Federal Law–Civil Law Harmonization Act, No. 2 (S.C. 2004, c. 25)
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Assented to 2004-12-15
PART 1AMENDMENTS TO CERTAIN ACTS
R.S., c. B-3; 1992, c. 27, s. 2Bankruptcy and Insolvency Act
Marginal note:1992, c. 27, s. 77
93. Section 204 of the English version of the Act is replaced by the following:
Marginal note:Officers, etc., of corporations
204. If a corporation commits an offence under this Act, any officer or director, or agent or mandatary, of the corporation, or any person who has or has had, directly or indirectly, control in fact of the corporation, who directed, authorized, assented to, acquiesced in or participated in the commission of the offence is a party to and guilty of the offence and is liable on conviction to the punishment provided for the offence, whether or not the corporation has been prosecuted or convicted.
Marginal note:1997, c. 12, s. 111
94. Subsection 206(1) of the French version of the Act is replaced by the following:
Marginal note:Rapport d’infraction
206. (1) S’il a des motifs raisonnables de croire qu’une infraction prévue par la présente loi ou le Code criminel, relative aux biens du failli, a été commise soit avant soit après l’ouverture de la faillite par le failli ou par toute autre personne, le séquestre officiel ou le syndic fait rapport à ce sujet au sous-procureur général ou à tout autre officier de justice compétent de la province concernée ou à la personne dûment désignée à cette fin par cet officier de justice.
Marginal note:1996, c. 6, par. 167(1)(b)
95. Section 213 of the Act is replaced by the following:
Marginal note:Winding-up and Restructuring Act not to apply
213. If an application for a bankruptcy order or an assignment has been filed under this Act in respect of a corporation, the Winding-up and Restructuring Act does not extend or apply to that corporation, despite anything contained in that Act, and any proceedings that are instituted under the Winding-up and Restructuring Act in respect of that corporation before the application or assignment is filed under this Act shall abate subject to any disposition of the costs of those proceedings to be made in the bankruptcy proceedings that the justice of the case may require.
96. Subsection 237(1) of the Act is replaced by the following:
Marginal note:If assignment or bankruptcy order made
237. (1) If a debtor in respect of whom a consolidation order has been issued under this Part makes an assignment under section 49, or if a bankruptcy order is made against the debtor under section 43, or if a proposal by the debtor is approved by the court having jurisdiction in bankruptcy under sections 59 to 61, any moneys that have been paid into court as required by the consolidation order and that have not yet been distributed to the registered creditors shall, immediately after the making of the assignment or bankruptcy order or the approval of the proposal, be distributed among those creditors by the clerk in the proportions to which they are entitled under the consolidation order.
Marginal note:1997, c. 12, s. 118(1)
97. (1) The portion of the definition “customer” before subparagraph (a)(ii) in section 253 of the English version of the Act is replaced by the following:
“customer”
« client »
“customer” includes
(a) a person with or for whom a securities firm deals as principal, or agent or mandatary, and who has a claim against the securities firm in respect of a security received, acquired or held by the securities firm in the ordinary course of business as a securities firm from or for a securities account of that person
(i) for safekeeping or deposit or in segregation,
Marginal note:1997, c. 12, s. 118(1)
(2) The definition “securities firm” in section 253 of the English version of the Act is replaced by the following:
“securities firm”
« courtier en valeurs mobilières »
“securities firm” means a person who carries on the business of buying and selling securities from, to or for a customer, whether or not as a member of an exchange, as principal, or agent or mandatary, and includes any person required to be registered to enter into securities transactions with the public, but does not include a corporate entity that is not a corporation within the meaning of section 2;
Marginal note:1997, c. 12, s. 118(1)
(3) Paragraph (b) of the definition “security” in section 253 of the English version of the Act is replaced by the following:
(b) a document, instrument or written or electronic record evidencing indebtedness, including a note, bond, debenture, mortgage, hypothec, certificate of deposit, commercial paper or mortgage-backed instrument,
Marginal note:1997, c. 12, s. 118(1)
98. Subsection 254(4) of the English version of the Act is replaced by the following:
Marginal note:Termination, set-off or compensation
(4) Nothing in this Part affects the rights of a party to a contract, including an eligible financial contract within the meaning of subsection 65.1(8), with respect to termination, or set-off or compensation.
