GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Winding-up and Restructuring Act — W-11 123
Inspection of books and papers 123 (1) After a winding-up order has been made, the court may make such order for the inspection, by the creditors, contributories, shareholders or members of the company, of its books and papers, as the court thinks just. Limitation of inspection (2) Any books and papers in the possession of the company may be inspected in conformity with the order of the court, but not further or otherwise. R.S., c. W-10, s. 124
Winding-up and Restructuring Act — W-11 124
Officer of company misapplying money 124 When in the course of the winding-up of the business of a company under this Act it appears that any past or present director, manager, liquidator, receiver, employee or officer of the company has misapplied or retained in his own hands, or become liable or accountable for any moneys of the company, or been guilty of any misfeasance or breach of trust in relation to the company, the court may, on the application of any liquidator or of any creditor or contributory of the company, notwithstanding that the offence is one for which the offender is criminally liable, examine into the conduct of the director, manager, liquidator, receiver, employee or officer and, after that examination, may make an order requiring him to repay any moneys so misapplied or retained, or for which he has become liable or accountable, together with interest at such rate as the court thinks just, or to contribute such sums of money to the assets of the company, by way of compensation in respect of the misapplication, retention, misfeasance or breach of trust, as the court thinks fit. R.S., c. W-10, s. 125
Winding-up and Restructuring Act — W-11 125
Dispensing with notice 125 The court may, by any order made after a winding-up order and the appointment of a liquidator, dispense with notice required by this Act to creditors, contributories, shareholders or members of the company or to the authorized foreign bank, its creditors or persons who hold security on its assets, where in its discretion the notice may properly be dispensed with. R.S., 1985, c. W-11, s. 125; 1999, c. 28, s. 89
Winding-up and Restructuring Act — W-11 126
Courts and judges auxiliary 126 The courts of the various provinces, and the judges of those courts respectively, are auxiliary to one another for the purposes of this Act, and the winding-up of the business of a company or any matter or proceeding relating thereto may be transferred from one court to another with the concurrence, or by the order or orders, of the two courts or by an order of the Supreme Court of Canada. R.S., c. W-10, s. 127
Winding-up and Restructuring Act — W-11 127
Order of one court enforceable by another 127 When any order made by one court is required to be enforced by another court, an office copy of the order so made, certified by the clerk or other proper officer of the court that made the order, under the seal of that court, shall be produced to the proper officer of the court required to enforce the order. R.S., c. W-10, s. 128
Winding-up and Restructuring Act — W-11 128
Proceeding on order of another court 128 The court required to enforce the order mentioned in section 127 shall, on the production of the certified copy of the order, take the same proceedings thereon for enforcing the order as if it were the order of that court. R.S., c. W-10, s. 129
Winding-up and Restructuring Act — W-11 129
Rules with respect to amendments 129 (1) The rules of procedure, for the time being, with respect to amendments of pleadings and proceedings in the court, apply, as far as practicable, to all pleadings and proceedings under this Act. Authority to apply (2) Any court before which proceedings under this Act are being carried on has full power and authority to apply to those proceedings the appropriate rules of that court with respect to amendments. R.S., c. W-10, s. 130
Winding-up and Restructuring Act — W-11 130
Irregularity or default 130 No pleading or proceeding is void by reason of any irregularity or default that may be amended or disregarded, but the pleading or proceeding may be dealt with according to the rules and practice of the court in cases of irregularity or default. R.S., c. W-10, s. 131
Winding-up and Restructuring Act — W-11 131
Powers conferred are supplementary 131 Any powers conferred by this Act on a court are in addition to, and not in restriction of, any other powers at law or in equity of instituting proceedings against any contributory or the estate of any contributory, or against any debtor of the company or the estate of any debtor of the company, for the recovery of any call or other sum due from the contributory, debtor or estate, and those proceedings may be instituted accordingly. R.S., c. W-10, s. 132
