Marginal note:Company deemed unable to pay its debts
4. A company is deemed to be unable to pay its debts as they become due whenever a creditor, to whom the company is indebted in a sum exceeding two hundred dollars then due, has served on the company, in the manner in which process may legally be served on it in the place where service is made, a demand in writing, requiring the company to pay the sum due, and the company has, for sixty days next after the service of the demand, neglected to pay the sum or to secure or compound for the sum to the satisfaction of the creditor.
- R.S., 1985, c. W-11, s. 4;
- 1999, c. 28, s. 77.
Marginal note:Commencement of winding-up
5. The winding-up of the business of a company shall be deemed to commence at the time of the service of the notice of presentation of the petition for winding up.
- R.S., c. W-10, s. 5.
6. (1) This Act applies to all corporations incorporated by or under the authority of an Act of Parliament, of the former Province of Canada or of the Province of Nova Scotia, New Brunswick, British Columbia, Prince Edward Island or Newfoundland, and whose incorporation and affairs are subject to the legislative authority of Parliament, and to incorporated banks and savings banks, to authorized foreign banks, and to trust companies, insurance companies, loan companies having borrowing powers, building societies having a capital stock and incorporated trading companies doing business in Canada wherever incorporated where any of those bodies
(a) is insolvent;
(b) is in liquidation or in the process of being wound up and, on petition by any of its shareholders or creditors, assignees or liquidators — or , if it is a federal credit union, by any of its members, shareholders, creditors, assignees or liquidators — asks to be brought under this Act; or
(c) if it is a financial institution, is under the control, or its assets are under the control, of the Superintendent and is the subject of an application for a winding-up order under section 10.1.
Marginal note:Application to authorized foreign banks
(2) In its application to an authorized foreign bank, this Act only applies to the winding-up of its business in Canada and to the liquidation of its assets, and any reference to the winding-up of a company or to the winding-up of the business of a company is deemed, in relation to an authorized foreign bank, to be a reference to the winding-up of the business in Canada of the authorized foreign bank and to include the liquidation of the assets of the authorized foreign bank.
- R.S., 1985, c. W-11, s. 6;
- 1996, c. 6, s. 136;
- 1999, c. 28, s. 78;
- 2010, c. 12, s. 2128.
Marginal note:Certain corporations excepted
7. This Act does not apply to building societies that do not have a capital stock or to railway or telegraph companies.
- R.S., c. W-10, s. 7.
- Date modified: