GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Winding-up and Restructuring Act — W-11 81.1
Authorized foreign bank 81.1 Where a person holds security on the assets of an authorized foreign bank, other than those in respect of its business in Canada (a) sections 80 and 81 do not apply in relation to the person’s claim; (b) where there is a difference between the value at which the security is retained and the amount of the person’s claim, no claim for the difference in value is admissible to proof or may be made under this Act against the assets of the authorized foreign bank; and (c) the person is not barred from any recourse either in law or in equity against the authorized foreign bank in proceedings outside Canada for the difference referred to in paragraph (b). 1999, c. 28, s. 86
Winding-up and Restructuring Act — W-11 82
Security by mortgage or charge 82 Where the security consists of a mortgage on ships or shipping or on real property, or of a registered judgment or an execution binding real property that is not by any other provision of this Act invalid for any purpose of creating a lien, claim or privilege on the real or personal property of the company, the property mortgaged or bound by the security shall only be assigned and delivered to the creditor, or, in the case of an authorized foreign bank, to the creditor or person who holds the security (a) subject to all previous mortgages, judgments, executions, hypothecs and liens on the security, holding rank and priority before the creditor’s or person’s claim; (b) on the creditor’s or person’s assuming and binding themself to pay all of those previous mortgages, judgments, executions, hypothecs and liens; and (c) on the creditor’s or person’s securing the estate of the company to the satisfaction of the liquidator against any claim by reason of those previous mortgages, judgments, executions, hypothecs and liens. R.S., 1985, c. W-11, s. 82; 1999, c. 28, s. 86
Winding-up and Restructuring Act — W-11 83
In case of subsequent claims 83 Where there are mortgages, judgments, executions, hypothecs or liens on ships or shipping or real property subsequent to those of a creditor or person referred to in section 82, the creditor or person shall only obtain the property (a) by consent of the subsequently secured creditors or persons; (b) on the subsequently secured creditors or persons filing their claims specifying their security on the property as of no value; (c) on the creditor or person paying the subsequently secured creditors or persons the value by them placed on the property; or (d) on the creditor or person securing the estate of the company to the satisfaction of the liquidator against any claim by reason of the subsequent mortgages, judgments, executions, hypothecs and liens. R.S., 1985, c. W-11, s. 83; 1999, c. 28, s. 86
Winding-up and Restructuring Act — W-11 84
Authority to retain 84 On a secured claim being filed, with a valuation of the security, the liquidator shall procure the authority of the court to consent to the retention of the security by the creditor or, in the case of an authorized foreign bank, by the creditor or other person who holds the security or shall require from the creditor or person an assignment and delivery of the security. R.S., 1985, c. W-11, s. 84; 1999, c. 28, s. 86
Winding-up and Restructuring Act — W-11 85
Preparing dividend sheet 85 In the preparation of a dividend sheet, due regard shall be had to the rank and privilege of every creditor, but no dividend shall be allotted or paid to any creditor holding security on the estate of the company for his claim until the amount for which he may rank as a creditor on the estate, with respect to dividends therefrom, is established as herein provided. R.S., c. W-10, s. 85
Winding-up and Restructuring Act — W-11 86
No lien by execution, etc., after commencement of winding-up 86 (1) No lien or privilege shall be created (a) on the real or personal property of the company for the amount of any judgment debt, or of the interest thereon, by the issue or delivery to the sheriff of any writ of execution or by levying on or seizing under that writ the effects or estate of the company, or (b) on the real or personal property of the company, or on any debts due or accruing or becoming due to the company, by the filing or registering of any memorial or minute of judgment or by the issue or taking out of any attachment or garnishee order or other process or proceeding, if, before the payment over to the plaintiff of the moneys actually levied, paid or received under the writ, memorial, minute, attachment, garnishee order or other process or proceeding, the winding-up of the business of the company has commenced. Lien for costs excepted (2) This section does not affect any lien or privilege for costs that the plaintiff possesses under the law of the province in which the writ, attachment, garnishee order or other process or proceeding was issued or taken out. R.S., c. W-10, s. 86
Winding-up and Restructuring Act — W-11 87
Claims or dividend may be objected to 87 Any liquidator, creditor, contributory, shareholder or member of a company or, in the case of an authorized foreign bank, the liquidator, the authorized foreign bank or any creditor, may object to any claim filed with the liquidator or to any dividend declared. R.S., 1985, c. W-11, s. 87; 1999, c. 28, s. 87
Winding-up and Restructuring Act — W-11 88
Objections in writing 88 (1) Where a claim or dividend is objected to under section 87, the objections shall be filed in writing with the liquidator, together with the evidence of the previous service of a copy thereof on the claimant. Answers and replies (2) The claimant shall have six days to answer the objections, or such further time as the court allows, and the contestant shall have three days to reply, or such further time as the court allows. R.S., c. W-10, s. 88
Winding-up and Restructuring Act — W-11 89
Day to be fixed for hearing 89 On the completion of the issues on the objections filed under section 88, the liquidator shall transmit to the court all necessary papers relating to the contestation, and the court shall, on the application of either party, fix a day for taking evidence on the contestation and hearing and determining the contestation. R.S., c. W-10, s. 89
Winding-up and Restructuring Act — W-11 90
Costs 90 The court may make such order as seems proper in respect of the payment of the costs of the contestation referred to in section 89 by either party or out of the estate of the company. R.S., c. W-10, s. 90
Winding-up and Restructuring Act — W-11 91
Default in answer by claimant 91 Where, after a claim or dividend has been duly objected to, the claimant does not answer the objections, the court may, on the application of the contestant, make an order barring the claim or correcting the dividend, or may make such other order with reference thereto as appears right. R.S., c. W-10, s. 91
Winding-up and Restructuring Act — W-11 92
Security for costs 92 The court may order the person objecting to a claim or dividend to give security for the costs of the contestation within a limited time, and may, in default, dismiss the contestation or stay proceedings thereon on such terms as the court thinks just. R.S., c. W-10, s. 92
Winding-up and Restructuring Act — W-11 93
Distribution of property 93 The property of the company shall be applied in satisfaction of its debts and liabilities, and the charges, costs and expenses incurred in winding-up its affairs. R.S., c. W-10, s. 93
Winding-up and Restructuring Act — W-11 94
Winding-up expenses 94 All costs, charges and expenses properly incurred in the winding-up of a company, including the remuneration of the liquidator, are payable out of the assets of the company, in priority to all other claims. R.S., c. W-10, s. 94
Winding-up and Restructuring Act — W-11 95
Distribution of surplus 95 (1) The court shall distribute among the persons entitled thereto any surplus that remains after the satisfaction of the debts and liabilities of the company and the winding-up charges, costs and expenses, and unless otherwise provided by law or by the Act, charter or instrument of incorporation of the company, any property or assets remaining after the satisfaction shall be distributed among the members or shareholders according to their rights and interests in the company. Interest from commencement of winding-up (2) Any surplus referred to in subsection (1) shall first be applied in payment of interest from the commencement of the winding-up at the rate of five per cent per annum on all claims proved in the winding-up and according to their priority. R.S., 1985, c. W-11, s. 95; 1996, c. 6, s. 155
Winding-up and Restructuring Act — W-11 96
Gratuitous contracts 96 All gratuitous contracts, or conveyances or contracts without consideration or with a merely nominal consideration, respecting either real or personal property, made by a company in respect of which a winding-up order under this Act is afterwards made, with or to any person whatever, whether a creditor of the company or not, within three months immediately preceding the commencement of the winding-up, or at any time afterwards, shall be presumed to have been made with intent to defraud the creditors of the company. R.S., c. W-10, s. 96
Winding-up and Restructuring Act — W-11 97
Contracts injuring or obstructing creditors 97 All contracts by which creditors are injured, obstructed or delayed, made by a company unable to meet its engagements, and in respect of which a winding-up order under this Act is afterwards made, with a person whether a creditor of the company or not, who knows of that inability or has probable cause for believing that inability exists, or after that inability has become public and notorious, shall be presumed to be made with intent to defraud the creditors of the company. R.S., c. W-10, s. 97
Winding-up and Restructuring Act — W-11 98
When contracts with consideration voidable 98 A contract or conveyance for consideration, respecting either real or personal property, by which creditors are injured or obstructed, made by a company unable to meet its engagements with a person ignorant of that inability, whether a creditor of the company or not, and before that inability has become public and notorious, but within thirty days next before the commencement of the winding-up of the business of the company under this Act, or at any time afterwards, is voidable, and may be set aside by any court of competent jurisdiction, on such terms with respect to the protection of that person from actual loss or liability by reason of that contract as the court orders. R.S., c. W-10, s. 98
Winding-up and Restructuring Act — W-11 99
Contracts made with intent to defraud or delay creditors 99 All contracts or conveyances made and acts done by a company respecting either real or personal property, with intent fraudulently to impede, obstruct or delay the creditors of the company in their remedies against the company, or with intent to defraud the creditors of the company or any of them, and so made, done and intended with the knowledge of the person contracting or acting with the company, whether a creditor of the company or not, and that have the effect of impeding, obstructing or delaying the creditors in their remedies, or of injuring them, or any of them, are void. R.S., c. W-10, s. 99
Winding-up and Restructuring Act — W-11 100
Sale or transfer in contemplation of insolvency 100 (1) Where any sale, deposit, pledge or transfer is made of any property, real or personal, by a company in contemplation of insolvency under this Act by way of security for payment to any creditor, or where any property, real or personal, goods, effects or valuable security are given by way of payment by the company to any creditor, whereby that creditor obtains or will obtain an unjust preference over the other creditors, the sale, deposit, pledge, transfer or payment is void, and the subject thereof may be recovered back by the liquidator by suit or action in any court of competent jurisdiction. Presumption if within thirty days (2) Where the sale, deposit, pledge or transfer under subsection (1) is made within thirty days next before the commencement of the winding-up of the company under this Act, or at any time afterwards, it shall be presumed to have been so made in contemplation of insolvency, whether or not it was made voluntarily or under pressure and evidence of pressure shall not be admissible to support the transaction. Exception (3) The presumption referred to in subsection (2) does not apply to a sale, deposit, pledge or transfer of financial collateral made in accord- ance with the provisions of an eligible financial contract. R.S., 1985, c. W-11, s. 100; 1996, c. 6, s. 156; 2007, c. 29, s. 114
Winding-up and Restructuring Act — W-11 101
Payments by company within thirty days 101 (1) Every payment made within thirty days next before the commencement of the winding-up under this Act by a company unable to meet its engagements in full, to a person who knows of that inability or has probable cause for believing that inability exists, is void, and the amount paid may be recovered back by the liquidator by suit or action in any court of competent jurisdiction. Restoration of security (2) Where any valuable security is given in consideration of a payment described in subsection (1), the security or the value thereof shall be restored to the creditor on the return of the payment. Exception (3) Subsection (1) does not apply to a payment made in connection with financial collateral in accordance with the provisions of an eligible financial contract. R.S., 1985, c. W-11, s. 101; 2007, c. 29, s. 115
Winding-up and Restructuring Act — W-11 101.1
Definitions 101.1 In subsections 100(3) and 101(3), eligible financial contract and financial collateral have the same meanings as in subsection 22.1(2). 2007, c. 29, s. 116
Winding-up and Restructuring Act — W-11 102
Debts of company transferred to contributories 102 When a debt due or owing by a company has been transferred within the time and under the circumstances mentioned in section 101, or at any time afterwards, to a contributory, or to any person indebted or liable in any way to the company, who knows or has probable cause for believing the company is unable to meet its engagements, or in contemplation of its insolvency under this Act, for the purpose of enabling that contributory or person to set up, by way of compensation or set-off, the debt so transferred, the debt shall not be set up by way of compensation or set-off against the claim on that contributory or person. R.S., c. W-10, s. 102