Winding-up and Restructuring Act — W-11 132
Wishes of creditors 132 A court may, with respect to all matters relating to the winding-up of the business of a company, have regard, so far as it deems just, to the wishes of the creditors, contributories, shareholders or members of the company, as proved to it by any sufficient evidence. R.S., c. W-10, s. 133
Winding-up and Restructuring Act — W-11 133
Solicitors and counsel representing classes of creditors 133 (1) A court, if satisfied that, with respect to the whole or any portion of the proceedings before it, the interests of creditors, claimants or shareholders — or, in the case of a federal credit union, members, creditors, claimants or shareholders — can be classified, may, after notice by advertisement or otherwise, nominate and appoint a solicitor and counsel to represent each or any class for the purpose of the proceedings, and all the persons composing any such class are bound by the acts of the solicitor and counsel so appointed. Service of solicitor (2) Service on the solicitor appointed to represent a class of notices, orders or other proceedings of which service is required shall for all purposes be, and be deemed to be, good and sufficient service thereof on all the persons composing the class represented by him. Costs (3) The court may, by the order appointing a solicitor and counsel for any class, or by subsequent order, provide for the payment of the costs of the solicitor and counsel by the liquidator of the company out of the assets of the company, or out of such portion thereof as to the court seems just and proper. R.S., 1985, c. W-11, s. 133; 2010, c. 12, s. 2134
Winding-up and Restructuring Act — W-11 134
Liquidator subject to summary jurisdiction of court 134 A liquidator is subject to the summary jurisdiction of the court in the same manner and to the same extent as the ordinary officers of the court are subject to its jurisdiction, and the liquidator may be compelled to perform his duties by order of the court. R.S., c. W-10, s. 135
Winding-up and Restructuring Act — W-11 135
Remedies obtained by summary order 135 All remedies sought or demanded for enforcing any claim for a debt, privilege, mortgage, lien or right of property on, in or to any effects or property in the hands, possession or custody of a liquidator may be obtained by an order of the court on summary petition, and not by any action, suit, attachment, seizure or other proceeding of any kind whatever. R.S., c. W-10, s. 136
Winding-up and Restructuring Act — W-11 136
Judges may make 136 (1) A majority of the judges of a court, of which the chief justice shall be one, may, from time to time, (a) settle the forms and make the rules and regulations to be followed and observed in proceedings under this Act; and (b) make rules respecting the costs, fees and charges that shall or may be had, taken or paid in those proceedings by or to attorneys, solicitors or counsel, officers of courts, whether for the officers or for the Crown, and sheriffs, or other persons, or for any service performed or work done under this Act. Ontario and Quebec (2) In Ontario the judges of the Superior Court of Justice, and in Quebec the judges of the Superior Court, or a majority of those judges, of which the chief justice shall be one, shall settle the forms and make the rules and regulations referred to in subsection (1). R.S., 1985, c. W-11, s. 136; 1990, c. 17, s. 44; 1998, c. 30, s. 14
Winding-up and Restructuring Act — W-11 137
Until rules are made, procedure of court to apply 137 Until the forms, rules and regulations referred to in section 136 are settled or made, the various forms and procedures, including the tariff of costs, fees and charges in cases under this Act shall, unless otherwise specially provided, be the same as nearly as possible as those of the court in other cases. R.S., c. W-10, s. 138
Winding-up and Restructuring Act — W-11 138
Unclaimed dividends 138 (1) All dividends deposited in a bank and remaining unclaimed at the time of the final winding-up of the business of a company shall be left for three years in the bank where they are deposited, subject to the claim of the persons entitled thereto. After three years (2) If the dividends deposited under subsection (1) are unclaimed at the expiration of three years, the bank shall pay them over, with interest accrued on them, to the Minister of Industry. If afterwards claimed (3) If the dividends deposited under subsection (1) are afterwards duly claimed, they shall be paid over by the bank, with interest accrued thereon, to the persons entitled thereto. R.S., 1985, c. W-11, s. 138; 1999, c. 28, s. 90
Winding-up and Restructuring Act — W-11 139
