GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Bankruptcy and Insolvency Act — B-3
creditor means a person having a claim provable as a claim under this Act; ( créancier )
Bankruptcy and Insolvency Act — B-3
current assets means cash, cash equivalents — including negotiable instruments and demand deposits — inventory or accounts receivable, or the proceeds from any dealing with those assets; ( actif à court terme )
Bankruptcy and Insolvency Act — B-3 (a)
date of the bankruptcy , in respect of a person, means the date of (a) the granting of a bankruptcy order against the person, (b) the filing of an assignment in respect of the person, or (c) the event that causes an assignment by the person to be deemed; ( date de la faillite )
Bankruptcy and Insolvency Act — B-3 (a)
date of the initial bankruptcy event , in respect of a person, means the earliest of the day on which any one of the following is made, filed or commenced, as the case may be: (a) an assignment by or in respect of the person, (b) a proposal by or in respect of the person, (c) a notice of intention by the person, (d) the first application for a bankruptcy order against the person, in any case (i) referred to in paragraph 50.4(8)(a) or 57(a) or subsection 61(2), or (ii) in which a notice of intention to make a proposal has been filed under section 50.4 or a proposal has been filed under section 62 in respect of the person and the person files an assignment before the court has approved the proposal, (e) the application in respect of which a bankruptcy order is made, in the case of an application other than one referred to in paragraph (d), or (f) proceedings under the Companies’ Creditors Arrangement Act ; ( ouverture de la faillite )
Bankruptcy and Insolvency Act — B-3
debtor includes an insolvent person and any person who, at the time an act of bankruptcy was committed by him, resided or carried on business in Canada and, where the context requires, includes a bankrupt; ( débiteur )
Bankruptcy and Insolvency Act — B-3
director in respect of a corporation other than an income trust, means a person occupying the position of director by whatever name called and, in the case of an income trust, a person occupying the position of trustee by whatever name called; ( administrateur )
Bankruptcy and Insolvency Act — B-3
eligible financial contract means an agreement of a prescribed kind; ( contrat financier admissible )
Bankruptcy and Insolvency Act — B-3 (a)
equity claim means a claim that is in respect of an equity interest, including a claim for, among others, (a) a dividend or similar payment, (b) a return of capital, (c) a redemption or retraction obligation, (d) a monetary loss resulting from the ownership, purchase or sale of an equity interest or from the rescission, or, in Quebec, the annulment, of a purchase or sale of an equity interest, or (e) contribution or indemnity in respect of a claim referred to in any of paragraphs (a) to (d); ( réclamation relative à des capitaux propres )
Bankruptcy and Insolvency Act — B-3 (a)
equity interest means (a) in the case of a corporation other than an income trust, a share in the corporation — or a warrant or option or another right to acquire a share in the corporation — other than one that is derived from a convertible debt, and (b) in the case of an income trust, a unit in the income trust — or a warrant or option or another right to acquire a unit in the income trust — other than one that is derived from a convertible debt; ( intérêt relatif à des capitaux propres )
Bankruptcy and Insolvency Act — B-3
executing officer includes a sheriff, a bailiff and any officer charged with the execution of a writ or other process under this Act or any other Act or proceeding with respect to any property of a debtor; ( huissier- exécutant )
Bankruptcy and Insolvency Act — B-3 (a)
financial collateral means any of the following that is subject to an interest, or in the Province of Quebec a right, that secures payment or performance of an obligation in respect of an eligible financial contract or that is subject to a title transfer credit support agreement: (a) cash or cash equivalents, including negotiable instruments and demand deposits, (b) securities, a securities account, a securities entitlement or a right to acquire securities, or (c) a futures agreement or a futures account; ( garantie financière )
Bankruptcy and Insolvency Act — B-3
General Rules means the General Rules referred to in section 209; ( Règles générales )
Bankruptcy and Insolvency Act — B-3 (a)
income trust means a trust that has assets in Canada if (a) its units are listed on a prescribed stock exchange on the date of the initial bankruptcy event, or (b) the majority of its units are held by a trust whose units are listed on a prescribed stock exchange on the date of the initial bankruptcy event; ( fiducie de revenu )
