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

Regulations are current to 2014-12-08 and last amended on 2011-03-25. Previous Versions

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.