Bankruptcy and Insolvency Act (R.S.C., 1985, c. B-3)

Marginal note:Act to apply

• 66.4 (1) All the provisions of this Act, except Division I of this Part, in so far as they are applicable, apply, with such modifications as the circumstances require, to consumer proposals.

• Marginal note:Where consumer debtor is bankrupt

  (2) Where a consumer proposal is made by a consumer debtor who is a bankrupt,

  • (a) the consumer proposal must be approved by the inspectors, if any, before any further action is taken thereon;

  • (b) the consumer debtor must have obtained the assistance of a trustee who shall act as administrator of the proposal in the preparation and execution thereof;

  • (c) the time with respect to which the claims of creditors shall be determined is the time at which the consumer debtor became bankrupt; and

  • (d) the approval or deemed approval by the court of the consumer proposal operates to annul the bankruptcy and to revest in the consumer debtor, or in such other person as the court may approve, all the right, title and interest of the trustee in the property of the consumer debtor, unless the terms of the consumer proposal otherwise provide.