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

Act current to 2014-11-11 and last amended on 2013-04-01. Previous Versions

Marginal note:Class — creditors having equity claims

 Despite paragraphs 54(2)(a) and (b), creditors having equity claims are to be in the same class of creditors in relation to those claims unless the court orders otherwise and may not, as members of that class, vote at any meeting unless the court orders otherwise.

  • 2007, c. 36, s. 20.
Marginal note:Creditors may provide for supervision of debtor’s affairs

 At a meeting to consider a proposal, the creditors, with the consent of the debtor, may include such provisions or terms in the proposal with respect to the supervision of the affairs of the debtor as they may deem advisable.

  • R.S., c. B-3, s. 37.
Marginal note:Appointment of inspectors

 The creditors may appoint one or more, but not exceeding five, inspectors of the estate of the debtor, who shall have the powers of an inspector under this Act, subject to any extension or restriction of those powers by the terms of the proposal.

  • R.S., c. B-3, s. 38.
Marginal note:Result of refusal of proposal

 Where the creditors refuse a proposal in respect of an insolvent person,

  • (a) the insolvent person is deemed to have thereupon made an assignment;

  • (b) the trustee shall, without delay, file with the official receiver, in the prescribed form, a report of the deemed assignment;

  • (b.1) the official receiver shall issue a certificate of assignment, in the prescribed form, which has the same effect for the purposes of this Act as an assignment filed under section 49; and

  • (c) the trustee shall either

    • (i) forthwith call a meeting of creditors present at that time, which meeting shall be deemed to be a meeting called under section 102, or

    • (ii) if no quorum exists for the purpose of subparagraph (i), send notice, within five days after the day the certificate mentioned in paragraph (b) is issued, of the meeting of creditors under section 102,

    and at either meeting the creditors may by ordinary resolution, notwithstanding section 14, affirm the appointment of the trustee or appoint another licensed trustee in lieu of that trustee.

  • R.S., 1985, c. B-3, s. 57;
  • 1992, c. 27, s. 23;
  • 1997, c. 12, s. 33;
  • 2005, c. 47, s. 38.
Marginal note:Appointment of new trustee

 Where a declaration has been made under subsection 50(12) or 50.4(11), the court may, if it is satisfied that it would be in the best interests of the creditors to do so, appoint a trustee in lieu of the trustee appointed under the notice of intention or proposal that was filed.

  • 1997, c. 12, s. 34.