Bankruptcy and Insolvency General Rules

Version of section 67 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 trustee’s accounts accordingly.

  • (2) Where the registrar taxes a trustee’s accounts as submitted, the trustee shall

    • (a) take the trustee’s fee as taxed;

    • (b) send a final dividend to each creditor to whom one is owed; and

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

      • (i) close the bank account used in administering the estate of the bankrupt, if that account is not a consolidated account, or, where the account is a consolidated account, ensure that all estate funds have been withdrawn from it,

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

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

  • (3) A trustee is deemed to be discharged on meeting the requirements of paragraphs (2)(b) and (c).

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

    • (a) take the trustee’s fee as taxed;

    • (b) send a final dividend to each creditor to whom one is owed, in accordance with the taxation order; and

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

      • (i) close the bank account used in administering the estate of the bankrupt if that account is not a consolidated account or, where the account is a consolidated account, ensure that all estate funds have been withdrawn from it,

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

      • (iii) 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

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

  • (5) A trustee is deemed to be discharged on meeting the requirements of paragraphs (4)(b) and (c).

  • SOR/98-240, s. 1
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