GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Companies’ Creditors Arrangement Act — C-36 20
Determination of amount of claims 20 (1) For the purposes of this Act, the amount represented by a claim of any secured or unsecured creditor is to be determined as follows: (a) the amount of an unsecured claim is the amount (i) in the case of a company in the course of being wound up under the Winding-up and Restructuring Act , proof of which has been made in accordance with that Act, (ii) in the case of a company that has made an authorized assignment or against which a bankruptcy order has been made under the Bankruptcy and Insolvency Act , proof of which has been made in accordance with that Act, or (iii) in the case of any other company, proof of which might be made under the Bankruptcy and Insolvency Act , but if the amount so provable is not admitted by the company, the amount is to be determined by the court on summary application by the company or by the creditor; and (b) the amount of a secured claim is the amount, proof of which might be made under the Bankruptcy and Insolvency Act if the claim were unsecured, but the amount if not admitted by the company is, in the case of a company subject to pending proceedings under the Winding-up and Restructuring Act or the Bankruptcy and Insolvency Act , to be established by proof in the same manner as an unsecured claim under the Winding-up and Restructuring Act or the Bankruptcy and Insolvency Act , as the case may be, and, in the case of any other company, the amount is to be determined by the court on summary application by the company or the creditor. Admission of claims (2) Despite subsection (1), the company may admit the amount of a claim for voting purposes under reserve of the right to contest liability on the claim for other purposes, and nothing in this Act, the Winding-up and Restructuring Act or the Bankruptcy and Insolvency Act prevents a secured creditor from voting at a meeting of secured creditors or any class of them in respect of the total amount of a claim as admitted. R.S., 1985, c. C-36, s. 20; 2005, c. 47, s. 131; 2007, c. 36, s. 70
Companies’ Creditors Arrangement Act — C-36 21
Law of set-off or compensation to apply 21 The law of set-off or compensation applies to all claims made against a debtor company and to all actions instituted by it for the recovery of debts due to the company in the same manner and to the same extent as if the company were plaintiff or defendant, as the case may be. 1997, c. 12, s. 126; 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 22
Company may establish classes 22 (1) A debtor company may divide its creditors into classes for the purpose of a meeting to be held under section 4 or 5 in respect of a compromise or arrangement relating to the company and, if it does so, it is to apply to the court for approval of the division before the meeting is held. Factors (2) For the purpose of subsection (1), creditors may be included in the same class if their interests or rights are sufficiently similar to give them a commonality of interest, taking into account (a) the nature of the debts, liabilities or obligations giving rise to their claims; (b) the nature and rank of any security in respect of their claims; (c) the remedies available to the creditors in the absence of the compromise or arrangement being sanctioned, and the extent to which the creditors would recover their claims by exercising those remedies; and (d) any further criteria, consistent with those set out in paragraphs (a) to (c), that are prescribed. Related creditors (3) A creditor who is related to the company may vote against, but not for, a compromise or arrangement relating to the company. 1997, c. 12, s. 126; 2005, c. 47, s. 131; 2007, c. 36, s. 71
Companies’ Creditors Arrangement Act — C-36 22.1
Class — creditors having equity claims 22.1 Despite subsection 22(1), creditors having equity claims are to be in the same class of creditors in relation to those claims unless the court orders otherwise and may not, as members of that class, vote at any meeting unless the court orders otherwise. 2005, c. 47, s. 131; 2007, c. 36, s. 71
Companies’ Creditors Arrangement Act — C-36 24
Right of access 24 For the purposes of monitoring the company’s business and financial affairs, the monitor shall have access to the company’s property, including the premises, books, records, data, including data in electronic form, and other financial documents of the company, to the extent that is necessary to adequately assess the company’s business and financial affairs. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 25
Obligation to act honestly and in good faith 25 In exercising any of his or her powers or in performing any of his or her duties and functions, the monitor must act honestly and in good faith and comply with the Code of Ethics referred to in section 13.5 of the Bankruptcy and Insolvency Act . 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 26
Public records 26 (1) The Superintendent of Bankruptcy must keep, or cause to be kept, in the form that he or she considers appropriate and for the prescribed period, a public record of prescribed information relating to proceedings under this Act. On request, and on payment of the prescribed fee, the Superintendent of Bankruptcy must provide, or cause to be provided, any information contained in that public record. Other records (2) The Superintendent of Bankruptcy must keep, or cause to be kept, in the form that he or she considers appropriate and for the prescribed period, any other records relating to the administration of this Act that he or she considers appropriate. Agreement to provide compilation (3) The Superintendent of Bankruptcy may enter into an agreement to provide a compilation of all or part of the information that is contained in the public record. 2005, c. 47, s. 131; 2007, c. 36, s. 73
Companies’ Creditors Arrangement Act — C-36 27