Bankruptcy and Insolvency Act — B-3 (a)
insolvent person means a person who is not bankrupt and who resides, carries on business or has property in Canada, whose liabilities to creditors provable as claims under this Act amount to one thousand dollars, and (a) who is for any reason unable to meet his obligations as they generally become due, (b) who has ceased paying his current obligations in the ordinary course of business as they generally become due, or (c) the aggregate of whose property is not, at a fair valuation, sufficient, or, if disposed of at a fairly conducted sale under legal process, would not be sufficient to enable payment of all his obligations, due and accruing due; ( personne insolvable )
Bankruptcy and Insolvency Act — B-3
legal counsel means any person qualified, in accordance with the laws of a province, to give legal advice; ( conseiller juridique )
Bankruptcy and Insolvency Act — B-3 (a)
locality of a debtor means the principal place (a) where the debtor has carried on business during the year immediately preceding the date of the initial bankruptcy event, (b) where the debtor has resided during the year immediately preceding the date of the initial bankruptcy event, or (c) in cases not coming within paragraph (a) or (b), where the greater portion of the property of the debtor is situated; ( localité )
Bankruptcy and Insolvency Act — B-3
Minister means the Minister of Industry; ( ministre )
Bankruptcy and Insolvency Act — B-3
net termination value means the net amount obtained after netting or setting off or compensating the mutual obligations between the parties to an eligible financial contract in accordance with its provisions; ( valeurs nettes dues à la date de résiliation )
Bankruptcy and Insolvency Act — B-3
official receiver means an officer appointed under subsection 12(2); ( séquestre officiel )
Bankruptcy and Insolvency Act — B-3
person includes a partnership, an unincorporated association, a corporation, a cooperative society or a cooperative organization, the successors of a partnership, of an association, of a corporation, of a society or of an organization and the heirs, executors, liquidators of the succession, administrators or other legal representatives of a person; ( personne )
Bankruptcy and Insolvency Act — B-3 (a)
prescribed (a) in the case of the form of a document that is by this Act to be prescribed and the information to be given therein, means prescribed by directive issued by the Superintendent under paragraph 5(4)(e), and (b) in any other case, means prescribed by the General Rules; ( prescrit )
Bankruptcy and Insolvency Act — B-3
property means any type of property, whether situated in Canada or elsewhere, and includes money, goods, things in action, land and every description of property, whether real or personal, legal or equitable, as well as obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, in, arising out of or incident to property; ( bien )
Bankruptcy and Insolvency Act — B-3 (a)
proposal means (a) in any provision of Division I of Part III, a proposal made under that Division, and (b) in any other provision, a proposal made under Division I of Part III or a consumer proposal made under Division II of Part III and includes a proposal or consumer proposal, as the case may be, for a composition, for an extension of time or for a scheme or arrangement; ( proposition concordataire ou proposition )
Bankruptcy and Insolvency Act — B-3
public utility includes a person or body who supplies fuel, water or electricity, or supplies telecommunications, garbage collection, pollution control or postal services; ( entreprise de service public )
Bankruptcy and Insolvency Act — B-3
resolution or ordinary resolution means a resolution carried in the manner provided by section 115; ( résolution ou résolution ordinaire )
Bankruptcy and Insolvency Act — B-3 (a)
secured creditor means a person holding a mortgage, hypothec, pledge, charge or lien on or against the property of the debtor or any part of that property as security for a debt due or accruing due to the person from the debtor, or a person whose claim is based on, or secured by, a negotiable instrument held as collateral security and on which the debtor is only indirectly or secondarily liable, and includes (a) a person who has a right of retention or a prior claim constituting a real right, within the meaning of the Civil Code of Québec or any other statute of the Province of Quebec, on or against the property of the debtor or any part of that property, or (b) any of (i) the vendor of any property sold to the debtor under a conditional or instalment sale, (ii) the purchaser of any property from the debtor subject to a right of redemption, or (iii) the trustee of a trust constituted by the debtor to secure the performance of an obligation, if the exercise of the person’s rights is subject to the provisions of Book Six of the Civil Code of Québec entitled Prior Claims and Hypothecs that deal with the exercise of hypothecary rights; ( créancier garanti )