Money deposited not paid after three years 139 (1) The money deposited in a bank by a liquidator after the final winding-up of the business of a company shall be left for three years in the bank, subject to be claimed by the persons entitled thereto. Unclaimed money (2) Money not paid out pursuant to subsection (1) shall be paid over by the bank, with the interest accrued on it, to the Minister of Industry, and if afterwards claimed shall be paid, with that interest, to the persons entitled to it. R.S., 1985, c. W-11, s. 139; 1999, c. 28, s. 91
Winding-up and Restructuring Act — W-11 140
Court may direct criminal proceedings 140 When a winding-up order is made in respect of a company, if it appears in the course of the winding-up that any past or present director, manager, officer or member of the company is guilty of an offence in relation to the company for which he is criminally liable, the court may, on the application of any person interested in the winding-up, or of its own motion, direct the liquidator to institute and conduct a prosecution or prosecutions for the offence and may order the costs and expenses to be paid out of the assets of the company. R.S., c. W-10, s. 141
Winding-up and Restructuring Act — W-11 141
Destruction of books or false entry therein 141 Every person who, with intent to defraud or deceive any person, destroys, mutilates, alters or falsifies any book, paper, writing or security, or makes or is privy to the making of any false or fraudulent entry in any register, book of account or other document belonging to a company, the business of which is being wound up under this Act, is guilty of an indictable offence and liable to imprisonment in the penitentiary for any term not less than two years or to imprisonment in any jail or in any place of confinement other than a penitentiary for any term less than two years, with or without hard labour. R.S., c. W-10, s. 142
Winding-up and Restructuring Act — W-11 142
Failure to comply with order of court 142 (1) Any liquidator, director, manager, receiver, officer or employee of a company who fails to comply with the requirements or directions of any order made by a court under this Act is guilty of contempt of court and is subject to all processes and punishments of the court for contempt. Removal of liquidator (2) Any liquidator who fails to comply as described in subsection (1) may, in the discretion of the court, be removed from office as liquidator. R.S., c. W-10, s. 143
Winding-up and Restructuring Act — W-11 143
Refusal by officers of company to give information 143 Any refusal on the part of the president, directors, officers or employees of a company to give all information possessed by them respectively as to the affairs of the company required by the accountant or other person ordered by a court under this Part to inquire into the affairs of the company and to report thereon is a contempt of court, and the president, directors, officers or employees are subject to all processes and punishments of the court for contempt. R.S., c. W-10, s. 144
Winding-up and Restructuring Act — W-11 145
Refusal of witness to answer or subscribe 145 Every person who is brought up for examination before a court after the court has made a winding-up order, or appearing before the court for the examination, and who refuses without lawful excuse to answer any question put to him or to subscribe any answer made by him on the examination is guilty of contempt of court and is subject to all processes and punishments of the court for contempt. R.S., c. W-10, s. 146
Winding-up and Restructuring Act — W-11 146
Books to be proof of contents 146 Where the business of a company is being wound up under this Act, all books of the company and of the liquidators are, as between the contributories of the company, in the absence of evidence to the contrary, proof of the truth of all matters purporting to be therein recorded. R.S., c. W-10, s. 147
Winding-up and Restructuring Act — W-11 147
Affidavits 147 Every affidavit, solemn affirmation or declaration required to be sworn or made under or for the purposes of this Act, or to be used in a court in any proceeding under this Act, may be sworn or made (a) in Canada before a liquidator, judge, notary public, commissioner for taking affidavits or justice of the peace; and (b) outside Canada, before any judge of a court of record, any commissioner for taking affidavits to be used in any court in Canada, any notary public, the chief municipal officer of any town or city, any British consul or vice-consul or any person authorized by or under any statute of Canada, or of any province, to take affidavits. R.S., c. W-10, s. 148
Winding-up and Restructuring Act — W-11 148
Judicial notice of seals, stamp or signature 148 All courts, judges, justices, commissioners and persons acting judicially shall take judicial notice of the seal, stamp or signature, as the case may be, of any court, liquidator, judge, notary public, commissioner, justice, chief municipal officer, consul, vice-consul or other person referred to in section 147, attached, appended or subscribed to any affidavit, solemn affirmation or declaration referred to in that section or to any other document to be used for the purposes of this Act. R.S., c. W-10, s. 149