Marginal note:1997, c. 12, s. 118(1)
99. (1) Subsection 256(1) of the Act is replaced by the following:
Marginal note:Applications re securities firm
256. (1) In addition to any creditor who may file an application in accordance with sections 43 to 45, an application for a bankruptcy order against a securities firm may be filed by
(a) a securities commission established under an enactment of a province, if
(i) the securities firm has committed an act of bankruptcy referred to in section 42 or subsection (2) of this section within the six months before the filing of the application and while the securities firm was licensed or registered by the securities commission to carry on business in Canada, and
(ii) in the case in which the act of bankruptcy was that referred to in subsection (2), the suspension referred to in that subsection is in effect when the application is filed;
(b) a securities exchange recognized by a provincial securities commission, if
(i) the securities firm has committed an act of bankruptcy referred to in section 42 or subsection (2) of this section within the six months before the filing of the application and while the securities firm was a member of the securities exchange, and
(ii) in the case in which the act of bankruptcy was that referred to in subsection (2), the suspension referred to in that subsection is in effect when the application is filed;
(c) a customer compensation body, if
(i) the securities firm has committed an act of bankruptcy referred to in section 42 or subsection (2) of this section within the six months before the filing of the application and while the securities firm had customers whose securities accounts were protected, in whole or in part, by the customer compensation body, and
(ii) in the case in which the act of bankruptcy was that referred to in subsection (2), the suspension referred to in that subsection is in effect when the application is filed; and
(d) a person who, in respect of property of a securities firm, is a receiver, receiver-manager, liquidator or other person with similar functions appointed under a federal or provincial enactment relating to securities that provides for the appointment of that other person, if the securities firm has committed an act of bankruptcy referred to in section 42 within the six months before the filing of the application.
Marginal note:1997, c. 12, s. 118(1)
(2) Subsection 256(3) of the Act is replaced by the following:
Marginal note:Service on securities commission
(3) If
(a) a securities exchange files an application under paragraph (1)(b), or
(b) a customer compensation body files an application under paragraph (1)(c),
a copy of the application must be served on the securities commission, if any, having jurisdiction in the locality of the securities firm where the application was filed, before
(c) any prescribed interval preceding the hearing of the application, or
(d) any shorter interval that may be fixed by the court and that precedes the hearing of the application.
Marginal note:1997, c. 12, s. 118(1)
100. (1) Paragraph 259(a) of the French version of the Act is replaced by the following:
a) agir comme fondé de pouvoir à l’égard des titres qui lui sont dévolus et les transférer;
Marginal note:1997, c. 12, s. 118(1)
(2) Paragraph 259(d) of the English version of the Act is replaced by the following:
(d) discharge any security on securities vested in the trustee;
Marginal note:1997, c. 12, s. 118(1)
101. Clause 261(2)(a)(ii)(B) of the French version of the Act is replaced by the following:
(B) les sommes obtenues par la disposition des valeurs mobilières visées au sous-alinéa (i),
Marginal note:1997, c. 12, s. 118(1)
102. (1) Subsection 268(2) of the Act is replaced by the following:
Marginal note:Limitation on trustee’s authority
(2) If a foreign proceeding has been commenced and a bankruptcy order or assignment is made under this Act in respect of a debtor, the court may, on application and on any terms that it considers appropriate, limit the property to which the authority of the trustee extends to the property of the debtor situated in Canada and to any property of the debtor outside Canada that the court considers can be effectively administered by the trustee.
Marginal note:1997, c. 12, s. 118(1)
(2) Subsection 268(5) of the French version of the Act is replaced by the following:
Marginal note:Application de règles
(5) La présente partie n’a pas pour effet d’empêcher le tribunal d’appliquer, sur demande faite par le représentant étranger ou tout autre intéressé, des règles de droit ou d'equity relatives à la reconnaissance des ordonnances étrangères en matière d’insolvabilité et à l’assistance au représentant étranger, qui ne sont pas incompatibles avec les dispositions de la présente loi.
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