Bankruptcy and Insolvency Act (R.S.C., 1985, c. B-3)

Act current to 2014-10-15 and last amended on 2013-04-01. Previous Versions

Marginal note:Statement of customer account

 The trustee of the estate of a securities firm shall send to customers a statement of customer accounts with the firm together with the notice under subsection 102(1).

  • 1997, c. 12, s. 118.
Marginal note:Deferred customers
  •  (1) Where the trustee is of the opinion that a customer should be treated as a deferred customer, the trustee shall apply to the court for a ruling on the matter and shall send the customer a copy of the application, together with a statement of the reasons why the customer should be so treated, and the court may, on such notice as it considers appropriate, make such order as it considers appropriate in the circumstances.

  • Marginal note:Application by customer compensation body

    (2) Where securities accounts of customers are protected by a customer compensation body, the customer compensation body may apply to the court for a ruling as to whether a customer should be treated as a deferred customer and, in the case of such an application,

    • (a) the customer compensation body shall send the customer a copy of the application together with a statement setting out the reasons why the customer should be so treated; and

    • (b) the court may, on such notice as it considers appropriate, make such order as it considers appropriate in the circumstances.

  • 1997, c. 12, s. 118.
Marginal note:Trustee powers

 The trustee may, in respect of a bankruptcy under this Part, without the permission of inspectors until inspectors are appointed and thereafter with the permission of inspectors,

  • (a) exercise a power of attorney in respect of and transfer any security vested in the trustee;

  • (b) sell securities, other than customer name securities;

  • (c) purchase securities;

  • (d) discharge any security on securities vested in the trustee;

  • (e) complete open contractual commitments;

  • (f) maintain customers’ securities accounts and meet margin calls;

  • (g) distribute cash and securities to customers;

  • (h) transfer securities accounts to another securities firm, to the extent practicable, comply with customer requests regarding the disposal of open contractual commitments and the transfer of open contractual commitments to another securities firm, and enter into agreements to indemnify the other securities firm against shortages of cash or securities in transferred accounts;

  • (i) liquidate any securities account without notice; and

  • (j) sell, without tender, assets of the securities firm essential to the carrying on of its business.

  • 1997, c. 12, s. 118;
  • 2004, c. 25, s. 100.