Bankruptcy and Insolvency General Rules (C.R.C., c. 368)

Regulations are current to 2016-06-06 and last amended on 2011-03-25. Previous Versions

Public Records

  •  (1) For the purposes of subsection 11.1(1) of the Act, the Superintendent,

    • (a) in keeping or causing to be kept a public record of each proposal, shall keep the files relating to it for at least 10 years after the date on which a certificate of full performance of the proposal is given pursuant to section 65.3 or 66.38 of the Act;

    • (b) in keeping or causing to be kept a public record of each bankruptcy of an individual, shall keep the files relating to it

      • (i) for at least 10 years after the date on which the trustee of the bankrupt’s estate is discharged under subsection 41(2) of the Act, or is deemed to be discharged pursuant to these Rules, and

      • (ii) if the bankrupt has not been granted an absolute order of discharge under subsection 172(1) of the Act at the end of the period referred to in subparagraph (i), until the bankrupt has been granted that order;

    • (c) in keeping or causing to be kept a public record of each bankruptcy of a corporation, shall keep the files relating to it for at least 10 years after the date on which the trustee of the bankrupt’s estate is discharged under subsection 41(2) of the Act;

    • (d) in keeping or causing to be kept a public record of each licence issued to a trustee, shall keep the files relating to it for at least 30 years after the date of expiry of the licence;

    • (e) in keeping or causing to be kept a public record of each appointment or designation by the Superintendent of a person to administer consumer proposals, shall keep the files relating to it for at least 30 years after the date on which the appointment or designation ceases to have effect; and

    • (f) in keeping or causing to be kept a public record of each notice sent to the Superintendent by a receiver pursuant to subsection 245(1) of the Act, shall keep the files relating to it for at least 10 years after the date on which the notice is received by the Superintendent.

  • (2) For the purposes of subsection 11.1(2) of the Act, the Superintendent shall keep or cause to be kept any other records relating to the administration of the Act that the Superintendent deems advisable, for at least six years after the date on which they are opened.

  • SOR/92-579, s. 30;
  • SOR/98-240, s. 1;
  • SOR/2007-61, ss. 32(E), 63(E).

Rate of Levy

  •  (1) Subject to subsection (2) and (3), the rate of levy payable on all payments, pursuant to section 147 of the Act, is

    • (a) five per cent, if the amount of payments is $1,000,000 or less;

    • (b) five per cent of the first $1,000,000, plus one and one-quarter per cent of the amount in excess of $1,000,000, if the amount of payments exceeds $1,000,000 but is not more than $2,000,000; or

    • (c) five per cent of the first $1,000,000, one and one-quarter per cent of the second $1,000,000, plus one-quarter of one per cent of the amount in excess of $2,000,000, if the amount of payments exceeds $2,000,000.

  • (2) The rate of levy payable in a proposal is

    • (a) five per cent, if the amount of payments is $1,000,000 or less;

    • (b) five per cent of the first $1,000,000, plus one and one-quarter per cent of the amount in excess of $1,000,000, if the amount of payments exceeds $1,000,000 but is not more than $2,000,000; or

    • (c) five per cent of the first $1,000,000, one and one-quarter per cent of the second $1,000,000, plus zero per cent of the amount in excess of $2,000,000, if the amount of payments exceeds $2,000,000.

  • (3) The rate of levy payable for an estate under summary administration is

    • (a) 100 per cent, if the amount of payments is $200 or less; or

    • (b) 100 per cent of the first $200 plus zero per cent of the amount in excess of $200, if the amount of payments exceeds $200.

  • (4) The rate of levy set out in subsection (3) applies to all estates under summary administration for which the final statement of receipts and disbursements has been received by the Division Office on or after the date of coming into force of that subsection.

  • SOR/92-579, s. 30;
  • SOR/98-240, s. 1;
  • SOR/2001-155, s. 1;
  • SOR/2007-61, s. 63(E).

Secured Creditors and Receivers

 The notice of intention to enforce a security pursuant to subsection 244(1) of the Act shall be in prescribed form and shall be served, or sent by registered mail or courier, or, if agreed to by the parties, by electronic transmission.