Bankruptcy and Insolvency Act — B-3
settlement [Repealed, 2005, c. 47, s. 2]
Bankruptcy and Insolvency Act — B-3
shareholder includes a member of a corporation — and, in the case of an income trust, a holder of a unit in an income trust — to which this Act applies; ( actionnaire )
Bankruptcy and Insolvency Act — B-3
special resolution means a resolution decided by a majority in number and three-fourths in value of the creditors with proven claims present, personally or by proxy, at a meeting of creditors and voting on the resolution; ( résolution spéciale )
Bankruptcy and Insolvency Act — B-3
Superintendent means the Superintendent of Bankruptcy appointed under subsection 5(1); ( surintendant )
Bankruptcy and Insolvency Act — B-3
Superintendent of Financial Institutions means the Superintendent of Financial Institutions appointed under subsection 5(1) of the Office of the Superintendent of Financial Institutions Act ; ( surintendant des institutions financières )
Bankruptcy and Insolvency Act — B-3 (a)
time of the bankruptcy , in respect of a person, means the time of (a) the granting of a bankruptcy order against the person, (b) the filing of an assignment by or in respect of the person, or (c) the event that causes an assignment by the person to be deemed; ( moment de la faillite )
Bankruptcy and Insolvency Act — B-3
title transfer credit support agreement means an agreement under which an insolvent person or a bankrupt has provided title to property for the purpose of securing the payment or performance of an obligation of the insolvent person or bankrupt in respect of an eligible financial contract; ( accord de transfert de titres pour obtention de crédit )
Bankruptcy and Insolvency Act — B-3
transfer at undervalue means a disposition of property or provision of services for which no consideration is received by the debtor or for which the consideration received by the debtor is conspicuously less than the fair market value of the consideration given by the debtor; ( opération sous-évaluée )
Bankruptcy and Insolvency Act — B-3
trustee or licensed trustee means a person who is licensed or appointed under this Act. ( syndic ou syndic autorisé )
Bankruptcy and Insolvency Act — B-3 2.1
Designation of beneficiary 2.1 A change in the designation of a beneficiary in an insurance contract is deemed to be a disposition of property for the purpose of this Act. 1997, c. 12, s. 2; 2004, c. 25, s. 8; 2005, c. 47, s. 3
Bankruptcy and Insolvency Act — B-3 2.2
Superintendent’s division office 2.2 Any notification, document or other information that is required by this Act to be given, forwarded, mailed, sent or otherwise provided to the Superintendent, other than an application for a licence under subsection 13(1), shall be given, forwarded, mailed, sent or otherwise provided to the Superintendent at the Superintendent’s division office as specified in directives of the Superintendent. 1997, c. 12, s. 2
Bankruptcy and Insolvency Act — B-3
entity means a person other than an individual; ( entité )
Bankruptcy and Insolvency Act — B-3
related group means a group of persons each member of which is related to every other member of the group; ( groupe lié )
Bankruptcy and Insolvency Act — B-3
unrelated group means a group of persons that is not a related group. ( groupe non lié )
Bankruptcy and Insolvency Act — B-3 4.1
Binding on Her Majesty 4.1 This Act is binding on Her Majesty in right of Canada or a province. 1992, c. 27, s. 4
Bankruptcy and Insolvency Act — B-3 4.2
Good faith 4.2 (1) Any interested person in any proceedings under this Act shall act in good faith with respect to those proceedings. Good faith — powers of court (2) If the court is satisfied that an interested person fails to act in good faith, on application by any interested person, the court may make any order that it considers appropriate in the circumstances. 2019, c. 29, s. 133
Bankruptcy and Insolvency Act — B-3 5
 section 66.11; (d) issue directives governing the criteria to be applied by the Superintendent in determining whether a trustee licence is to be issued to a person and governing the qualifications and activities of trustees; (d.1) issue directives respecting the rules governing hearings for the purposes of section 14.02; and (e) issue directives prescribing the form of any document that is by this Act to be prescribed and the information to be given therein. Compliance with directives (5) Every person to whom a directive is issued by the Superintendent under paragraph (4)(b) or (c) shall comply with the directive in the manner and within the time specified therein. Directives (6) A directive issued by the Superintendent under this section shall be deemed not to be a statutory instrument within the meaning and for the purposes of the Statutory Instruments Act. R.S., 1985, c. B-3, s. 5; 1992, c. 27, s. 5; 1997, c. 12, s. 4; 2001, c. 4, s. 26(E); 2005, c. 47, s. 6
