PART IVProperty of the Bankrupt (continued)
Preferences and Transfers at Undervalue (continued)
Marginal note:Application of sections 95 to 101
(2) For the purposes of subsection (1), a reference in sections 95 to 101
(a) to “date of the bankruptcy” is to be read as a reference to “day on which a notice of intention is filed” or, if a notice of intention is not filed, as a reference to “day on which a proposal is filed”; and
(b) to “bankrupt”, “insolvent person” or “debtor” is to be read as a reference to “debtor in respect of whom the proposal is filed”.
Marginal note:Application of sections 95 to 101 if proposal annulled
(3) If the proposal is annulled by the court under subsection 63(1) or as a result of a bankruptcy order or assignment, sections 95 to 101 apply as though the debtor became bankrupt on the date of the initial bankruptcy event.
- 1992, c. 27, s. 42
- 2007, c. 36, s. 44
101.2 [Repealed, 2007, c. 36, s. 44]
PART VAdministration of Estates
Meetings of Creditors
Marginal note:First meeting of creditors
102 (1) Subject to subsection (1.1), it is the duty of the trustee to inquire as to the names and addresses of the creditors of a bankrupt and, within five days after the date of the trustee’s appointment, to send in the prescribed manner to the bankrupt, to every known creditor and to the Superintendent a notice in the prescribed form of the bankruptcy and of the first meeting of creditors, to be held within the twenty-one day period following the day of the trustee’s appointment, at the office of the official receiver in the locality of the bankrupt, but the official receiver may, when the official receiver deems it expedient, authorize the meeting to be held at the office of any other official receiver or at such other place as the official receiver may fix.
Marginal note:Extension of days
(1.1) The official receiver in the locality of the bankrupt may extend the period during which the first meeting of creditors must be held
(a) by ten days, or
(b) where the official receiver is satisfied that special circumstances exist, by up to thirty days,
where the official receiver is satisfied that the extension will not be detrimental to the creditors and is in the general interests of the administration of the estate.
Marginal note:Documents to accompany notice
(2) The trustee shall include with the notice referred to in subsection (1) a list of the creditors with claims amounting to twenty-five dollars or more and the amounts of their claims together with a proof of claim and proxy in the prescribed form but no name shall be inserted in the proxy before it is so sent.
Marginal note:Information and notice
(3) In the case of the bankruptcy of an individual, the trustee shall set out in the notice, in the prescribed form, information concerning the financial situation of the bankrupt and the obligation of the bankrupt, if any, to make payments required under section 68 to the estate of the bankrupt.
Marginal note:Publication in local paper by trustee
(4) A notice in the prescribed form shall, as soon as possible after the bankruptcy and not later than five days before the first meeting of creditors, be published in a local newspaper by the trustee.
Marginal note:Purpose of meeting
(5) The purpose of the first meeting of creditors shall be to consider the affairs of the bankrupt, to affirm the appointment of the trustee or substitute another in place thereof, to appoint inspectors and to give such directions to the trustee as the creditors may see fit with reference to the administration of the estate.
- R.S., 1985, c. B-3, s. 102
- 1992, c. 1, s. 20, c. 27, s. 43
- 1997, c. 12, s. 84
- 2005, c. 47, s. 77
Marginal note:Meetings during administration
103 (1) The trustee may at any time call a meeting of creditors and he shall do so when directed by the court and whenever requested in writing by a majority of the inspectors or by twenty-five per cent in number of the creditors holding twenty-five per cent in value of the proved claims.
Marginal note:Meetings convened by inspectors
(2) A meeting of the creditors may be convened by a majority of the inspectors at any time when a trustee is not available to call a meeting or has neglected or failed to do so when so directed by the inspectors.
- R.S., c. B-3, s. 81
Marginal note:Notice of subsequent meetings
104 (1) Meetings of creditors other than the first shall be called by sending a notice of the time and place of the meeting together with an agenda outlining the items for discussion with a reasonable explanation of what is expected to be discussed for each item, not less than five days before the time of each meeting to each creditor at the address given in the creditor’s proof of claim.
Marginal note:Notice to creditors with proved claims
(2) After the first meeting of creditors, notice of any meeting or of any proceeding need not be given to any creditors other than those who have proved their claims.
- R.S., 1985, c. B-3, s. 104
- 1997, c. 12, s. 85
- 2005, c. 47, s. 78
Procedure at Meetings
Marginal note:Chair of first meeting
105 (1) The official receiver or his nominee shall be the chair at the first meeting of creditors and shall decide any questions or disputes arising at the meeting and from any such decision any creditor may appeal to the court.
Marginal note:Chair of subsequent meetings
(2) At all meetings of creditors other than the first, the trustee shall be the chair unless by resolution at the meeting some other person is appointed.
Marginal note:Casting vote
(3) The chair of any meeting of creditors shall, in the case of a tie, have a second or casting vote.
Marginal note:Minutes of meeting
(4) The chair of any meeting of creditors shall, within a reasonable time after each meeting, cause minutes of the proceedings at the meeting to be prepared. The minutes shall be signed by the chair or by the chair of the next meeting and shall be retained as part of the books, records and documents referred to in section 26 relating to the administration of the estate.
Marginal note:Non-receipt of notice by creditor
(5) Where a meeting of creditors is called, the proceedings had and resolutions passed at the meeting, unless the court otherwise orders, are valid, notwithstanding that some creditors had not received notice.
- R.S., 1985, c. B-3, s. 105
- 2005, c. 47, ss. 79, 123(E)
Marginal note:Where no quorum
(2) Where there is no quorum at the first meeting of creditors,
(2.1) Where there is no quorum at any meeting of creditors other than the first meeting, the chair shall adjourn the meeting to such time and place as the chair fixes.
Marginal note:Adjournment with consent of meeting
(3) The chair of any meeting of creditors may with the consent of the meeting adjourn the meeting from time to time.
- R.S., 1985, c. B-3, s. 106
- 1992, c. 27, s. 44
- 2005, c. 47, s. 123(E)
Marginal note:How creditors shall vote
107 Every class of creditors may express its views and wishes separately from every other class and the effect to be given to those views and wishes shall, in case of any dispute and subject to this Act, be in the discretion of the court.
- R.S., c. B-3, s. 85
Marginal note:Chair may admit or reject proof
Marginal note:Accept as proof
(2) Notwithstanding anything in this Act, the chair may, for the purpose of voting, accept any letter or printed matter transmitted by any form or mode of telecommunication as proof of the claim of a creditor.
Marginal note:In case of doubt
(3) Where the chair is in doubt as to whether a proof of claim should be admitted or rejected, he shall mark the proof as objected to and allow the creditor to vote subject to the vote being declared invalid in the event of the objection being sustained.
- R.S., 1985, c. B-3, s. 108
- 1992, c. 27, s. 45
- 2005, c. 47, s. 123(E)
- Date modified: