|
(2) Subsection 49(5) of the Act is replaced
by the following:
|
|
Cancellation
of assignment
|
(5) Where the official receiver is unable to
find a licensed trustee who is willing to act, the
official receiver shall, after giving the
bankrupt five days notice, cancel the
assignment.
|
|
1992, c. 27, s.
18(1)
|
30. (1) Subsection 50(1.1) of the Act is
replaced by the following:
|
|
Where
proposal may
not be made
|
(1.1) A proposal may not be made under this
Division with respect to a debtor in respect of
whom a consumer proposal has been filed
under Division II until the administrator under
the consumer proposal has been discharged.
|
|
1992, c. 27, s.
18(2)
|
(2) Subsections 50(2) and (3) of the Act
are replaced by the following:
|
|
Documents to
be lodged
|
(2) Subject to section 50.4, proceedings for
a proposal shall be commenced in the case of
an insolvent person by lodging with a licensed
trustee, and in the case of a bankrupt by
lodging with the trustee of the estate, a copy of
the proposal in writing setting out the terms of
the proposal and the particulars of any
securities or sureties proposed, signed by the
person making the proposal and the proposed
sureties if any, and
|
|
|
|
|
|
|
|
Approval of
inspectors
|
(3) A proposal made in respect of a bankrupt
shall be approved by the inspectors before any
further action is taken thereon.
|
|
1992, c. 27, s.
18(3)
|
(3) Subsection 50(4.1) of the Act is
replaced by the following:
|
|
Assignment
not prevented
|
(4.1) Subsection (4) shall not be construed
as preventing an insolvent person in respect of
whom a proposal has been made from
subsequently making an assignment.
|
|
1992, c. 27, s.
18(4)
|
(4) Paragraphs 50(6)(a) to (c) of the Act
are replaced by the following:
|
|
|
|
|
|
|
|
|
|
|
1992, c. 27, s.
18(4)
|
(5) Subsection 50(9) of the French version
of the Act is replaced by the following:
|
|
Immunité
|
(9) S'il agit de bonne foi et prend toutes les
précautions voulues pour bien réviser l'état, le
syndic ne peut être tenu responsable du
préjudice ou des pertes subis par la personne
qui s'y fie.
|
|
1992, c. 27, s.
18(4)
|
(6) Subsection 50(11) of the Act is
replaced by the following:
|
|
Report to
creditors
|
(11) An interim receiver who has been
directed under subsection 47.1(2) to carry out
the duties set out in subsection (10) in
substitution for the trustee shall deliver a
report on the state of the insolvent person's
business and financial affairs, containing any
prescribed information, to the trustee at least
fifteen days before the meeting of creditors
referred to in subsection 51(1), and the trustee
shall send the report to the creditors and the
official receiver, in the prescribed manner, at
least ten days before the meeting of creditors
referred to in that subsection.
|
|
Court may
declare
proposal as
deemed
refused by
creditors
|
(12) The court may, on application by the
trustee, the interim receiver, if any, appointed
under section 47.1 or a creditor, at any time
before the meeting of creditors, declare that
the proposal is deemed to have been refused
by the creditors if the court is satisfied that
|
|
|
|
|
|
|
|
|
|
|
Claims against
directors -
compromise
|
(13) A proposal made in respect of a
corporation may include in its terms provision
for the compromise of claims against directors
of the corporation relating to the obligations of
the corporation where the directors are by law
liable in their capacity as directors for the
payment of such obligations.
|
|
Exception
|
(14) A provision for the compromise of
claims against directors may not include
claims that
|
|
|
|
|
|
|
|
Powers of
court
|
(15) The court may declare that a claim
against directors shall not be compromised if
it is satisfied that the compromise would not
be fair and reasonable in the circumstances.
|
|
Application of
other
provisions
|
(16) Subsection 62(2) and section 122
apply, with such modifications as the
circumstances require, in respect of claims
against directors compromised under a
proposal of a debtor corporation.
|
|
Determination
of classes of
claims
|
(17) The court, on application made at any
time after a proposal is filed, may determine
the classes of claims of claimants against
directors and the class into which any
particular claimant's claim falls.
|
|
1992, c. 27, s.
19
|
31. Subsection 50.1(1) of the French
version of the Act is replaced by the
following:
|
|
Preuve de
créance
garantie
|
50.1 (1) Sous réserve des paragraphes (2) à
(4), le créancier garanti à qui une proposition
a été faite relativement à une réclamation
garantie en particulier peut déposer auprès du
syndic, en la forme prescrite, une preuve de
réclamation garantie à cet égard; il peut, pour
la totalité de sa réclamation, voter sur toute
question se rapportant à la proposition. Les
articles 124 à 126, dans la mesure où ils sont
applicables, s'appliquent, avec les
adaptations nécessaires, aux preuves de
réclamations garanties.
|
|
1992, c. 27, s.
19
|
32. (1) Paragraph 50.4(8)(a) of the Act is
replaced by the following:
|
|
|
|
|
1992, c. 27, s.
19
|
(2) Paragraph 50.4(11)(d) of the French
version of the Act is replaced by the
following:
|
|
|
|
|
1992, c. 27 s.
23
|
33. The portion of section 57 of the Act
before paragraph (b) is replaced by the
following:
|
|
Result of
refusal of
proposal
|
57. Where the creditors refuse a proposal in
respect of an insolvent person,
|
|
|
|
|
|
34. The Act is amended by adding the
following after section 57:
|
|
Appointment
of new trustee
|
57.1 Where a declaration has been made
under subsection 50(12) or 50.4(11), the court
may, if it is satisfied that it would be in the best
interests of the creditors to do so, appoint a
trustee in lieu of the trustee appointed under
the notice of intention or proposal that was
filed.
|
|
1992, c. 27, s.