Bankruptcy and Insolvency Act — B-3 6
Outside investigations 6 (1) The Superintendent may engage any persons that the Superintendent considers advisable to conduct any inquiry or investigation or to take any other necessary action outside of the office of the Superintendent, and the cost and expenses of those persons shall, when certified by the Superintendent, be payable out of the appropriation for the office of the Superintendent. Superintendent may examine bank account (2) The Superintendent, or any one duly authorized by him in writing on his behalf, is entitled to have access to and to examine and make copies of the banking accounts of a trustee in which estate funds may have been deposited, and, when required, all deposit slips, cancelled cheques or other documents relating thereto in the custody of the bank or the trustee shall be produced for examination. Superintendent may examine records and documents (3) The Superintendent, or anyone duly authorized in writing by or on behalf of the Superintendent, may with the leave of the court granted on an ex parte application examine the books, records, documents and deposit accounts of a trustee or any other person designated in the order granting that leave for the purpose of tracing or discovering the property or funds of an estate when there are reasonable grounds to believe or suspect that the property or funds of an estate have not been properly disclosed or dealt with and for that purpose may under a warrant from the court enter on and search any premises. Court order re payments from accounts (4) Where the Superintendent, on ex parte application, satisfies the court that it is necessary and in the public interest to do so, the court may issue an order directing a deposit-taking institution that holds a deposit account of a trustee or such other person as is designated in the order not to make payments out of the account until such time as the court otherwise directs. R.S., 1985, c. B-3, s. 6; 1997, c. 12, s. 5; 2005, c. 47, s. 7(E)
Bankruptcy and Insolvency Act — B-3 9
Appointment of employees 9 Such employees as are required to assist the Superintendent to perform his functions under this Act shall be appointed in accordance with the Public Service Employment Act . R.S., c. B-3, s. 5
Bankruptcy and Insolvency Act — B-3 11
Reporting offence to provincial authority 11 (1) Where after an investigation pursuant to section 10 or otherwise the Superintendent has obtained evidence of an offence having been committed in connection with an estate or matter to which this Act applies, the Superintendent shall report the alleged offence to the deputy attorney general of the province concerned or to such person as is duly designated by that deputy attorney general for that purpose. Costs and expenses (2) Notwithstanding section 136, a recovery made as the result of any inquiries or investigation made or caused to be made pursuant to section 10 shall be applied to the reimbursement of any costs and expenses incurred by the Superintendent thereon, not being ordinary costs or expenses of the office of the Superintendent, and the balance thereafter remaining in respect of the recovery shall be made available for the benefit of the creditors of the debtor. R.S., 1985, c. B-3, s. 11; 1992, c. 27, s. 8; 2004, c. 25, s. 11(F)
Bankruptcy and Insolvency Act — B-3 11.1
Public records 11.1 (1) The Superintendent shall keep, or cause to be kept, in such form as the Superintendent deems appropriate and for the prescribed period, a public record of (a) proposals, (b) bankruptcies, (c) licences issued to trustees by the Superintendent, and appointments or designations of administrators made by the Superintendent, and (d) notices sent to the Superintendent by receivers pursuant to subsection 245(1) and, on request therefor and on payment of such fee as may be prescribed, shall provide, or cause to be provided, any information contained in that public record. Other records (2) The Superintendent shall keep, or cause to be kept, in such form as the Superintendent deems appropriate and for the prescribed period, such other records relating to the administration of this Act as the Superintendent deems advisable. Agreement to provide compilation (3) The Superintendent may enter into an agreement to provide a compilation of all or part of the information that is contained in the public record. 1992, c. 27, s. 8; 2007, c. 36, s. 3
Bankruptcy and Insolvency Act — B-3 12
