Bank Act (S.C. 1991, c. 46)

Act current to 2014-09-15 and last amended on 2014-06-19. Previous Versions

Liquidation and Dissolution

Definition of “court”

 For the purposes of subsections 346(1) and 347(1) and (2), sections 348 to 352, subsection 353(1), sections 355 and 357 to 359, subsections 363(3) and (4) and section 368, “court” means a court having jurisdiction in the place where the bank holding company has its head office.

  • 2001, c. 9, s. 183.
Marginal note:Non-application of certain provisions
  •  (1) Subsection (2) and sections 342 to 365, 368 and 868 do not apply to a bank holding company that is an insolvent person or a bankrupt as those terms are defined in subsection 2(1) of the Bankruptcy and Insolvency Act.

  • Marginal note:Staying proceedings on insolvency

    (2) Any proceedings taken under this Division to dissolve or to liquidate and dissolve a bank holding company shall be stayed if the bank holding company is at any time found, in a proceeding under the Bankruptcy and Insolvency Act, to be an insolvent person as defined in subsection 2(1) of that Act.

  • Marginal note:Winding-up and Restructuring Act does not apply

    (3) The Winding-up and Restructuring Act does not apply to a bank holding company.

  • 2001, c. 9, s. 183.
Marginal note:Returns to Superintendent

 A liquidator appointed under this Division to wind up the business of a bank holding company shall provide the Superintendent with such information relating to the business and affairs of the bank holding company in such form as the Superintendent requires.

  • 2001, c. 9, s. 183.

Simple Liquidation

Marginal note:Sections 342 to 346 apply

 Sections 342 to 346 apply in respect of bank holding companies, subject to the following:

  • (a) references to “bank” in those sections are to be read as references to “bank holding company”; and

  • (b) the reference to “sections 143 and 144” in subsection 343(1) is to be read as a reference to “sections 732 and 733”.

  • 2001, c. 9, s. 183.

Court-supervised Liquidation

Marginal note:Sections 347 to 360 apply

 Sections 347 to 360 apply in respect of bank holding companies, subject to the following:

  • (a) references to “bank” in those sections are to be read as references to “bank holding company”;

  • (b) the reference to “subsection 308(1)” in subsection 353(1) is to be read as a reference to “subsection 840(1)”; and

  • (c) paragraph 354(a) is to be read without reference to “or auditors”.

  • 2001, c. 9, s. 183.