Livestock Pedigree Associations Winding-up Regulations (SOR/80-182)

12 A liquidator shall

• (a) forthwith after his appointment give notice thereof to the Minister and to each claimant and creditor known to the liquidator;

• (b) forthwith publish notice in the Canada Gazette and by insertion once a week for two consecutive weeks in a newspaper published or distributed in the place where the association has its head office and take reasonable steps to give notice thereof in each province in Canada where the association was carrying on its affairs on the date on which the Minister declared its corporate powers at an end, requiring any person,

  • (i) indebted to the association, to render an account and pay to the liquidator at the time and place specified any amount owing,

  • (ii) possessing property of the association, to deliver it to the liquidator at the time and place specified, and

  • (iii) having a claim against the association, whether liquidated, unliquidated, future or contingent, to present particulars thereof in writing to the liquidator not later than two months after the first publication of the notice;

• (c) take into his custody and control the property of the association;

• (d) open and maintain a trust account for the moneys of the association;

• (e) apply the property of the association in satisfaction of all its obligations;

• (f) keep accounts of the moneys of the association received and paid out by him;

• (g) maintain separate lists of the members, creditors and other persons having claims against the association;

• (h) if at any time the liquidator determines that the association is unable to pay or adequately provide for the discharge of its obligations, apply to the court for directions;

• (i) deliver to the court and to the Minister, at least once in every twelve month period after his appointment or more often as the court may require, financial statements of the association in such form as the liquidator may think proper or as the court may require; and

• (j) after his final accounts are approved by the court, distribute any remaining property of the association in accordance with an order of the court made pursuant to paragraph 14(5)(a).