Bankruptcy and Insolvency Act

Marginal note:Calling of meeting of creditors

• 51 (1) The trustee shall call a meeting of the creditors, to be held within twenty-one days after the filing of the proposal with the official receiver under subsection 62(1), by sending in the prescribed manner to every known creditor and to the official receiver, at least ten days before the meeting,

  • (a) a notice of the date, time and place of the meeting;

  • (b) a condensed statement of the assets and liabilities;

  • (c) a list of the creditors with claims amounting to two hundred and fifty dollars or more and the amounts of their claims as known or shown by the debtor’s books;

  • (d) a copy of the proposal;

  • (e) the prescribed forms, in blank, of

    • (i) proof of claim,

    • (ii) in the case of a secured creditor to whom the proposal was made, proof of secured claim, and

    • (iii) proxy,

    if not already sent; and

  • (f) a voting letter as prescribed.

• Marginal note:In case of a prior meeting

  (2) Where a meeting of his creditors at which a statement or list of the debtor’s assets, liabilities and creditors was presented was held before the trustee is required by this section to convene a meeting to consider the proposal and at the time when the debtor requires the convening of the meeting the condition of the debtor’s estate remains substantially the same as at the time of the former meeting, the trustee may omit observance of the provisions of paragraphs (1)(b) and (c).

• Marginal note:Chairman of first meeting

  (3) The official receiver, or the nominee thereof, shall be the chairman of the meeting referred to in subsection (1) and shall decide any questions or disputes arising at the meeting, and any creditor may appeal any such decision to the court.