Marginal note:Transfer to foreign liquidator

158.2 Where an authorized foreign bank is in liquidation in the jurisdiction in which its head office is situated or where it principally carries on business, the Superintendent may, if the Superintendent deems it advisable and in the interests of the creditors of the authorized foreign bank, authorize the liquidator, subject to the approval of the court, to transfer the assets of the authorized foreign bank to the liquidator in that jurisdiction.

Marginal note:Right of action not debarred

158.3 Subject to this Act, where the assets of an authorized foreign bank are not sufficient to cover in full all claims referred to in paragraphs 158.1(1)(a) to (c), the creditors are not barred from any recourse they have, either in law or equity, except in respect of the share, if any, received in the distribution of the assets.

Marginal note:Definitions

159. In this Part,

“company”

« société »

“company” means an insurance company;

“foreign company”

Version anglaise seulement

“foreign company” means a foreign insurance company;

“policy”

« police »

“policy” includes, without limiting the generality of its meaning, “policy” as defined in subsection 2(1) of the Insurance Companies Act.

Marginal note:Application of Part

• 159.1 (1) This Part applies only to insurance companies.

• Marginal note:Transitional

  (2) This Part applies only in respect of applications for winding-up orders that are made after the date of coming into force of this subsection, and applications for winding-up orders that were made on or before that date shall be dealt with in accordance with the provisions of this Part as they read immediately before that date.

Marginal note:Protection of asset orders

160. The court may, at any time after an application for a winding-up order is made, on the application of the applicant for the winding-up order or of the liquidator, make such order as the court considers appropriate for the protection of the assets of the estate of the company.