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Winding-up and Restructuring Act (R.S.C., 1985, c. W-11)

Act current to 2020-07-15 and last amended on 2015-02-26. Previous Versions

Marginal note:Transfer to foreign liquidator

 If a foreign company is in liquidation in the country in which its head office is situated, the Superintendent may, if the Superintendent considers it advisable and in the interests of policyholders in respect of the foreign company’s insurance business in Canada, authorize the liquidator, subject to the approval of the court, to transfer the assets of the foreign company to the liquidator in that country.

  • R.S., 1985, c. W-11, s. 165
  • 1991, c. 47, s. 751
  • 1996, c. 6, s. 161
  • 2007, c. 6, s. 447

Marginal note:Liquidator to prepare statement of claimants and creditors

  •  (1) The liquidator shall, without the filing of any claim, notice or evidence or the taking of any action by any person, prepare a statement of all the persons appearing by the books and records of the company to be creditors of the company or to be claimants under any policy including any matured, valued or cancelled policy, taking cognizance in that connection of all claims that have arisen in accordance with the terms of the policies of which the liquidator has notice.

  • Marginal note:Collocation

    (2) The statement referred to in subsection (1) shall show the amount, determined as provided in section 161 in respect of policyholders, for which each person is to rank as a claimant or a creditor and every such person shall be collocated and ranked as, and is entitled to the right of, a claimant or a creditor for the amount so ascertained by the liquidator, without filing any claim, notice or evidence, or taking any action.

  • Marginal note:Objections

    (3) Any collocation made pursuant to subsection (2) may be contested by any person interested, and any person who is not collocated, or who is dissatisfied with the amount for which the person is collocated, may file a claim.

  • Marginal note:Amendment of statement

    (4) The liquidator or the court may rectify any statement prepared under subsection (1) on account of omissions or errors therein notified to the liquidator or discovered by the liquidator at any time before the completion of the liquidation, and only the claims appearing in the statement or amended statement shall be regarded in the distribution of the assets.

  • R.S., 1985, c. W-11, s. 166
  • 1996, c. 6, s. 161

Marginal note:Right of action not debarred

 Where the assets are not sufficient to cover in full all claims appearing in the statement or amended statement described in section 166, the policyholders are not barred from any recourse they have, either in law or equity, against the company issuing the policy or against any shareholder or director thereof, except in respect of the share, if any, received in the distribution of those assets.

  • R.S., 1985, c. W-11, s. 167
  • 1996, c. 6, s. 161

Marginal note:Copy of statement filed in Office of the Superintendent

  •  (1) A copy of the statement referred to in subsection 166(1), certified by the liquidator, shall be filed in the Office of the Superintendent, after not less than 30 days’ notice of the liquidator’s intention to do so has been given by the liquidator by notice in the Canada Gazette and in the official gazette of each province, and in two newspapers published at or nearest the place where the head office of the company or the chief agency of the company, as the case may be, is situated.

  • Marginal note:When policyholder to rank as creditor

    (2) Any claim that has arisen under the terms of a policy of which notice is received by the liquidator after the date of the filing of a statement referred to in subsection 166(1) or an amended statement referred to in subsection 166(4) shall rank on the assets only for the value entered in the statement, unless the assets are sufficient to pay all claimants in full, and in that case the policyholder shall rank as a creditor for the balance of the policyholder’s claim.

  • R.S., 1985, c. W-11, s. 168
  • R.S., 1985, c. 18 (3rd Supp.), s. 46
  • 1996, c. 6, s. 161
  • 2007, c. 6, s. 448
  • 2015, c. 3, s. 171(F)

Marginal note:Notice of filing

 The liquidator shall send by prepaid mail a notice of the filing of the statement under subsection 168(1) to each claimant or creditor named in the statement, addressed to the latest address on record with the company, stating therein the amount for which the creditor or claimant is entitled to rank against the assets of the company.

  • R.S., 1985, c. W-11, s. 169
  • 1996, c. 6, s. 161

Marginal note:Report to Superintendent

 Where the company is a company, society, foreign company or provincial company within the meaning of subsection 2(1) of the Insurance Companies Act, the liquidator shall report to the Superintendent once in every six months, or more often, as the Superintendent may require, on the condition of the affairs of the company, with such particulars as the Superintendent may require.

  • R.S., 1985, c. W-11, s. 170
  • 1991, c. 47, s. 752
  • 1996, c. 6, s. 161

Marginal note:Publication of notice of proceedings

 Publication in the Canada Gazette, in the official gazette of each province and in two newspapers published at or nearest the place where the head office of the company or chief agency of the company, as the case may be, is situated, of notice of any proceedings of which, under this Act, creditors should be notified, is sufficient notice to holders of policies in respect of which no notice of claim has been received.

  • R.S., 1985, c. W-11, s. 171
  • 1996, c. 6, s. 161
  • 2007, c. 6, s. 449

Marginal note:Priority of certain claims

 Nothing in this Part prejudices or affects the priority of any mortgage, lien or charge on the property of the company.

  • R.S., 1985, c. W-11, s. 172
  • 1996, c. 6, s. 161
 
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