Bankruptcy and Insolvency Act — B-3 50
 bankrupt shall be approved by the inspectors before any further action is taken thereon. Proposal, etc., not to be withdrawn (4) No proposal or any security, guarantee or suretyship tendered with the proposal may be withdrawn pending the decision of the creditors and the court. Assignment not prevented (4.1) Subsection (4) shall not be construed as preventing an insolvent person in respect of whom a proposal has been made from subsequently making an assignment. Duties of trustee (5) The trustee shall make or cause to be made such an appraisal and investigation of the affairs and property of the debtor as to enable the trustee to estimate with reasonable accuracy the financial situation of the debtor and the cause of the debtor’s financial difficulties or insolvency and report the result thereof to the meeting of the creditors. Trustee to file cash-flow statement (6) The trustee shall, when filing a proposal under subsection 62(1) in respect of an insolvent person, file with the proposal (a) a statement — or a revised cash-flow statement if a cash-flow statement had previously been filed under subsection 50.4(2) in respect of that insolvent person — (in this section referred to as a “cash-flow statement”) indicating the projected cash-flow of the insolvent person on at least a monthly basis, prepared by the person making the proposal, reviewed for its reasonableness by the trustee and signed by the trustee and the person making the proposal; (b) a report on the reasonableness of the cash-flow statement, in the prescribed form, prepared and signed by the trustee; and (c) a report containing prescribed representations by the person making the proposal regarding the preparation of the cash-flow statement, in the prescribed form, prepared and signed by the person making the proposal. Creditors may obtain statement (7) Subject to subsection (8), any creditor may obtain a copy of the cash-flow statement on request made to the trustee. Exception (8) The court may order that a cash-flow statement or any part thereof not be released to some or all of the creditors pursuant to subsection (7) where it is satisfied that (a) such release would unduly prejudice the insolvent person; and (b) non-release would not unduly prejudice the creditor or creditors in question. Trustee protected (9) If the trustee acts in good faith and takes reasonable care in reviewing the cash-flow statement, he is not liable for loss or damage to any person resulting from that person’s reliance on the cash-flow statement. Trustee to monitor and report (10) Subject to any direction of the court under paragraph 47.1(2)(a), the trustee under a proposal in respect of an insolvent person shall, for the purpose of monitoring the insolvent person’s business and financial affairs, have access to and examine the insolvent person’s property, including his premises, books, records and other financial documents, to the extent necessary to adequately assess the insolvent person’s business and financial affairs, from the filing of the proposal until the proposal is approved by the court or the insolvent person becomes bankrupt, and shall (a) file a report on the state of the insolvent person’s business and financial affairs — containing the prescribed information, if any — (i) with the official receiver without delay after ascertaining a material adverse change in the insolvent person’s projected cash-flow or financial circumstances, and (ii) with the court at any time that the court may order; (a.1) send a report about the material adverse change to the creditors without delay after ascertaining the change; and (b) send, in the prescribed manner, a report on the state of the insolvent person’s business and financial affairs — containing the trustee’s opinion as to the reasonableness of a decision, if any, to include in a proposal a provision that sections 95 to 101 do not apply in respect of the proposal and containing the prescribed information, if any — to the creditors and