Bankruptcy and Insolvency Act

Marginal note:First meeting of creditors

• 102 (1) Subject to subsection (1.1), it is the duty of the trustee to inquire as to the names and addresses of the creditors of a bankrupt and, within five days after the date of the trustee’s appointment, to send in the prescribed manner to the bankrupt, to every known creditor and to the Superintendent a notice in the prescribed form of the bankruptcy and of the first meeting of creditors, to be held within the twenty-one day period following the day of the trustee’s appointment, at the office of the official receiver in the locality of the bankrupt, but the official receiver may, when the official receiver deems it expedient, authorize the meeting to be held at the office of any other official receiver or at such other place as the official receiver may fix.

• Marginal note:Extension of days

  (1.1) The official receiver in the locality of the bankrupt may extend the period during which the first meeting of creditors must be held

  • (a) by ten days, or

  • (b) where the official receiver is satisfied that special circumstances exist, by up to thirty days,

  where the official receiver is satisfied that the extension will not be detrimental to the creditors and is in the general interests of the administration of the estate.

• Marginal note:Documents to accompany notice

  (2) The trustee shall include with the notice referred to in subsection (1) a list of the creditors with claims amounting to twenty-five dollars or more and the amounts of their claims together with a proof of claim and proxy in the prescribed form but no name shall be inserted in the proxy before it is so sent.

• Marginal note:Information and notice

  (3) In the case of the bankruptcy of an individual, the trustee shall

  • (a) set out in the notice, in the prescribed form, information concerning the financial situation of the bankrupt and the obligation of the bankrupt to make payments required under section 68 to the estate of the bankrupt; and

  • (b) forthwith advise the official receiver, and any creditors who have requested such information, of

    • (i) any material change relating to the financial situation of the bankrupt, and

    • (ii) any amendment made under subsection 68(4) to the amount that the bankrupt is required to pay to the estate of the bankrupt.

• Marginal note:Publication in local paper by trustee

  (4) A notice in the prescribed form shall, as soon as possible after the bankruptcy and not later than five days before the first meeting of creditors, be published in a local newspaper by the trustee.

• Marginal note:Purpose of meeting

  (5) The purpose of the first meeting of creditors shall be to consider the affairs of the bankrupt, to affirm the appointment of the trustee or substitute another in place thereof, to appoint inspectors and to give such directions to the trustee as the creditors may see fit with reference to the administration of the estate.