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

Regulations are current to 2016-06-21 and last amended on 2011-03-25. Previous Versions

Interim Receiver

 [Repealed, SOR/2009-218, s. 11]

 If a bankruptcy application is dismissed, the court may, on application presented within 30 days after the day of the dismissal, give judgment with respect to any claim for damages, or with respect to any claim other than a claim for damages arising out of the appointment of an interim receiver, and may make any orders that the court sees fit.

  • SOR/98-240, s. 1;
  • SOR/2007-61, s. 17.
  •  (1) An interim receiver shall apply to the court for taxation of accounts and discharge within two months after completion of the interim receiver’s duties, after giving notice to

    • (a) the debtor, or in the case of a bankruptcy, the trustee;

    • (b) every creditor; and

    • (c) the Division Office.

  • (2) The notice referred to in subsection (1) must

    • (a) be in prescribed form; and

    • (b) have attached to it a copy of the interim receiver’s statement of receipts and disbursements, in prescribed form and stating

      • (i) the number of hours spent, the tasks performed, the hourly rates and other factors for consideration in the calculation of fees, and

      • (ii) the expenses incurred by the interim receiver, attaching a copy of any bills of costs for legal services.

  • SOR/98-240, s. 1.

 A person referred to in paragraph 79(1)(a) or (b) may object to the taxation of the accounts and discharge of the interim receiver by filing a notice of objection with the court within 30 days after the giving of the notice referred to in subsection 79(1).

  • SOR/98-240, s. 1.

 If no objection is filed within 30 days after the giving of the notice referred to in subsection 79(1), the interim receiver’s accounts are deemed to have been taxed and the interim receiver is deemed to be discharged, unless the court requires that the accounts be taxed on their own merit.

  • SOR/92-579, s. 15;
  • SOR/98-240, s. 1;
  • SOR/2007-61, s. 63(E).
  •  (1) If an objection is filed within 30 days after the giving of the notice referred to in subsection 79(1), the interim receiver shall, within 10 days after the filing of the objection, apply to the court for a date for a hearing, and shall send a notice of the date of the hearing to the objecting party.

  • (2) The court, at the hearing, shall tax the interim receiver’s accounts on their own merit and may discharge the interim receiver, who shall send the Division Office a copy of the court order relating to the taxation and discharge.

  • SOR/78-389, s. 3;
  • SOR/92-579, s. 15;
  • SOR/98-240, s. 1;
  • SOR/2007-61, s. 63(E).

 [Repealed, SOR/98-240, s. 1]

Bankruptcy Orders

  •  (1) The applicant shall, as soon as possible and not later than two days after a bankruptcy order is made under subsection 43(6) of the Act, serve, deliver personally or send by courier, facsimile or electronic transmission a copy of the order to the trustee appointed under subsection 43(9) of the Act.

  • (2) Within two days after receiving the copy of the bankruptcy order, the trustee shall serve a copy of the order on the bankrupt and send a copy to the Division Office.

  • SOR/98-240, s. 1;
  • SOR/2007-61, s. 18.
  •  (1) An application to revoke a bankruptcy order or to stay proceedings may be made to the court if a notice of the application, together with copies of supporting affidavits, is served on the applicant and the trustee and is filed with the Division Office.

  • (2) Pending the hearing of the application mentioned in subsection (1), the court may make an interim order staying the whole or any part of the proceedings.

  • SOR/98-240, s. 1;
  • SOR/2007-61, s. 19.

 [Repealed, SOR/98-240, s. 1]

Assignments

 An official receiver shall, on appointing a trustee pursuant to subsection 49(4) of the Act, prepare a certificate of appointment, in prescribed form, and send a copy of it to the trustee.

  • SOR/98-240, s. 1.

 On receiving from a bankrupt a statement of affairs described in paragraph 158(d) of the Act, a trustee shall file a copy of it at the office of the official receiver.

  • SOR/98-240, s. 1.

 [Repealed, SOR/98-240, s. 1]

 The court may order the trustee to file with the court, before or immediately after the first meeting of the creditors, a copy of the following documents:

  • (a) the assignment that was filed with the official receiver;

  • (b) the statement of affairs that was filed with the official receiver; and

  • (c) the minutes of the first meeting of creditors.

  • SOR/92-579, s. 20;
  • SOR/98-240, s. 1;
  • SOR/2007-61, s. 20(E);
  • SOR/2009-218, s. 12.

 [Repealed, SOR/98-240, s. 1]

  •  (1) An application to annul an assignment may be made to the court if a notice of the application, together with copies of supporting affidavits, is served on the trustee, on the Division Office, and also on the bankrupt if the application is made by a person other than the bankrupt.

  • (2) Pending the hearing of the application mentioned in subsection (1), the court may make an interim order staying the whole or any part of the proceedings.

  • SOR/98-240, s. 1.

 [Repealed, SOR/98-240, s. 1]

Proposals

 If a trustee has received a proposal made under subsection 50(1) of the Act, the trustee shall file a copy of it with the official receiver.

  • SOR/98-240, s. 1;
  • SOR/2007-61, s. 63(E).
  •  (1) As soon as the following documents are filed with the official receiver, the trustee shall file a copy of them with the court:

    • (a) the proposal;

    • (b) the cash-flow statement, the report on the reasonableness of the cash-flow statement and the report containing the representations by the insolvent person, required by paragraphs 50(6)(a), (b) and (c), respectively, of the Act;

    • (c) the material adverse change report required by subparagraph 50(10)(a)(i) of the Act;

    • (d) the report on the state of the insolvent person’s business and financial affairs required by paragraph 50(10)(b) of the Act;

    • (e) the notice of intention referred to in subsection 50.4(1) of the Act;

    • (f) the cash-flow statement required by paragraph 50.4(2)(a) of the Act;

    • (g) the report on the reasonableness of the cash-flow statement, required by paragraph 50.4(2)(b) of the Act;

    • (h) the report containing the representations by the insolvent person required by paragraph 50.4(2)(c) of the Act;

    • (i) the material adverse change report required by subparagraph 50.4(7)(b)(i) of the Act; and

    • (j) the notice of the meeting of creditors required by paragraph 51(1)(a) of the Act.

  • (2) For the purposes of paragraphs 50(6)(c) and 50.4(2)(c) of the Act, the representations are as follows:

    The hypothetical assumptions are reasonable and consistent with the purpose of the projection described in Note , and the probable assumptions are suitably supported and consistent with the plans of the insolvent person and provide a reasonable basis for the projection. All such assumptions are disclosed in Notes

    Since the projection is based on assumptions regarding future events, actual results will vary from the information presented, and the variations may be material.

    The projection has been prepared solely for the purpose described in Note , using a set of probable and hypothetical assumptions set out in Notes Consequently, readers are cautioned that it may not be appropriate for other purposes.

  • SOR/98-240, s. 1.
 
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