  • SOR/98-240, s. 1;
  • SOR/2005-284, s. 9.

 The statement required by subsection 246(1) of the Act to be prepared by a receiver after taking possession or control of property of an insolvent person or a bankrupt must contain the following information:

  • (a) the name of each creditor of the insolvent person or bankrupt, the amount owing to each creditor and the total amount owing to the creditors;

  • (b) a list of the property in the possession or under the control of the receiver, and the book value of each item; and

  • (c) the receiver’s intended plan of action during the receivership, to the extent that such a plan has been established.

  • SOR/98-240, s. 1.

 For the purposes of subsection 246(2) of the Act, interim reports relating to a receivership must be prepared by the receiver at least once every six months and must include

  • (a) the interim statement of receipts and disbursements, in prescribed form;

  • (b) the statement of all property of which the receiver has taken possession or control that has not yet been sold or realized; and

  • (c) information about the anticipated completion of the receivership.

  • SOR/98-240, s. 1.

 The final report and statement of accounts that are required by subsection 246(3) of the Act to be prepared by a receiver immediately after completion of their duties as receiver must contain the following information:

  • (a) the final statement of receipts and disbursements;

  • (b) details of the manner of distribution of the proceeds realized from the property of which the receiver had taken possession or control; and

  • (c) details of the disposition of any property of which the receiver had taken possession or control and that is not accounted for in the final statement of receipts and disbursements.

  • SOR/98-240, s. 1;
  • SOR/2007-61, ss. 33(F), 65(E).

Trustee’s Fees and Disbursements in Summary Administration

  •  (1) The fees of the trustee for services performed in a summary administration are calculated on the total receipts remaining after deducting necessary disbursements relating directly to the realization of the property of the bankrupt, and the payments to secured creditors, according to the following percentages:

    • (a) 100 per cent on the first $975 or less of receipts;

    • (b) 35 per cent on the portion of the receipts exceeding $975 but not exceeding $2,000; and

    • (c) 50 per cent on the portion of the receipts exceeding $2,000.

  • (2) A trustee in a summary administration may claim, in addition to the amount set out in subsection (1),

    • (a) the costs of counselling referred to in subsection 131(2);

    • (b) the fee for filing an assignment referred to in paragraph 132(a);

    • (c) the fee payable to the registrar under paragraph 1(a) of Part II of the schedule;

    • (d) the amount of applicable federal and provincial taxes for goods and services; and

    • (e) a lump sum of $100 in respect of administrative disbursements.

  • (3) A trustee in a summary administration may withdraw from the bank account used in administering the estate of the bankrupt, as an advance on the amount set out in subsection (1),

    • (a) $250, at the time of the mailing of the notice of bankruptcy;

    • (b) an additional $250, thirty days after the date of the bankruptcy; and

    • (c) an additional $250, four months after the date of the bankruptcy.

  • (4) Subsections (1) to (3) apply to bankruptcies in respect of which proceedings are commenced on or after September 30, 1997 and the accounts are taxed on or after April 30, 1998.

  • SOR/98-240, s. 1.

Administrator’s Fees and Expenses in a Consumer Proposal

  •  (1) For the purposes of paragraph 66.12(6)(b) of the Act, the fees and expenses of the administrator of a consumer proposal that must be provided for in a consumer proposal are as follows:

    • (a) $750, payable on filing a copy of the consumer proposal with the official receiver;

    • (b) $750, payable on the approval or deemed approval of the consumer proposal by the court;

    • (c) 20 per cent of the moneys distributed to creditors under the consumer proposal, payable on the distribution of the moneys;

    • (d) the costs of counselling referred to in subsection 131(1);

    • (e) the fee for filing a consumer proposal referred to in paragraph 132(c);

    • (f) the fee payable to the registrar under paragraph 3(b) of Part II of the schedule; and

    • (g) the amount of applicable federal and provincial taxes for goods and services.

  • (2) Subsection (1) applies to consumer proposals in respect of which proceedings are commenced on or after April 30, 1998.

  • SOR/98-240, s. 1.
 
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