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

Act current to 2014-04-02 and last amended on 2013-04-01. Previous Versions

Marginal note:Interest from date of bankruptcy

 Where there is a surplus after payment of the claims as provided in sections 136 to 142, it shall be applied in payment of interest from the date of the bankruptcy at the rate of five per cent per annum on all claims proved in the bankruptcy and according to their priority.

  • R.S., c. B-3, s. 114.
Marginal note:Right of bankrupt to surplus

 The bankrupt, or the legal personal representative or heirs of a deceased bankrupt, is entitled to any surplus remaining after payment in full of the bankrupt’s creditors with interest as provided by this Act and of the costs, charges and expenses of the bankruptcy proceedings.

  • R.S., 1985, c. B-3, s. 144;
  • 2004, c. 25, s. 71.
Marginal note:Proceeds of liability insurance policy on motor vehicles

 Nothing in this Act affects the right afforded by provincial statute of any person who has a claim against the bankrupt for damages on account of injury to or death of any person, or injury to property, occasioned by a motor vehicle, or on account of injury to property being carried in or on a motor vehicle, to have the proceeds of any liability insurance policy applied in or toward the satisfaction of the claim.

  • R.S., c. B-3, s. 116.
Marginal note:Application of provincial law to lessors’ rights

 Subject to priority of ranking as provided by section 136 and subject to subsection 73(4) and section 84.1, the rights of lessors are to be determined according to the law of the province in which the leased premises are situated.

  • R.S., 1985, c. B-3, s. 146;
  • 2004, c. 25, s. 72(E);
  • 2007, c. 36, s. 50.
Marginal note:Levy payable out of dividends for supervision
  •  (1) For the purpose of defraying the expenses of the supervision by the Superintendent, there shall be payable to the Superintendent for deposit with the Receiver General a levy on all payments, except the costs referred to in subsection 70(2), made by the trustee by way of dividend or otherwise on account of the creditor’s claims, including Her Majesty in right of Canada or of a province claiming in respect of taxes or otherwise.

  • Marginal note:Rate of levy

    (2) The levy referred to in subsection (1) shall be at a rate to be fixed by the Governor in Council and shall be charged proportionately against all payments and deducted therefrom by the trustee before payment is made.

  • R.S., 1985, c. B-3, s. 147;
  • 2005, c. 47, s. 91.

Dividends

Marginal note:Trustee to pay dividends as required
  •  (1) Subject to the retention of such sums as may be necessary for the costs of administration or otherwise, the trustee shall, from time to time as required by the inspectors, declare and distribute dividends among the unsecured creditors entitled thereto.

  • Marginal note:Disputed claims

    (2) Where the validity of any claim has not been determined, the trustee shall retain sufficient funds to provide for payment thereof in the event that the claim is admitted.

  • Marginal note:No action for dividend

    (3) No action for a dividend lies against the trustee, but, if the trustee refuses or fails to pay any dividend after having been directed to do so by the inspectors, the court may, on the application of any creditor, order him to pay it, and also to pay personally interest thereon for the time that it is withheld and the costs of the application.

  • R.S., c. B-3, s. 119.