Winding-up and Restructuring Act — W-11 149
Copy of order 149 When any order made by one court is required to be enforced by another court, the production of an office copy of the order so made certified by the clerk or other proper officer of the court that made the order, under the seal of the court, is sufficient evidence of the order having been made. R.S., c. W-10, s. 150
Winding-up and Restructuring Act — W-11 150
Application of Part 150 This Part applies only to the winding-up of the business in Canada of authorized foreign banks and to the liquidation of their assets. R.S., 1985, c. W-11, s. 150; 1996, c. 6, s. 159; 1999, c. 28, s. 92
Winding-up and Restructuring Act — W-11 151
Notice 151 (1) In their application to an authorized foreign bank, section 26 and subsections 35(1) and 42(1) are to be read as if notice is required to be given to the authorized foreign bank, its creditors and persons who hold security on any of its assets. Exception (2) Notice need not be given to persons referred to in subsection (1) who hold security on any of the assets of an authorized foreign bank unless they can be located using information contained in the books and records in Canada of the authorized foreign bank and those books and records are accessible by or under the control of, where section 26 applies, the petitioner for the winding-up order and, where subsection 35(1) or 42(1) applies, the liquidator. R.S., 1985, c. W-11, s. 151; 1996, c. 6, s. 160; 1999, c. 28, s. 92
Winding-up and Restructuring Act — W-11 152
Duties after appointment 152 A liquidator, on appointment in respect of an authorized foreign bank, shall take into custody or under control all the assets of the authorized foreign bank, and shall perform the duties that are imposed by the court or by this Act with reference to (a) the winding-up of the business in Canada of the authorized foreign bank; and (b) the liquidation of the assets of the authorized foreign bank. R.S., 1985, c. W-11, s. 152; 1996, c. 6, s. 160; 1999, c. 28, s. 92
Winding-up and Restructuring Act — W-11 153
Authorized foreign bank to cease business 153 From the time of the making of a winding-up order in respect of an authorized foreign bank, it shall cease to carry on its business in Canada or deal in any way with its assets, except in so far as is, in the opinion of the liquidator, required for the beneficial winding-up of its business in Canada and liquidation of its assets. R.S., 1985, c. W-11, s. 153; 1996, c. 6, s. 160; 1999, c. 28, s. 92
Winding-up and Restructuring Act — W-11 154
Effect of winding-up order 154 After a winding-up order is made in respect of an authorized foreign bank, no suit, action or other proceeding may be proceeded with or commenced against the authorized foreign bank in respect of its business in Canada or of its assets, except with the leave of the court and subject to the terms, if any, that the court imposes. R.S., 1985, c. W-11, s. 154; 1996, c. 6, s. 160; 1999, c. 28, s. 92
Winding-up and Restructuring Act — W-11 155
Execution, etc. 155 Every attachment, sequestration, distress or execution put in force against the assets of the authorized foreign bank after the making of a winding-up order in respect of it is void. R.S., 1985, c. W-11, s. 155; 1996, c. 6, s. 160; 1999, c. 28, s. 92
Winding-up and Restructuring Act — W-11 156
Liquidator to prepare statement 156 A liquidator shall, within 120 days after appointment in respect of an authorized foreign bank, prepare a statement of (a) the assets, debts and liabilities of the authorized foreign bank in respect of its business in Canada and of the value of those assets as shown by the books and records of the authorized foreign bank; and (b) the assets of the authorized foreign bank, other than those in respect of its business in Canada, and the value of the assets as shown by the books and records of the authorized foreign bank or, where the books and records are not available, an estimated value of the assets. R.S., 1985, c. W-11, s. 156; 1996, c. 6, s. 160; 1999, c. 28, s. 92
Winding-up and Restructuring Act — W-11 157
What debts may be proved 157 (1) When the business in Canada of an authorized foreign bank is being wound up and its assets are being liquidated under this Act, only debts and claims against the authorized foreign bank in respect of its business in Canada in existence at the commencement of the winding-up, certain or contingent, matured or not, and liquidated or unliquidated, are admissible to proof and, subject to subsection (2), the amount of any claim admissible to proof is the unpaid debt or other liability of the authorized foreign bank in respect of its business in Canada outstanding or accrued at the commencement of the winding-up. Uncertain claims valued (2) In case of any claim subject to any contingency or for unliquidated damages or which for any other reason does not bear a certain value, the court shall determine the value of the claim and the amount for which it shall rank. R.S., 1985, c. W-11, s. 157; 1996, c. 6, s. 160; 1999, c. 28, s. 92
