal of unrealizable property
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41. Application to court
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PART II: BANKRUPTCY ORDERS AND ASSIGNMENTS
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Acts of Bankruptcy
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42. Acts of bankruptcy
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Application for Bankruptcy Order
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43. Bankruptcy application
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44. Application against estate or succession
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45. Costs of application
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Interim Receiver
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46. Appointment of interim receiver
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47. Appointment of interim receiver
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47.1 Appointment of interim receiver
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47.2 Orders respecting fees and expenses
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48. Application of sections 43 to 46
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Assignments
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49. Assignment for general benefit of creditors
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PART III: PROPOSALS
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DIVISION I: GENERAL SCHEME FOR PROPOSALS
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50. Who may make a proposal
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50.1 Secured creditor may file proof of secured claim
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50.2 Excluded secured creditor
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50.3 Rights in bankruptcy
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50.4 Notice of intention
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50.5 Trustee to help prepare proposal
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51. Calling of meeting of creditors
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52. Adjournment of meeting for further investigation and examination
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53. Creditor may assent or dissent
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54. Vote on proposal by creditors
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55. Creditors may provide for supervision of debtor’s affairs
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56. Appointment of inspectors
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57. Result of refusal of proposal
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57.1 Appointment of new trustee
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58. Application for court approval
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59. Court to hear report of trustee, etc.
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60. Priority of claims
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61. Annulment of bankruptcy
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62. Filing of proposal
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62.1 Default in performance of proposal
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63. Receiving order on default, etc.
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64.
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65. Where proposal is conditional on purchase of new securities
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65.1 Certain rights limited
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65.2 Insolvent person may disclaim or resiliate commercial lease
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65.21 Lease disclaimer or resiliation if lessee is a bankrupt
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65.22 Bankruptcy after court approval
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65.3 Certificate where proposal performed
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66. Act to apply
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DIVISION II: CONSUMER PROPOSALS
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66.11 Definitions
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66.12 Consumer proposal
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66.13 Commencement of proceedings
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66.14 Duties of administrator
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66.15 Meeting of creditors
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66.16 Chairman of meeting
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66.17 Creditor may indicate assent or dissent
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66.18 Where consumer proposal deemed accepted
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66.19 Voting on consumer proposal
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66.2 Creditors may provide for supervision of consumer debtor’s affairs
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66.21 Appointment of inspectors
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66.22 Application to court
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66.23 Procedure for application to court
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66.24 Court to hear report of administrator, etc.
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66.25 Withdrawal of consumer proposal
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66.251 Where periodic payments not provided for
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66.26 Payments to administrator
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66.27 Notifications
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66.28 Time for determining claims
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66.29 Administrator may issue certificate
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66.3 Annulment of consumer proposal
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66.31 Where consumer proposal deemed annulled
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66.32 Effects of annulment
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66.33 Assignment pending approval of consumer proposal
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66.34 Certain rights limited
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66.35 Assignment of wages
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66.36 No dismissal, etc., of employee
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66.37 Amendment to consumer proposal
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66.38 Certificate where consumer proposal performed
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66.39 Administrator’s accounts, discharge
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66.4 Act to apply
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PART IV: PROPERTY OF THE BANKRUPT
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67. Property of bankrupt
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68. Directives re standard of living factors
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68.1 Assignment of wages
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Stay of Proceedings
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69. Stay of proceedings — notice of intention
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69.1 Stay of proceedings — Division I proposals
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69.2 Stay of proceedings — consumer proposals
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69.3 Stay of proceedings — bankruptcy
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69.31 Stay of proceedings — directors
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69.4 Court may declare that stays, etc., cease
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69.41 Non-application of certain provisions
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69.42 No stay, etc., in certain cases
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69.5 Provincial legislation
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General Provisions
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70. Precedence of bankruptcy orders and assignments
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71. Vesting of property in trustee
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72. Application of other substantive law
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73. Purchaser in good faith at sale protected
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74. Registration of bankruptcy order or assignment
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75. Law of province to apply in favour of purchaser for value
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76. Property not to be removed from province
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77. Contributory shareholders
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78. Bank must notify trustee
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79. Inspection of property held in pledge
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80. Protection of trustee
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81. Persons claiming property in possession of bankrupt
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81.1 Right of unpaid supplier to repossess goods
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81.2 Special right for farmers, fishermen and aquaculturists
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82. Trustee to have right to sell patented articles
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83. Copyright and manuscript to revert to author
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84. Effect of sales by trustee
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Partnership Property
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85. Application to limited partnerships
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Crown Interests
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86. Status of Crown claims
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87. Statutory Crown securities
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Priority of Financial Collateral
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88. Priority
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89. and 90.
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Settlements and Preferences
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91. Certain settlements ineffective
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92. and 93.
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94. General assignments of book debts ineffective
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95. Preferences
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96. Extended period
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97. Protected transactions
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98. Recovering proceeds if transferred
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99. Dealings with undischarged bankrupt
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100. Examination of consideration in a reviewable transaction
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101. Inquiry into dividends and redemptions of shares
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101.1 Application of sections
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101.2 Provisions to apply
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PART V: ADMINISTRATION OF ESTATES
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Meetings of Creditors
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102. First meeting of creditors
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103. Meetings during administration
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104. Notice of subsequent meetings
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Procedure at Meetings
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105. Chairman of first meeting
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106. Quorum
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107. How creditors shall vote
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108. Chairman may admit or reject proof
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109. Right of creditor to vote
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110. Claims acquired after bankruptcy
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111. Creditor secured by bill or note
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112. Voting by secured creditor
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113. Trustee may vote
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114. Evidence of proceedings at meetings of creditors
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115. Votes
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Inspectors
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116. Appointment
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117. Meetings
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118. If no inspectors appointed
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119. Creditors may override directions of inspectors
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120. Inspector may not acquire property
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Claims Provable
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121. Claims provable
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122. Claims provable in bankruptcy following proposal
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123. Proof in respect of distinct contracts
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Proof of Claims
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124. Creditors shall prove claims
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125. Penalty for filing false claim
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126. Who may examine proofs
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Proof by Secured Creditors
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127. Proof by secured creditor
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128. Proof may be requested
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129. May order security to be sold
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130. Creditor may require trustee to elect to exercise power
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131. Amended valuation by creditor
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132. Secured creditor may amend
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133. Exclusion for non-compliance
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134. N |