Bankruptcy districts and divisions 12 (1) Each of the provinces constitutes one bankruptcy district for the purposes of this Act but the Governor in Council may divide any bankruptcy district into two or more bankruptcy divisions and name or number them. Official receivers (2) The Governor in Council shall appoint one or more official receivers in each bankruptcy division who shall be deemed to be officers of the court and shall have and perform the duties and responsibilities specified by this Act and the General Rules. Report to Superintendent (3) The official receiver shall make a report to the Superintendent, in the prescribed form, of every bankruptcy originating in his division, and he shall also notify the Superintendent of any subsequent increase or decrease in the security filed by the trustee. Registrar to act for official receiver (4) In the absence or illness of the official receiver or pending the appointment of a successor when the office is vacant, the registrar of the court shall perform the duties of the official receiver. R.S., c. B-3, s. 8
Bankruptcy and Insolvency Act — B-3 13
Application for licence 13 (1) A person who wishes to obtain a licence to act as a trustee shall file with the Superintendent an application for a licence in the prescribed form. Conditions of eligibility (2) The Superintendent, after such investigation concerning an applicant for a licence to act as a trustee as the Superintendent considers necessary, may issue the licence if the Superintendent is satisfied, having regard to the criteria referred to in paragraph 5(4)(d), that the applicant is qualified to obtain the licence. Non-eligibility (3) The Superintendent may refuse to issue a licence to an applicant who is insolvent or has been found guilty of an indictable offence that, in the Superintendent’s opinion, is of a character that would impair the trustee’s capacity to perform his or her fiduciary duties. R.S., 1985, c. B-3, s. 13; 1992, c. 27, s. 9; 1997, c. 12, s. 6; 2005, c. 47, s. 9
Bankruptcy and Insolvency Act — B-3 13.1
Form of licence 13.1 A licence shall (a) be in the prescribed form; (b) specify the bankruptcy district or part thereof in which the trustee is entitled to act; and (c) be subject to such conditions and limitations as the Superintendent considers appropriate and may specify therein. 1992, c. 27, s. 9; 1997, c. 12, s. 7
Bankruptcy and Insolvency Act — B-3 13.2
Fees payable 13.2 (1) Prior to the issue of a licence, the applicant shall pay such fees as may be prescribed. Annual fees (2) Each year, starting with the year in which a licence is issued to a trustee, the trustee shall pay the prescribed fees on or before the prescribed date or, if there is no prescribed date, on or before December 31. When licence invalid (3) A licence ceases to be valid on the failure of the trustee to pay a fee in accordance with subsection (2) or if the trustee becomes bankrupt. Superintendent may reinstate licence (4) Where a licence has ceased to be valid by reason of (a) failure to pay fees, the Superintendent may reinstate it where the trustee pays the outstanding fees together with a prescribed penalty amount and provides a reasonable written explanation of the failure to pay them in accordance with subsection (2); or (b) the trustee becoming bankrupt, the Superintendent may, on written representations made by the trustee, reinstate the licence subject to such conditions and limitations as the Superintendent considers appropriate and may specify therein. Suspension or cancellation (5) A licence may be suspended or cancelled by the Superintendent (a) if the trustee has been found guilty of an indictable offence that, in the Superintendent’s opinion, is of a character that would impair the trustee’s capacity to perform his or her fiduciary duties; (b) if the trustee has failed to comply with any of the conditions or limitations to which the licence is subject; (c) if the trustee has ceased to act as a trustee; or (d) at the request of the trustee. Notice of intended decision (6) Notice of an intended decision under subsection (5) shall be in writing setting out the Superintendent’s reasons therefor and shall be sent to the trustee at least ten days before the decision takes effect. Conditions (7) If a licence ceases to be valid by virtue of subsection (3) or is suspended or cancelled under subsection (5), the Superintendent may impose on the trustee any requirements that the Superintendent considers appropriate, including a requirement that the trustee provide security for the protection of an estate. Non-application of procedure (8) For greater certainty, section 14.02 does not apply in respect of a suspension or cancellation of a licence under subsection (5). 1992, c. 27, s. 9; 1997, c. 12, s. 8; 2004, c. 25, s. 12; 2005, c. 47, s. 10 2019, c. 29, s. 160