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

Marginal note:Application of sections 95 to 101
  •  (1) Sections 95 to 101 apply, with any modifications that the circumstances require, to a proposal made under Division I of Part III unless the proposal provides otherwise.

  • Marginal note:Interpretation

    (2) For the purposes of subsection (1), a reference in sections 95 to 101

    • (a) to “date of the bankruptcy” is to be read as a reference to “day on which a notice of intention is filed” or, if a notice of intention is not filed, as a reference to “day on which a proposal is filed”; and

    • (b) to “bankrupt”, “insolvent person” or “debtor” is to be read as a reference to “debtor in respect of whom the proposal is filed”.

  • Marginal note:Application of sections 95 to 101 if proposal annulled

    (3) If the proposal is annulled by the court under subsection 63(1) or as a result of a bankruptcy order or assignment, sections 95 to 101 apply as though the debtor became bankrupt on the date of the initial bankruptcy event.

  • 1992, c. 27, s. 42;
  • 2007, c. 36, s. 44.

 [Repealed, 2007, c. 36, s. 44]

PART VADMINISTRATION OF ESTATES

Meetings of Creditors

Marginal note:First meeting of creditors
  •  (1) Subject to subsection (1.1), it is the duty of the trustee to inquire as to the names and addresses of the creditors of a bankrupt and, within five days after the date of the trustee’s appointment, to send in the prescribed manner to the bankrupt, to every known creditor and to the Superintendent a notice in the prescribed form of the bankruptcy and of the first meeting of creditors, to be held within the twenty-one day period following the day of the trustee’s appointment, at the office of the official receiver in the locality of the bankrupt, but the official receiver may, when the official receiver deems it expedient, authorize the meeting to be held at the office of any other official receiver or at such other place as the official receiver may fix.

  • Marginal note:Extension of days

    (1.1) The official receiver in the locality of the bankrupt may extend the period during which the first meeting of creditors must be held

    • (a) by ten days, or

    • (b) where the official receiver is satisfied that special circumstances exist, by up to thirty days,

    where the official receiver is satisfied that the extension will not be detrimental to the creditors and is in the general interests of the administration of the estate.

  • Marginal note:Documents to accompany notice

    (2) The trustee shall include with the notice referred to in subsection (1) a list of the creditors with claims amounting to twenty-five dollars or more and the amounts of their claims together with a proof of claim and proxy in the prescribed form but no name shall be inserted in the proxy before it is so sent.

  • Marginal note:Information and notice

    (3) In the case of the bankruptcy of an individual, the trustee shall set out in the notice, in the prescribed form, information concerning the financial situation of the bankrupt and the obligation of the bankrupt, if any, to make payments required under section 68 to the estate of the bankrupt.

  • Marginal note:Publication in local paper by trustee

    (4) A notice in the prescribed form shall, as soon as possible after the bankruptcy and not later than five days before the first meeting of creditors, be published in a local newspaper by the trustee.

  • Marginal note:Purpose of meeting

    (5) The purpose of the first meeting of creditors shall be to consider the affairs of the bankrupt, to affirm the appointment of the trustee or substitute another in place thereof, to appoint inspectors and to give such directions to the trustee as the creditors may see fit with reference to the administration of the estate.

  • R.S., 1985, c. B-3, s. 102;
  • 1992, c. 1, s. 20, c. 27, s. 43;
  • 1997, c. 12, s. 84;
  • 2005, c. 47, s. 77.