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

Act current to 2012-05-14 and last amended on 2010-01-01. Previous Versions

Marginal note:Additional liquidators

25. A court may, if it thinks fit, after the appointment of one or more liquidators, appoint an additional liquidator or liquidators.

  • R.S., c. W-10, s. 25.
Marginal note:Notice

26. Except as otherwise ordered by the court, no liquidator shall be appointed under subsection 23(1) unless a previous notice is given to the creditors, contributories and shareholders or members of the company, and the court shall by order direct the manner and form in which the notice shall be given and the length of the notice.

  • R.S., 1985, c. W-11, s. 26;
  • 1996, c. 6, s. 145.
Marginal note:Security

27. The court shall determine what security shall be given by a liquidator on his appointment.

  • R.S., c. W-10, s. 27.
Marginal note:Provisional liquidator

28. A court may, on the presentation of a petition for a winding-up order or at any time thereafter and before the first appointment of a liquidator, appoint provisionally a liquidator of the estate and effects of the company and may limit and restrict his powers by the order appointing him.

  • R.S., c. W-10, s. 28.
Marginal note:Incorporated company

29. An incorporated company may be appointed liquidator to the goods and effects of a company under this Act, and if an incorporated company is so appointed, it may act through one or more of its principal officers designated by the court.

  • R.S., c. W-10, s. 29.
Marginal note:Trust company

30. Where under the laws of any province a trust company is accepted by the courts of that province and is permitted to act as administrator, assignee or curator without giving security, the trust company may be appointed liquidator of a company under this Act, without giving security.

  • R.S., c. W-10, s. 30.
Marginal note:Powers of directors

31. On the appointment of a liquidator, all the powers of the directors of the company cease, except in so far as the court or the liquidator sanctions the continuance of those powers.

  • R.S., c. W-10, s. 31.
Marginal note:Resignation and removal

32. A liquidator may resign or may be removed by the court on due cause shown, and every vacancy in the office of liquidator shall be filled by the court.

  • R.S., c. W-10, s. 32.