Winding-up and Restructuring Act — W-11 158
Law of set-off to apply 158 The law of set-off, as administered by the courts, whether of law or equity, applies, in the same manner and to the same extent as if the business in Canada of the authorized foreign bank was not being wound up under this Act, only to (a) claims by creditors of the authorized foreign bank in respect of its business in Canada; and (b) proceedings for the recovery of debts due or accruing due to an authorized foreign bank in respect of its business in Canada at the commencement of the winding-up. R.S., 1985, c. W-11, s. 158; 1996, c. 6, s. 160; 1999, c. 28, s. 92
Winding-up and Restructuring Act — W-11 158.1
Distribution of property 158.1 (1) Where a winding-up order is made in respect of an authorized foreign bank, claims shall be paid in the following order of priority: (a) charges, costs and expenses, including the remuneration of the liquidator, incurred in the winding-up of the business in Canada of the authorized foreign bank and of the liquidation of its assets; (b) claims of preferred creditors, specified in section 72; and (c) debts and liabilities of the authorized foreign bank in respect of its business in Canada in order of priority as set out in sections 625 and 627 of the Bank Act . Distribution and release of surplus assets (2) Any assets that remain after payment of the claims referred to in paragraphs (1)(a) to (c) are to be applied firstly 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. The liquidator may, with the approval of the court, release to the authorized foreign bank any assets remaining after payment of the interest. 1999, c. 28, s. 92
Winding-up and Restructuring Act — W-11 158.2
Transfer to foreign liquidator 158.2 Where an authorized foreign bank is in liquidation in the jurisdiction in which its head office is situated or where it principally carries on business, the Superintendent may, if the Superintendent deems it advisable and in the interests of the creditors of the authorized foreign bank, authorize the liquidator, subject to the approval of the court, to transfer the assets of the authorized foreign bank to the liquidator in that jurisdiction. 1999, c. 28, s. 92
Winding-up and Restructuring Act — W-11 158.3
Right of action not debarred 158.3 Subject to this Act, where the assets of an authorized foreign bank are not sufficient to cover in full all claims referred to in paragraphs 158.1(1)(a) to (c), the creditors are not barred from any recourse they have, either in law or equity, except in respect of the share, if any, received in the distribution of the assets. 1999, c. 28, s. 92
Winding-up and Restructuring Act — W-11 159
Definitions 159 In this Part, company means an insurance company; ( société ) foreign company means a foreign insurance company; ( Version anglaise seulement ) policy includes, without limiting the generality of its meaning, policy as defined in subsection 2(1) of the Insurance Companies Act . ( police ) R.S., 1985, c. W-11, s. 159; R.S., 1985, c. 18 (3rd Supp.), s. 43; 1991, c. 47, s. 747; 1996, c. 6, s. 161
Winding-up and Restructuring Act — W-11
company means an insurance company; ( société )
Winding-up and Restructuring Act — W-11
foreign company means a foreign insurance company; ( Version anglaise seulement )
Winding-up and Restructuring Act — W-11
policy includes, without limiting the generality of its meaning, policy as defined in subsection 2(1) of the Insurance Companies Act . ( police )
Winding-up and Restructuring Act — W-11 159.1
Application of Part 159.1 (1) This Part applies only to insurance companies. Transitional (2) This Part applies only in respect of applications for winding-up orders that are made after the date of coming into force of this subsection, and applications for winding-up orders that were made on or before that date shall be dealt with in accordance with the provisions of this Part as they read immediately before that date. 1991, c. 47, s. 747; 1996, c. 6, s. 161
Winding-up and Restructuring Act — W-11 160
Protection of asset orders 160 The court may, at any time after an application for a winding-up order is made, on the application of the applicant for the winding-up order or of the liquidator, make such order as the court considers appropriate for the protection of the assets of the estate of the company. R.S., 1985, c. W-11, s. 160; 1991, c 47, s. 748; 1996, c. 6, s. 161