Bankruptcy and Insolvency General Rules

Version of section 103 from 2006-03-22 to 2007-03-21:

  •  (1) At the time of the hearing, the registrar shall consider the creditors’ objections and the letter of comment issued by the Superintendent, and shall tax the administrator’s accounts accordingly.

  • (2) Where the registrar taxes an administrator’s accounts as submitted, the administrator shall, within two months after the date of the taxation order,

    • (a) send each creditor the final dividend that is owed to them;

    • (b) close the bank account used in administering the consumer proposal, if that account is not a consolidated account, or, where the account is a consolidated account, ensure that all funds governed by the consumer proposal have been withdrawn from it;

    • (c) remit any unclaimed dividends and undistributed funds to the Superintendent; and

    • (d) send to the Division Office a certificate of compliance and deemed discharge, in prescribed form.

  • (3) The administrator is deemed to be discharged on meeting the requirements of subsection (2).

  • (4) Where the registrar taxes an administrator’s accounts otherwise than as submitted, the administrator shall

    • (a) adjust the administrator’s fee as taxed and, if that fee was reduced by the taxation, reimburse the difference to the bank account used in administering the consumer proposal; and

    • (b) within two months after the date of the taxation order,

      • (i) send each creditor the final dividend that is owed to them, in accordance with the taxation order,

      • (ii) close the bank account used in administering the consumer proposal, if that account is not a consolidated account, or, where the account is a consolidated account, ensure that all funds governed by the consumer proposal have been withdrawn from it,

      • (iii) remit any unclaimed dividends and undistributed funds to the Superintendent,

      • (iv) send to the Division Office and to each creditor a revised final statement of receipts and disbursements, a revised dividend sheet and a copy of the taxation order, and

      • (v) send to the Division Office and to the registrar a certificate of compliance and deemed discharge, in prescribed form.

  • (5) The administrator is deemed to be discharged on meeting the requirements of subsection (4).

  • SOR/98-240, s. 1
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