Bankruptcy and Insolvency Act

Marginal note:Resolution respecting inspectors

• 116 (1) At the first or a subsequent meeting of creditors, the creditors shall, by resolution, appoint up to five inspectors of the estate of the bankrupt or agree not to appoint any inspectors.

• Marginal note:Persons not eligible

  (2) No person is eligible to be appointed or to act as an inspector who is a party to any contested action or proceedings by or against the estate of the bankrupt.

• Marginal note:Powers

  (3) The powers of the inspectors may be exercised by a majority of them.

• Marginal note:Filling vacancy

  (4) The creditors or inspectors at any meeting may fill any vacancy on the board of inspectors.

• Marginal note:Revocation and replacement

  (5) The creditors may at any meeting and the court may on the application of the trustee or any creditor revoke the appointment of any inspector and appoint another in his stead.