Bankruptcy and Insolvency Act
Marginal note:Court may seek assistance from foreign tribunal
Marginal note:Applications for stays
(2) On application by a foreign representative in respect of a foreign proceeding commenced for the purpose of effecting a composition, an extension of time or a scheme of arrangement in respect of a debtor or in respect of the bankruptcy of a debtor, the court may grant a stay of proceedings against the debtor or the debtor’s property in Canada on such terms and for such period as is consistent with the relief provided for under sections 69 to 69.5 in respect of a debtor in Canada who files a notice of intention or a proposal or who becomes bankrupt in Canada, as the case may be.
Marginal note:Powers of court
(3) On application by a foreign representative in respect of a debtor, the court may, where it is satisfied that it is necessary for the protection of the debtor’s estate or the interests of a creditor or creditors,
(a) appoint a trustee as interim receiver of all or any part of the debtor’s property in Canada, for such term as the court considers appropriate; and
(b) direct the interim receiver to do all or any of the following:
(i) take conservatory measures and summarily dispose of property that is perishable or likely to depreciate rapidly in value,
(ii) take possession of all or part of the debtor’s property mentioned in the appointment and exercise such control over the property and over the debtor’s business as the court considers appropriate, and
(iii) take such other action as the court considers appropriate.
Marginal note:Application of fees and expenses provision
(4) Section 47.2 applies, with such modifications as the circumstances require, in respect of an interim receiver appointed under subsection (3).
Marginal note:Examination may be authorized
(5) On application of a foreign representative in respect of a debtor, the court may authorize the examination under oath by the foreign representative of the debtor or of any person in relation to the debtor who, if the debtor were a bankrupt referred to in subsection 163(1), would be a person who could be examined under that subsection.
- 1997, c. 12, s. 118
- Date modified: