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

14 (1) A liquidator shall pay the costs of the winding-up of the property of the association and shall pay or make adequate provision for all claims against the association.

(2) Within one year after his appointment, and after paying or making adequate provision for all claims against the association, the liquidator shall apply to the court

• (a) for approval of his final accounts and for an order permitting him to distribute in money or in kind the remaining property of the association in accordance with section 15 or in such other manner as the court may direct; or

• (b) for an extension of time, setting out the reasons therefor.

(3) If a liquidator fails to make the application required by subsection (2), a member of the association or the Minister may apply to the court for an order for the liquidator to show cause why a final accounting and distribution should not be made.

(4) A liquidator shall give not less than ten days notice of his intention to make an application under subsection (2) to the Minister, each inspector appointed under subsection 9(3), each member of the association and any person who provided a security or fidelity bond for the winding-up of the affairs of the association, and he shall publish the notice in a newspaper published or distributed in the place where the association has its head office or as otherwise directed by the court.

(5) If the court approves the final accounts rendered by a liquidator, the court shall make an order

• (a) directing the distribution of the property of the association remaining after paying or adequately providing for the payment or discharge of all its obligations in accordance with section 15 or in such other manner as the court thinks fit;

• (b) directing the custody or disposal of the documents and records of the association;

• (c) subject to subsection (6), discharging the liquidator; and

• (d) directing the Minister to issue a certificate certifying that the winding-up of the affairs of the association is terminated when the Minister is satisfied that the order of the court made pursuant to paragraphs (a) and (b) has been complied with.

(6) The liquidator shall forthwith send or deliver a certified copy of the court order referred to in subsection (5) to the Minister.

(7) When the Minister receives the court order referred to in subsection (5) and is satisfied that the order of the court made pursuant to paragraphs 5(a) and (b) has been complied with, the Minister shall issue a certificate certifying that the winding-up of the affairs of the association is terminated.

(8) The winding-up of the affairs of the association is terminated on the date on which the certificate is issued pursuant to subsection (7).