Applications to court and right to intervene 27 The Superintendent of Bankruptcy may apply to the court to review the appointment or conduct of a monitor and may intervene, as though he or she were a party, in any matter or proceeding in court relating to the appointment or conduct of a monitor. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 28
Complaints 28 The Superintendent of Bankruptcy must receive and keep a record of all complaints regarding the conduct of monitors. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 29
Investigations 29 (1) The Superintendent of Bankruptcy may make, or cause to be made, any inquiry or investigation regarding the conduct of monitors that he or she considers appropriate. Rights (2) For the purpose of the inquiry or investigation, the Superintendent of Bankruptcy or any person whom he or she appoints for the purpose (a) shall have access to and the right to examine and make copies of the books, records, data, documents or papers — including those in electronic form — in the possession or under the control of a monitor under this Act; and (b) may, with the leave of the court granted on an ex parte application, examine the books, records, data, documents or papers — including those in electronic form — relating to any compromise or arrangement in respect of which this Act applies that are in the possession or under the control of any other person designated in the order granting the leave, and for that purpose may under a warrant from the court enter and search any premises. Staff (3) The Superintendent of Bankruptcy may engage the services of persons having technical or specialized knowledge, and persons to provide administrative services, to assist the Superintendent of Bankruptcy in conducting an inquiry or investigation, and may establish the terms and conditions of their engagement. The remuneration and expenses of those persons, when certified by the Superintendent of Bankruptcy, are payable out of the appropriation for the office of the Superintendent. 2005, c. 47, s. 131; 2007, c. 36, s. 74
Companies’ Creditors Arrangement Act — C-36 31
Delegation 31 (1) The Superintendent of Bankruptcy may, in writing, authorize any person to exercise or perform, subject to any terms and conditions that he or she may specify in the authorization, any of the powers, duties or functions of the Superintendent of Bankruptcy under sections 29 and 30. Notification to monitor (2) If the Superintendent of Bankruptcy delegates in accordance with subsection (1), the Superintendent or the delegate must give notice of the delegation in the prescribed manner to any monitor who may be affected by the delegation. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 33
Collective agreements 33 (1) If proceedings under this Act have been commenced in respect of a debtor company, any collective agreement that the company has entered into as the employer remains in force, and may not be altered except as provided in this section or under the laws of the jurisdiction governing collective bargaining between the company and the bargaining agent. Application for authorization to serve notice to bargain (2) A debtor company that is a party to a collective agreement and that is unable to reach a voluntary agreement with the bargaining agent to revise any of the provisions of the collective agreement may, on giving five days notice to the bargaining agent, apply to the court for an order authorizing the company to serve a notice to bargain under the laws of the jurisdiction governing collective bargaining between the company and the bargaining agent. Conditions for issuance of order (3) The court may issue the order only if it is satisfied that (a) a viable compromise or arrangement could not be made in respect of the company, taking into account the terms of the collective agreement; (b) the company has made good faith efforts to renegotiate the provisions of the collective agreement; and (c) a failure to issue the order is likely to result in irreparable damage to the company. No delay on vote (4) The vote of the creditors in respect of a compromise or an arrangement may not be delayed solely because the period provided in the laws of the jurisdiction governing collective bargaining between the company and the bargaining agent has not expired. Claims arising from termination or amendment (5) If the parties to the collective agreement agree to revise the collective agreement after proceedings have been commenced under this Act in respect of the company, the bargaining agent that is a party to the agreement is deemed to have a claim, as an unsecured creditor, for an amount equal to the value of concessions granted by the bargaining agent with respect to the remaining term of the collective agreement. Order to disclose information (6) On the application of the bargaining agent and on notice to the person to whom the application relates, the court may, subject to any terms and conditions it specifies, make an order requiring the person to make available to the bargaining agent any information specified by the court in the person’s possession or control that relates to the company’s business or financial affairs and that is relevant to the collective bargaining between the company and the bargaining agent. The court may make the order only after the company has been authorized to serve a notice to bargain under subsection (2). Parties (7) For the purpose of this section, the parties to a collective agreement are the debtor company and the bargaining agent that are bound by the collective agreement. Unrevised collective agreements remain in force (8) For greater certainty, any collective agreement that the company and the bargaining agent have not agreed to revise remains in force, and the court shall not alter its terms. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 35