Winding-up and Restructuring Act — W-11 102.1
nt or that rendered the company insolvent. Onus (7) For the purposes of an inquiry under this section, the onus of proving (a) that the company was not insolvent lies on the directors and the shareholders of the company or, if the company is a federal credit union, on the directors, members and shareholders of the company; and (b) that there were reasonable grounds to believe any of the following lies on the directors: (i) that the company was not insolvent when a dividend was paid or shares, or membership shares of a federal credit union, were redeemed or purchased for cancellation, or (ii) that the payment of a dividend or a redemption of shares, or membership shares of a federal credit union, did not render the company insolvent. Meaning of dividend (8) In this section, dividend includes a patronage allocation within the meaning of section 2 of the Bank Act . 1996, c. 6, s. 157; 2010, c. 12, s. 2133
Winding-up and Restructuring Act — W-11 103
Appeals 103 Any person dissatisfied with an order or decision of the court or a single judge in any proceeding under this Act may, (a) if the question to be raised on the appeal involves future rights, (b) if the order or decision is likely to affect other cases of a similar nature in the winding-up proceedings, or (c) if the amount involved in the appeal exceeds five hundred dollars, by leave of a judge of the court, or by leave of the court or a judge of the court to which the appeal lies, appeal therefrom. R.S., c. W-10, s. 103; R.S., c. 44(1st Supp.), s. 10; 1976-77, c. 28, s. 49(F)
Winding-up and Restructuring Act — W-11 104
Court of Appeal 104 An appeal under section 103 lies to the highest court of final resort in or for the province or territory in which the proceeding originated. R.S., c. W-10, s. 104
Winding-up and Restructuring Act — W-11 105
Practice 105 All appeals shall be regulated, as far as possible, according to the practice in other cases of the court appealed to, but no appeal hereinbefore authorized shall be entertained unless the appellant has, within fourteen days from the rendering of the order or decision appealed from, or within such further time as the court or judge appealed from allows, taken proceedings therein to perfect his appeal, or unless, within that time, he has made a deposit or given sufficient security according to the practice of the court appealed to that he will duly prosecute the appeal and pay such damages and costs as may be awarded to the respondent. R.S., c. W-10, s. 106; R.S., c. 44(1st Supp.), s. 10
Winding-up and Restructuring Act — W-11 106
Dismissing appeal 106 Where an appellant does not proceed with his appeal according to this Act and the rules of practice applicable, the court appealed to, on the application of the respondent, may dismiss the appeal with or without costs. R.S., c. W-10, s. 107
Winding-up and Restructuring Act — W-11 107
Appeal to Supreme Court of Canada 107 An appeal, if the amount involved therein exceeds two thousand dollars, lies by leave of the Supreme Court of Canada to that Court from the highest court of final resort in or for the province or territory in which the proceeding originated. R.S., c. W-10, s. 108; R.S., c. 44(1st Supp.), s. 10
Winding-up and Restructuring Act — W-11 108
Describing liquidator 108 In all proceedings connected with a company, a liquidator shall be described as the “liquidator of the ( name of company )” or, in the case of an authorized foreign bank, the “liquidator of the business in Canada of the ( name of the authorized foreign bank )” and not by individual name only. R.S., 1985, c. W-11, s. 108; 1999, c. 28, s. 88
Winding-up and Restructuring Act — W-11 109
Similar to ordinary suit 109 The proceedings under a winding-up order shall be carried on as nearly as may be in the same manner as an ordinary suit, action or proceeding within the jurisdiction of the court. R.S., c. W-10, s. 110
Winding-up and Restructuring Act — W-11 110
Powers exercised by a single judge 110 The powers conferred by this Act on a court may, subject to the appeal provided for in this Act, be exercised by a single judge thereof, and the judge may exercise those powers in chambers, either during term or in vacation. R.S., c. W-10, s. 111
Winding-up and Restructuring Act — W-11 111
Court may refer matters 111 After a winding-up order is made, the court may, subject to an appeal according to the practice of the court in like cases, as to the court may seem meet, by order of reference, refer and delegate, according to the practice and procedure of the court, to any officer of the court any of the powers conferred on the court by this Act. R.S., c. W-10, s. 112
