Bankruptcy and Insolvency General Rules

Version of section 43 from 2006-03-22 to 2007-03-21:

  •  (1) Subject to subsection (2), where trustees have a responsibility to sell property in connection with a proposal or bankruptcy, they shall not sell the property, directly or indirectly,

    • (a) to their employees or agents, or persons not dealing at arms’ length with the trustees;

    • (b) to other trustees or, knowingly, to employees of other trustees; or

    • (c) to related persons of the trustees or, knowingly, to related persons of the persons referred to in paragraph (a) or (b).

  • (2) Where trustees have a responsibility to act in accordance with subsection (1), they may sell property in connection with a proposal or bankruptcy to the persons set out in paragraph (1)(a), (b) or (c), if the property is offered for sale

    • (a) at the same time as it is offered to the public;

    • (b) at the same price as it is offered to the public; and

    • (c) during the normal course of business of the bankrupt or debtor.

  • SOR/98-240, s. 1
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