Bankruptcy
 15. (1) This section applies with respect to an application for a grant made by an individual who, at any time prior to the day of the application, became a bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada) or entered into a recognized arrangement for debt settlement. (2) An individual enters into a recognized arrangement for debt settlement when any of the following events occurs: 1. A proposal under Division I of Part III of the Bankruptcy and Insolvency Act (Canada) relating to the individual is approved by a court under that Act. 2. A consumer proposal made by the individual under Division II of Part III of the Bankruptcy and Insolvency Act (Canada) is approved or deemed to be approved by a court under that Act. 3. A consolidation order is made under Part X of the Bankruptcy and Insolvency Act (Canada) in relation to any debts of the individual, including any student loans that the individual may have received under the Act. 4. A document seeking relief has been filed by the individual under a law in a province or territory in Canada outside of Ontario for the orderly payment of debts, including any student loans that the individual may have received under the Act. (3) The Minister shall not issue a grant to an individual who became a bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada) and who, at the time of the application for the grant, has not received an order of absolute discharge or certificate of discharge under that Act. (4) Despite subsection (3), the Minister may issue a grant if the individual satisfies the Minister that any grant made to the individual after a notice of assessment is issued to the individual will not be seized to repay the individual’s creditors. (5) The Minister shall not issue a grant to an individual referred to in subsection (1) who has previously received a student loan under the Act unless the individual otherwise satisfies the requirements of this Regulation for a grant and, at the time of the application, (a) there are no amounts of principal or interest outstanding on any student loans under the Act previously received by the individual; or (b) if the individual was released from the obligation of repaying any student loans previously received by reason of an order of absolute discharge or certificate of discharge granted under the Bankruptcy and Insolvency Act (Canada), three years have elapsed since the day the order of absolute discharge was made or the certificate of discharge was issued. (6) Despite subsection (5), the Minister may issue a grant to an individual who was an Ontario Learn and Stay Grant student enrolled in an approved program of study at the time an event described in subsection (1) occurred even though the individual does not satisfy the requirements of clause (5) (a) or (b) if, (a) the individual continues to be enrolled in the approved program of study in which they were enrolled at the time the event occurred; (b) the individual otherwise satisfies the requirements of this Regulation for a grant; and (c) the grant is issued for a period of study referred to in subsection (7). (7) The Minister may issue a grant to an individual under subsection (6) for any period of study that begins before the earlier of, (a) the day that is three years after the day the event described in subsection (1) occurred; (b) the day the individual completes the approved program of study they were enrolled in at the time the event described in subsection (1) occurred; or (c) the day the individual ceases to be enrolled in the approved program of study they were enrolled in at the time the event described in subsection (1) occurred. (8) Subsections (6) and (7) apply with respect to any event described in subsection (1) that occurred on or after May 11, 2004. Ontario Learn and Stay Grant Notice of Assessment