Winding-up and Restructuring Act (R.S.C., 1985, c. W-11)

Act current to 2014-10-15 and last amended on 2013-04-01. Previous Versions

Marginal note:Duty of company

 On the service on the company of an order made under section 14 for an inquiry into the affairs of the company, the president, directors, officers and employees of the company and every other person shall respectively

  • (a) exhibit to the accountant or other person named for the purpose of making the inquiry the books of account of the company and all inventories, papers and vouchers referring to the business of the company or of any person therewith that are in their possession, custody or control; and

  • (b) give all such information as is required by the accountant or other person named for the purpose of making the inquiry in order to form a just estimate of the affairs of the company.

  • R.S., c. W-10, s. 15.
Marginal note:Power of the court

 On receiving the report of the accountant or person ordered to inquire into the affairs of the company under section 14, and after hearing such shareholders or creditors of the company, or, if the company is a federal credit union, such of its members, shareholders or creditors, as desire to be heard in respect of the report, the court may either refuse the application or make the winding-up order.

  • R.S., 1985, c. W-11, s. 16;
  • 2010, c. 12, s. 2131.

Staying Proceedings

Marginal note:Actions against company may be stayed

 A court may, on the application of a company, or of any creditor, contributory, liquidator or petitioner for the winding-up order, at any time after the presentation of a petition for the order and before making the order, restrain further proceedings in any action, suit or proceeding against the company, on such terms as the court thinks fit.

  • R.S., 1985, c. W-11, s. 17;
  • 1996, c. 6, s. 141.
Marginal note:Court may stay winding-up proceedings

 A court may, on the application of any creditor, contributory, liquidator or petitioner for the winding-up order, at any time after the order is made, and on proof, to the satisfaction of the court, that all proceedings in relation to the winding-up ought to be stayed, make an order staying those proceedings, either altogether or for a limited time, on such terms and subject to such conditions as the court thinks fit.

  • R.S., 1985, c. W-11, s. 18;
  • 1996, c. 6, s. 141.

Effect of Winding-up Order

Marginal note:Company to cease business

 A company, from the time of the making of a winding-up order, shall cease to carry on its business, except in so far as is, in the opinion of the liquidator, required for the beneficial winding-up thereof, but the corporate state and all the corporate powers of the company, notwithstanding that it is otherwise provided by the Act, charter or instrument of incorporation of the company, continue until the affairs of the company are wound up.

  • R.S., c. W-10, s. 19.