Obligation to provide assistance 35 (1) A debtor company shall provide to the monitor the assistance that is necessary to enable the monitor to adequately carry out the monitor’s functions. Obligation to duties set out in section 158 of the Bankruptcy and Insolvency Act (2) A debtor company shall perform the duties set out in section 158 of the Bankruptcy and Insolvency Act that are appropriate and applicable in the circumstances. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 36.1
Application of sections 38 and 95 to 101 of the Bankruptcy and Insolvency Act 36.1 (1) Sections 38 and 95 to 101 of the Bankruptcy and Insolvency Act apply, with any modifications that the circumstances require, in respect of a compromise or arrangement unless the compromise or arrangement provides otherwise. Interpretation (2) For the purposes of subsection (1), a reference in sections 38 and 95 to 101 of the Bankruptcy and Insolvency Act (a) to “date of the bankruptcy” is to be read as a reference to “day on which proceedings commence under this Act”; (b) to “trustee” is to be read as a reference to “monitor”; and (c) to “bankrupt”, “insolvent person” or “debtor” is to be read as a reference to “debtor company”. 2005, c. 47, s. 131; 2007, c. 36, s. 78
Companies’ Creditors Arrangement Act — C-36 37
Deemed trusts 37 (1) Subject to subsection (2), despite any provision in federal or provincial legislation that has the effect of deeming property to be held in trust for Her Majesty, property of a debtor company shall not be regarded as being held in trust for Her Majesty unless it would be so regarded in the absence of that statutory provision. Exceptions (2) Subsection (1) does not apply in respect of amounts deemed to be held in trust under subsection 227(4) or (4.1) of the Income Tax Act , subsection 23(3) or (4) of the Canada Pension Plan or subsection 86(2) or (2.1) of the Employment Insurance Act (each of which is in this subsection referred to as a “federal provision”), nor does it apply in respect of amounts deemed to be held in trust under any law of a province that creates a deemed trust the sole purpose of which is to ensure remittance to Her Majesty in right of the province of amounts deducted or withheld under a law of the province if (a) that law of the province imposes a tax similar in nature to the tax imposed under the Income Tax Act and the amounts deducted or withheld under that law of the province are of the same nature as the amounts referred to in subsection 227(4) or (4.1) of the Income Tax Act , or (b) the province is a province providing a comprehensive pension plan as defined in subsection 3(1) of the Canada Pension Plan , that law of the province establishes a provincial pension plan as defined in that subsection and the amounts deducted or withheld under that law of the province are of the same nature as amounts referred to in subsection 23(3) or (4) of the Canada Pension Plan , and for the purpose of this subsection, any provision of a law of a province that creates a deemed trust is, despite any Act of Canada or of a province or any other law, deemed to have the same effect and scope against any creditor, however secured, as the corresponding federal provision. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 38
Status of Crown claims 38 (1) In relation to a proceeding under this Act, all claims, including secured claims, of Her Majesty in right of Canada or a province or any body under an enactment respecting workers’ compensation, in this section and in section 39 called a “workers’ compensation body”, rank as unsecured claims. Exceptions (2) Subsection (1) does not apply (a) in respect of claims that are secured by a security or charge of a kind that can be obtained by persons other than Her Majesty or a workers’ compensation body (i) pursuant to any law, or (ii) pursuant to provisions of federal or provincial legislation if those provisions do not have as their sole or principal purpose the establishment of a means of securing claims of Her Majesty or a workers’ compensation body; and (b) to the extent provided in subsection 39(2), to claims that are secured by a security referred to in subsection 39(1), if the security is registered in accordance with subsection 39(1). Operation of similar legislation (3) Subsection (1) does not affect the operation of (a) subsections 224(1.2) and (1.3) of the Income Tax Act , (b) any provision of the Canada Pension Plan or of the Employment Insurance Act that refers to subsection 224(1.2) of the Income Tax Act and provides for the collection of a contribution, as defined in the Canada Pension Plan , an employee’s premium, or employer’s premium, as defined in the Employment Insurance Act , or a premium under Part VII.1 of that Act, and of any related interest, penalties or other amounts, or (c) any provision of provincial legislation that has a purpose similar to subsection 224(1.2) of the Income Tax Act , or that refers to that subsection, to the extent that it provides for the collection of a sum, and of any related interest, penalties or other amounts if the sum (i) has been withheld or deducted by a person from a payment to another person and is in respect of a tax similar in nature to the income tax imposed on individuals under the Income Tax Act , or (ii) is of the same nature as a contribution under the Canada Pension Plan if the province is a province providing a comprehensive pension plan as defined in subsection 3(1) of the Canada Pension Plan and the provincial legislation establishes a provincial pension plan as defined in that subsection, and, for the purpose of paragraph (c), the provision of provincial legislation is, despite any Act of Canada or of a province or any other law, deemed to have the same effect and scope against any creditor, however secured, as subsection 224(1.2) of the Income Tax Act in respect of a sum referred to in subparagraph (c)(i), or as subsection 23(2) of the Canada Pension Plan in respect of a sum referred to in subparagraph (c)(ii), and in respect of any related interest, penalties or other amounts. 2005, c. 47, s. 131; 2009, c. 33, s. 29
Companies’ Creditors Arrangement Act — C-36 39
