Bankruptcy and Insolvency Act

Marginal note:Powers exercisable by trustee with permission of inspectors

• 30 (1) The trustee may, with the permission of the inspectors, do all or any of the following things:

  • (a) sell or otherwise dispose of for such price or other consideration as the inspectors may approve all or any part of the property of the bankrupt, including the goodwill of the business, if any, and the book debts due or growing due to the bankrupt, by tender, public auction or private contract, with power to transfer the whole thereof to any person or company, or to sell the same in parcels;

  • (b) lease any real property;

  • (c) carry on the business of the bankrupt, in so far as may be necessary for the beneficial administration of the estate of the bankrupt;

  • (d) bring, institute or defend any action or other legal proceeding relating to the property of the bankrupt;

  • (e) employ a solicitor or other agent to take any proceedings or do any business that may be sanctioned by the inspectors;

  • (f) accept as the consideration for the sale of any property of the bankrupt a sum of money payable at a future time, subject to such stipulations as to security and otherwise as the inspectors think fit;

  • (g) incur obligations, borrow money and give security on any property of the bankrupt by mortgage, hypothec, charge, assignment, pledge or otherwise, such obligations and money borrowed to be discharged or repaid with interest out of the property of the bankrupt in priority to the claims of the creditors;

  • (h) compromise and settle any debts owing to the bankrupt;

  • (i) compromise any claim made by or against the estate;

  • (j) divide in its existing form among the creditors, according to its estimated value, any property that from its peculiar nature or other special circumstances cannot be readily or advantageously sold;

  • (k) elect to retain for the whole part of its unexpired term, or to assign, surrender or disclaim any lease of, or other temporary interest in, any property of the bankrupt; and

  • (l) appoint the bankrupt to aid in administering the estate of the bankrupt in such manner and on such terms as the inspectors may direct.

• Marginal note:Permission limited to particular thing or class

  (2) The permission given for the purposes of subsection (1) is not a general permission to do all or any of the things mentioned in that subsection, but is only a permission to do the particular thing or things or class of thing or things that the permission specifies.