Winding-up and Restructuring Act — W-11 112
Service of process out of jurisdiction 112 A court has the power and jurisdiction to cause or allow the service of process or proceedings under this Act to be made on persons out of the jurisdiction of the court, in the same manner, and with the like effect, as in ordinary actions or suits within the ordinary jurisdiction of the court. R.S., c. W-10, s. 113
Winding-up and Restructuring Act — W-11 113
Order of court deemed judgment 113 Every order of a court or judge for the payment of money or costs, charges or expenses made under this Act shall be deemed a judgment of the court, and may be enforced against the person or goods and chattels, lands and tenements of the person ordered to pay in the manner in which judgments or decrees of any superior court obtained in any suit may bind lands or be enforced in the province where the court making the order is situated. R.S., c. W-10, s. 114
Winding-up and Restructuring Act — W-11 114
Ordinary practice in case of discovery 114 The practice with respect to the discovery of assets of judgment debtors, in force in the superior courts or in any superior court in the province where any order is made under section 113, is applicable to and may be availed of in like manner for the discovery of the assets of any person who by that order is ordered to pay any money or costs, charges or expenses. R.S., c. W-10, s. 115
Winding-up and Restructuring Act — W-11 115
Attachment and garnishment 115 Debts due to any person against whom an order for the payment of money, costs or expenses has been obtained may, in any province where the attachment and garnishment of debts is allowed by law, be attached and garnished in the same manner as debts in that province due to a judgment debtor may be attached and garnished by a judgment creditor. R.S., c. W-10, s. 116
Winding-up and Restructuring Act — W-11 116
Witnesses attendance 116 In any action, suit, proceeding or contestation under this Act, the court may order the issue of a writ of subpoena ad testificandum or of subpoena duces tecum , commanding the attendance, as a witness, of any person who is within Canada. R.S., c. W-10, s. 117
Winding-up and Restructuring Act — W-11 117
Arrest of absconding contributory, etc. 117 A court may, at any time before or after it has made a winding-up order, on proof being given that there are reasonable grounds to believe that any contributory or any past or present director, manager, officer or employee of the company is about to quit Canada or otherwise abscond, or to remove or conceal any of his goods or chattels, for the purpose of evading payment of calls or for avoiding examination in respect of the affairs of the company, cause that person to be arrested, his books, papers, moneys, securities for money, goods and chattels to be seized, and that person and property to be safely kept until such time as the court orders. R.S., c. W-10, s. 118
Winding-up and Restructuring Act — W-11 118
Examination 118 A court may, after it has made a winding-up order, summon before it or before any person named by it any officer of the company or person known or suspected to have in his possession any of the estate or effects of the company or supposed to be indebted to the company, or any person whom the court deems capable of giving information concerning the trade, dealings, estate or effects of the company. R.S., c. W-10, s. 119
Winding-up and Restructuring Act — W-11 119
Person summoned refusing to attend 119 If any person summoned under section 118, after being tendered a reasonable sum for his expenses, refuses, without a lawful excuse, to attend at the time appointed, the court may cause that person to be apprehended and brought up for examination. R.S., c. W-10, s. 120
Winding-up and Restructuring Act — W-11 120
Production of papers 120 The court may require any officer or person described in section 118 to produce before the court any book, paper, deed, writing or other document in his custody or power relating to the company. R.S., c. W-10, s. 121
Winding-up and Restructuring Act — W-11 121
Lien on documents 121 If any person claims any lien on papers, deeds, writings or documents produced by him, that production is without prejudice to the lien, and the court has jurisdiction in the winding-up to determine all questions relating to the lien. R.S., c. W-10, s. 122
Winding-up and Restructuring Act — W-11 122
Examination on oath 122 The court or a person named by it may examine, on oath, either by oral or written interrogatories, any person appearing or brought up in the manner described in section 119, concerning the affairs, dealings, estate or effects of the company, and may reduce to writing the answers of the person and require him to subscribe the answers. R.S., c. W-10, s. 123