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

Act current to 2014-12-08 and last amended on 2013-04-01. Previous Versions

PART XIIICROSS-BORDER INSOLVENCIES

Purpose

Marginal note:Purpose

 The purpose of this Part is to provide mechanisms for dealing with cases of cross-border insolvencies and to promote

  • (a) cooperation between the courts and other competent authorities in Canada with those of foreign jurisdictions in cases of cross-border insolvencies;

  • (b) greater legal certainty for trade and investment;

  • (c) the fair and efficient administration of cross-border insolvencies that protects the interests of creditors and other interested persons, and those of debtors;

  • (d) the protection and the maximization of the value of debtors’ property; and

  • (e) the rescue of financially troubled businesses to protect investment and preserve employment.

  • 1997, c. 12, s. 118;
  • 2005, c. 47, s. 122.

Interpretation

Marginal note:Definitions
  •  (1) The following definitions apply in this Part.

    “foreign court”

    « tribunal étranger »

    “foreign court” means a judicial or other authority competent to control or supervise a foreign proceeding.

    “foreign main proceeding”

    « principale »

    “foreign main proceeding” means a foreign proceeding in a jurisdiction where the debtor has the centre of the debtor’s main interests.

    “foreign non-main proceeding”

    « secondaire »

    “foreign non-main proceeding” means a foreign proceeding, other than a foreign main proceeding.

    “foreign proceeding”

    « instances étrangères »

    “foreign proceeding” means a judicial or an administrative proceeding, including an interim proceeding, in a jurisdiction outside Canada dealing with creditor’s collective interests generally under any law relating to bankruptcy or insolvency in which a debtor’s property and affairs are subject to control or supervision by a foreign court for the purpose of reorganization or liquidation.

    “foreign representative”

    « représentant étranger »

    “foreign representative” means a person or body, including one appointed on an interim basis, who is authorized, in a foreign proceeding in respect of a debtor, to

    • (a) administer the debtor’s property or affairs for the purpose of reorganization or liquidation; or

    • (b) act as a representative in respect of the foreign proceeding.

  • Marginal note:Centre of debtor’s main interests

    (2) For the purposes of this Part, in the absence of proof to the contrary, a debtor’s registered office and, in the case of a debtor who is an individual, the debtor’s ordinary place of residence are deemed to be the centre of the debtor’s main interests.

  • 1997, c. 12, s. 118;
  • 2004, c. 25, s. 102;
  • 2005, c. 47, s. 122.