Bankruptcy and Insolvency Act
Marginal note:Fees payable
(2) On the December 31 following the day on which a licence is issued, and on December 31 in each year thereafter, the trustee shall pay such fees as may be prescribed.
Marginal note:When licence invalid
(3) A licence ceases to be valid on the failure of the trustee to pay a fee in accordance with subsection (2) or if the trustee becomes bankrupt.
Marginal note:Superintendent may reinstate licence
(4) Where a licence has ceased to be valid by reason of
(a) failure to pay fees, the Superintendent may reinstate it where the trustee pays the outstanding fees together with a prescribed penalty amount and provides a reasonable written explanation of the failure to pay them in accordance with subsection (2); or
(b) the trustee becoming bankrupt, the Superintendent may, on written representations made by the trustee, reinstate the licence subject to such conditions and limitations as the Superintendent considers appropriate and may specify therein.
Marginal note:Suspension or cancellation
(5) A licence may be suspended or cancelled by the Superintendent
(a) if the trustee has been found guilty of an indictable offence that, in the Superintendent’s opinion, is of a character that would impair the trustee’s capacity to perform his or her fiduciary duties;
(b) if the trustee has failed to comply with any of the conditions or limitations to which the licence is subject;
(c) if the trustee has ceased to act as a trustee; or
(d) at the request of the trustee.
Marginal note:Notice of intended decision
(6) Notice of an intended decision under subsection (5) shall be in writing setting out the Superintendent’s reasons therefor and shall be sent to the trustee at least ten days before the decision takes effect.
(7) If a licence ceases to be valid by virtue of subsection (3) or is suspended or cancelled under subsection (5), the Superintendent may impose on the trustee any requirements that the Superintendent considers appropriate, including a requirement that the trustee provide security for the protection of an estate.
Marginal note:Non-application of procedure
(8) For greater certainty, section 14.02 does not apply in respect of a suspension or cancellation of a licence under subsection (5).
- 1992, c. 27, s. 9
- 1997, c. 12, s. 8
- 2004, c. 25, s. 12
- 2005, c. 47, s. 10
- Date modified: