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Bankruptcy and Insolvency Act

Version of section 57 from 2002-12-31 to 2009-09-17:


Marginal note:Result of refusal of proposal

 Where the creditors refuse a proposal in respect of an insolvent person,

  • (a) the insolvent person is deemed to have thereupon made an assignment;

  • (b) the trustee shall forthwith file a report thereof in the prescribed form with the official receiver, who shall thereupon issue a certificate of assignment in the prescribed form, which has the same effect for the purposes of this Act as an assignment filed pursuant to section 49; and

  • (c) the trustee shall either

    • (i) forthwith call a meeting of creditors present at that time, which meeting shall be deemed to be a meeting called under section 102, or

    • (ii) if no quorum exists for the purpose of subparagraph (i), send notice, within five days after the day the certificate mentioned in paragraph (b) is issued, of the meeting of creditors under section 102,

    and at either meeting the creditors may by ordinary resolution, notwithstanding section 14, affirm the appointment of the trustee or appoint another licensed trustee in lieu of that trustee.

  • R.S., 1985, c. B-3, s. 57
  • 1992, c. 27, s. 23
  • 1997, c. 12, s. 33

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