Statutory Crown securities 39 (1) In relation to proceedings under this Act in respect of a debtor company, a security provided for in federal or provincial legislation for the sole or principal purpose of securing a claim of Her Majesty in right of Canada or a province or a workers’ compensation body is valid in relation to claims against the company only if, before the day on which proceedings commence, the security is registered under a system of registration of securities that is available not only to Her Majesty in right of Canada or a province or a workers’ compensation body, but also to any other creditor who holds a security, and that is open to the public for information or the making of searches. Effect of security (2) A security referred to in subsection (1) that is registered in accordance with that subsection (a) is subordinate to securities in respect of which all steps necessary to setting them up against other creditors were taken before that registration; and (b) is valid only in respect of amounts owing to Her Majesty or a workers’ compensation body at the time of that registration, plus any interest subsequently accruing on those amounts. 2005, c. 47, s. 131; 2007, c. 36, s. 79
Companies’ Creditors Arrangement Act — C-36 40
Act binding on Her Majesty 40 This Act is binding on Her Majesty in right of Canada or a province. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 41
Certain sections of Winding-up and Restructuring Act do not apply 41 Sections 65 and 66 of the Winding-up and Restructuring Act do not apply to any compromise or arrangement to which this Act applies. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 42
Act to be applied conjointly with other Acts 42 The provisions of this Act may be applied together with the provisions of any Act of Parliament, or of the legislature of any province, that authorizes or makes provision for the sanction of compromises or arrangements between a company and its shareholders or any class of them. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 43
Claims in foreign currency 43 If a compromise or an arrangement is proposed in respect of a debtor company, a claim for a debt that is payable in a currency other than Canadian currency is to be converted to Canadian currency as of the date of the initial application in respect of the company unless otherwise provided in the proposed compromise or arrangement. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 44
Purpose 44 The purpose of this Part is to provide mechanisms for dealing with cases of cross-border insolvencies and to promote (a) cooperation between the courts and other competent authorities in Canada with those of foreign jurisdictions in cases of cross-border insolvencies; (b) greater legal certainty for trade and investment; (c) the fair and efficient administration of cross-border insolvencies that protects the interests of creditors and other interested persons, and those of debtor companies; (d) the protection and the maximization of the value of debtor company’s property; and (e) the rescue of financially troubled businesses to protect investment and preserve employment. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36 45
Definitions 45 (1) The following definitions apply in this Part. foreign court means a judicial or other authority competent to control or supervise a foreign proceeding. ( tribunal étranger ) foreign main proceeding means a foreign proceeding in a jurisdiction where the debtor company has the centre of its main interests. ( principale ) foreign non-main proceeding means a foreign proceeding, other than a foreign main proceeding. ( secondaire ) foreign proceeding means a judicial or an administrative proceeding, including an interim proceeding, in a jurisdiction outside Canada dealing with creditors’ collective interests generally under any law relating to bankruptcy or insolvency in which a debtor company’s business and financial affairs are subject to control or supervision by a foreign court for the purpose of reorganization. ( instance étrangère ) foreign representative means a person or body, including one appointed on an interim basis, who is authorized, in a foreign proceeding respect of a debtor company, to (a) monitor the debtor company’s business and financial affairs for the purpose of reorganization; or (b) act as a representative in respect of the foreign proceeding. ( représentant étranger ) Centre of debtor company’s main interests (2) For the purposes of this Part, in the absence of proof to the contrary, a debtor company’s registered office is deemed to be the centre of its main interests. 2005, c. 47, s. 131
Companies’ Creditors Arrangement Act — C-36
foreign court means a judicial or other authority competent to control or supervise a foreign proceeding. ( tribunal étranger )
Companies’ Creditors Arrangement Act — C-36
foreign main proceeding means a foreign proceeding in a jurisdiction where the debtor company has the centre of its main interests. ( principale )
Companies’ Creditors Arrangement Act — C-36
foreign non-main proceeding means a foreign proceeding, other than a foreign main proceeding. ( secondaire )
Companies’ Creditors Arrangement Act — C-36
foreign proceeding means a judicial or an administrative proceeding, including an interim proceeding, in a jurisdiction outside Canada dealing with creditors’ collective interests generally under any law relating to bankruptcy or insolvency in which a debtor company’s business and financial affairs are subject to control or supervision by a foreign court for the purpose of reorganization. ( instance étrangère )
Companies’ Creditors Arrangement Act — C-36 (a)
foreign representative means a person or body, including one appointed on an interim basis, who is authorized, in a foreign proceeding respect of a debtor company, to (a) monitor the debtor company’s business and financial affairs for the purpose of reorganization; or (b) act as a representative in respect of the foreign proceeding. ( représentant étranger )