Assertion: bankruptcy | /r/HasProperty | occurred section 136(1of the act
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Source sentences:
text: provinces cannot create priorities between creditors or change the scheme of distribution on bankruptcy under s. 136(1) of the Act; while provincial legislation may validly affect priorities in a non-bankruptcy situation, once bankruptcy has occurred section 136(1) of the Act determines the status and priority of the claims specifically dealt with in that section; if the provinces could create their own priorities or affect priorities under the Bankruptcy Act this would invite a different scheme of distribution on bankruptcy from province to province, an unacceptable situation; and the definition of terms such as "secured creditor", if defined under the Bankruptcy Act, must be interpreted in bankruptcy cases as defined by the federal Parliament, not the provincial legislatures.