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

Act current to 2015-11-16 and last amended on 2015-02-26. Previous Versions

Marginal note:Quorum
  •  (1) One creditor entitled to vote, or the representative of such a creditor, constitutes a quorum for a meeting of creditors.

  • Marginal note:Where no quorum

    (2) Where there is no quorum at the first meeting of creditors,

    • (a) the appointment of the trustee shall be deemed to be confirmed; and

    • (b) the chair shall adjourn the meeting

      • (i) to such time and place as the chair fixes, or

      • (ii) without fixing a time or place for a future meeting.

  • Marginal note:Idem

    (2.1) Where there is no quorum at any meeting of creditors other than the first meeting, the chair shall adjourn the meeting to such time and place as the chair fixes.

  • Marginal note:Adjournment with consent of meeting

    (3) The chair of any meeting of creditors may with the consent of the meeting adjourn the meeting from time to time.

  • R.S., 1985, c. B-3, s. 106;
  • 1992, c. 27, s. 44;
  • 2005, c. 47, s. 123(E).
Marginal note:How creditors shall vote

 Every class of creditors may express its views and wishes separately from every other class and the effect to be given to those views and wishes shall, in case of any dispute and subject to this Act, be in the discretion of the court.

  • R.S., c. B-3, s. 85.
Marginal note:Chair may admit or reject proof
  •  (1) The chair of any meeting of creditors has power to admit or reject a proof of claim for the purpose of voting but his decision is subject to appeal to the court.

  • Marginal note:Accept as proof

    (2) Notwithstanding anything in this Act, the chair may, for the purpose of voting, accept any letter or printed matter transmitted by any form or mode of telecommunication as proof of the claim of a creditor.

  • Marginal note:In case of doubt

    (3) Where the chair is in doubt as to whether a proof of claim should be admitted or rejected, he shall mark the proof as objected to and allow the creditor to vote subject to the vote being declared invalid in the event of the objection being sustained.

  • R.S., 1985, c. B-3, s. 108;
  • 1992, c. 27, s. 45;
  • 2005, c. 47, s. 123(E).
Marginal note:Right of creditor to vote
  •  (1) A person is not entitled to vote as a creditor at any meeting of creditors unless the person has duly proved a claim provable in bankruptcy and the proof of claim has been duly filed with the trustee before the time appointed for the meeting.

  • Marginal note:Voting by proxy

    (2) A creditor may vote either in person or by proxy.

  • Marginal note:Form of proxy

    (3) A proxy is not invalid merely because it is in the form of a letter or printed matter transmitted by any form or mode of telecommunication.

  • Marginal note:Debtor may not be proxyholder

    (4) A debtor may not be appointed a proxyholder to vote at any meeting of the debtor’s creditors.

  • Marginal note:Corporation

    (5) A corporation may vote by an authorized proxyholder at meetings of creditors.

  • Marginal note:Vote of creditors not dealing at arm’s length

    (6) If the chair is of the opinion that the outcome of a vote was determined by the vote of a creditor who did not deal with the debtor at arm’s length at any time during the period that begins on the day that is one year before the date of the initial bankruptcy event and that ends on the date of the bankruptcy, the chair shall redetermine the outcome by excluding the creditor’s vote. The redetermined outcome is the outcome of the vote unless a court, on application within 10 days after the day on which the chair redetermined the outcome of the vote, considers it appropriate to include the creditor’s vote and determines another outcome.

  • (7) [Repealed, 2005, c. 47, s. 80]

  • R.S., 1985, c. B-3, s. 109;
  • 1992, c. 27, s. 46;
  • 1997, c. 12, s. 86;
  • 1999, c. 31, s. 24(F);
  • 2004, c. 25, s. 63;
  • 2005, c. 47, s. 80;
  • 2007, c. 36, s. 45.