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

9 (1) If a court makes an order under subsection 5(4) or 6(3), the winding-up of the affairs of the association shall continue or be carried out, as the case may be, under the supervision of the court in accordance with these Regulations.

(2) On an application under subsection 5(4) or 6(1), the court may order the directors and officers of the association to furnish to the court all material information known to or reasonably ascertainable by them, including

• (a) financial statements of the association;

• (b) the name and address of each member of the association; and

• (c) the name and address of each creditor or claimant, including any creditor or claimant with unliquidated, future or contingent claims, and any person with whom the association has a contract.

(3) On an application under subsection 5(4) or 6(1), the court may, if it is satisfied that the association is able to pay or adequately provide for the payment or discharge of all its obligations, make any order it thinks fit including, without limiting the generality of the foregoing

• (a) an order that the affairs of the association be wound up or that the winding-up of the affairs of the association be continued under the supervision of the court, as the case may be;

• (b) an order appointing a liquidator, with or without security, fixing his remuneration and replacing a liquidator;

• (c) an order appointing inspectors or referees, specifying their powers and fixing their remuneration and replacing inspectors or referees;

• (d) an order determining the notice to be given to any interested person, or dispensing with notice to any person;

• (e) an order determining the validity of any claims made against the association;

• (f) an order, at any stage of the proceedings, restraining the directors and officers of the association from,

  • (i) exercising any of their powers, or

  • (ii) collecting or receiving any debt or other property of the association, and from paying out or transferring any property of the association, except as permitted by the court;

• (g) an order determining and enforcing the duty or liability of any director, officer or member of the association or any person who was a director, officer or member of the association prior to the date on which the Minister declared the corporate powers of the association to be at an end

  • (i) to the association, or

  • (ii) for an obligation of the association;

• (h) an order approving the payment, satisfaction or compromise of claims against the association and the retention of assets for such purposes, and determining the adequacy of provisions for the payment or discharge of obligations of the association, whether liquidated, unliquidated, future or contingent;

• (i) an order in respect of the disposition or destruction of the documents and records of the association;

• (j) on the application of a creditor, the inspectors or the liquidator, an order giving directions on any matter arising in the winding-up;

• (k) after notice has been given to all interested parties, an order relieving the liquidator from any omission or default on such terms as the court thinks fit and confirming any act of the liquidator;

• (l) an order directing meetings of the members of the association to be called, held and conducted in such manner as the court thinks fit for the purpose of ascertaining their wishes, and appointing a person to act as chairman of any such meeting and to report the result of it to the court;

• (m) an order requiring any member, director, officer, employee or agent of the association to pay, deliver, convey, surrender or transfer forthwith, or within such time as the court directs, to the liquidator all documents, records, moneys and property that are in his hands and to which the association is entitled;

• (n) an order for the inspection of the documents and records of the association by its creditors and members;

• (o) subject to section 14, an order approving any proposed distribution of the association’s remaining property, in money or in kind, in accordance with section 15 or an order directing the distribution of the association’s remaining property in such other manner as the court thinks fit;

• (p) an order in respect of the disposition of any property belonging to creditors or members of the association who cannot be found; and

• (q) on the application of any director, officer member, security holder, creditor or the liquidator,

  • (i) an order staying the winding-up on such terms and conditions as the court thinks fit,

  • (ii) an order continuing or discontinuing the winding-up proceedings, or

  • (iii) an order to the liquidator to restore to the association all its remaining property.

(4) Where a court makes an order for the winding-up of the affairs of an association, the winding-up of the affairs of the association commences when the court makes the order therefor.