23
|
35. (1) Paragraph 58(b) of the Act is
replaced by the following:
|
|
|
|
|
1992, c. 27, s.
23
|
(2) Paragraph 58(d) of the Act is replaced
by the following:
|
|
|
|
|
|
36. Subsection 59(1) of the Act is replaced
by the following:
|
|
Court to hear
report of
trustee, etc.
|
59. (1) The court shall, before approving the
proposal, hear a report of the trustee in the
prescribed form respecting the terms thereof
and the conduct of the debtor, and, in addition,
shall hear the trustee, the debtor, the person
making the proposal, any opposing, objecting
or dissenting creditor and such further
evidence as the court may require.
|
|
1992, c. 27, s.
24(1)
|
37. Subsections 60(1.3) to (1.5) of the Act
are replaced by the following:
|
|
Proposals by
employers
|
(1.3) No proposal in respect of an employer
shall be approved by the court unless
|
|
|
|
|
|
|
|
Voting on
proposal
|
(1.4) For the purpose of voting on any
question relating to a proposal in respect of an
employer, no person has a claim for an amount
referred to in paragraph (1.3)(a).
|
|
1992, c. 27, s.
25
|
38. The portion of subsection 61(2) of the
Act before paragraph (b) is replaced by the
following:
|
|
Non-approval
of proposal by
court
|
(2) Where the court refuses to approve a
proposal in respect of an insolvent person a
copy of which has been filed under section 62,
|
|
|
|
|
1992, c. 27, s.
26
|
39. Subsections 62(1) and (1.1) of the Act
are replaced by the following:
|
|
Filing of
proposal
|
62. (1) Where a proposal is made in respect
of an insolvent person, the trustee shall file a
copy thereof with the official receiver.
|
|
Determination
of claims
|
(1.1) Except in respect of claims referred to
in subsection 14.06(8), where a proposal is
made in respect of an insolvent person, the
time with respect to which the claims of
creditors shall be determined is the time of the
filing of
|
|
|
|
|
|
|
|
Determination
of claims re
bankrupt
|
(1.2) Except in respect of claims referred to
in subsection 14.06(8), where a proposal is
made in respect of a bankrupt, the time with
respect to which the claims of creditors shall
be determined is the date on which the
bankrupt became bankrupt.
|
|
1992, c. 27, s.
29
|
40. Section 64 of the Act is replaced by the
following:
|
|
Assignment
pending court
approval of
proposal
|
64. Where an insolvent person in respect of
whom a notice of intention has been filed
under section 50.4 or a proposal has been filed
under section 62 makes an assignment at any
time before the court has approved the
proposal, the date of the assignment is deemed
to be the date of the initial bankruptcy event.
|
|
1992, c. 27, s.
30
|
41. (1) The portion of paragraph
65.1(4)(a) of the Act before subparagraph
(i) is replaced by the following:
|
|
|
|
|
|
(2) The definition ``eligible financial
contract'' in subsection 65.1(8) of the Act is
amended by adding the following after
paragraph (k):
|
|
|
|
|
1992, c. 27, s.
30
|
(3) The portion of subsection 65.1(9) of
the Act before paragraph (a) is replaced by
the following:
|
|
Application of
paragraphs
69(1)(a) and
69.1(1)(a)
|
(9) For greater certainty, where an eligible
financial contract entered into before the
filing in respect of an insolvent person of
|
|
1992, c. 27, s.
30
|
42. (1) Subsection 65.2(1) of the English
version of the Act is replaced by the
following:
|
|
Insolvent
person may
disclaim
commercial
lease
|
65.2 (1) At any time between the filing of a
notice of intention and the filing of a proposal,
or on the filing of a proposal, in respect of an
insolvent person who is a commercial tenant
under a lease of real property, the insolvent
person may disclaim the lease on giving thirty
days notice to the landlord in the prescribed
manner, subject to subsection (2).
|
|
1992, c. 27, s.
30
|
(2) Subsections 65.2(2) to (6) of the Act
are replaced by the following:
|
|
Landlord may
challenge
|
(2) Within fifteen days after being given
notice of the disclaimer of a lease under
subsection (1), the landlord may apply to the
court for a declaration that subsection (1) does
not apply in respect of that lease, and the court,
on notice to such parties as it may direct, shall,
subject to subsection (3), make such a
declaration.
|
|
Where no
declaration to
be made
|
(3) No declaration under subsection (2)
shall be made if the court is satisfied that the
insolvent person would not be able to make a
viable proposal without the disclaimer of the
lease and all other leases that the tenant has
disclaimed under subsection (1).
|
|
Where offer to
pay
compensation
for actual
losses caused
by disclaimer
|
(4) Where an offer is made in the proposal
to compensate the landlord for the actual
losses to the landlord resulting from the
disclaimer under subsection (1) on the same
terms as are being offered in the proposal to
compensate unsecured creditors holding
claims within any class of unsecured claims,
|
|
|
|
|
|
|
|
|
|
|
Where
compensation
offered other
than for actual
losses
|
(5) Where an offer, other than an offer
described in subsection (4), is made in the
proposal to compensate the landlord for losses
resulting from the disclaimer under subsection
(1),
|
|
|
|
|
|
|
|
|
|
|
Where no
offer of
compensation
|
(6) Where no offer is made in the proposal
to compensate the landlord for the losses
resulting from the disclaimer under subsection
(1),
|
|
|
|
|