(c) it is in the public interest to do so,
	the Superintendent may do one or more of the following:
	(d) cancel or suspend the licence of the trustee;
	(e) place such conditions or limitations on the licence as the Superintendent considers appropriate including a requirement that the trustee successfully take an exam or enrol in a proficiency course, and
	(f) require the trustee to make restitution to the estate of such amount of money as the estate has been deprived of as a result of the trustee's conduct.
Application to former trustees	(1.1) This section and section 14.02 apply, in so far as they are applicable, in respect of former trustees, with such modifications as the circumstances require.
Delegation	(2) The Superintendent may delegate by written instrument, on such terms and conditions as are therein specified, any or all of the Superintendent's powers, duties and functions under subsection (1), subsection 13.2(5), (6) or (7) or section 14.02 or 14.03.
1992, c. 27, s. 9(1)	13. (1) Subsection 14.02(1) of the English version of the Act is replaced by the following:
Notice of proposed decision to trustee	14.02 (1) Where the Superintendent intends to exercise any of the powers referred to in subsection 14.01(1), the Superintendent shall send the trustee written notice of the powers that the Superintendent intends to exercise and the reasons therefor and afford the trustee a reasonable opportunity for a hearing.
1992, c. 27, s. 9(1)	(2) Subsections 14.02(3) and (4) of the Act are replaced by the following:
Record	(3) The notice referred to in subsection (1) and, where applicable, the summary of oral evidence referred to in paragraph (2)(d), together with such documentary evidence as the Superintendent receives in evidence, form the record of the hearing and the record and the hearing are public, unless the Superintendent is satisfied that personal or other matters that may be disclosed are of such a nature that the desirability of avoiding public disclosure of those matters, in the interest of a third party or in the public interest, outweighs the desirability of the access by the public to information about those matters.
Decision	(4) The decision of the Superintendent after a hearing referred to in subsection (1), together with the reasons therefor, shall be given in writing to the trustee not later than three months after the conclusion of the hearing, and is public.
1992, c. 27, s. 9(1)	14. (1) Subsection 14.03(1) of the Act is replaced by the following:
Conservatory measures	14.03 (1) The Superintendent may, for the protection of an estate in the circumstances referred to in subsection (2),
	(a) direct a person to deal with property of the estate described in the direction in such manner as may be indicated in the direction, including the continuation of the administration of the estate;
	(b) direct any person to take such steps as the Superintendent considers necessary to preserve the books, records, data, including data in electronic form, and documents of the estate;
	(c) direct a bank or other depository not to pay out funds held to the credit of the estate except in accordance with the direction; and
	(d) where action in respect of a trustee is being taken under subsection 13.2(5) or 14.01(1), direct the official receiver not to appoint the trustee in respect of any new estates until a decision in respect of the trustee is made.
1992, c. 27, s. 9(1)	(2) Paragraph 14.03(2)(a) of the French version of the Act is replaced by the following:
	a) le décès, la destitution ou l'empêchement du syndic responsable de l'actif;
	(3) Subsection 14.03(2) of the Act is amended by striking out the word ``or'' at the end of paragraph (c) and by adding the following after paragraph (d):
	(e) a trustee becomes insolvent;
	(f) a trustee is convicted of an indictable offence or has failed to comply with any of the conditions or limitations to which the trustee's licence is subject; or
	(g) a circumstance referred to in paragraph 13.2(5)(c) or (d) exists and the Superintendent is considering cancelling the licence under subsection 13.2(5).
1992, c. 27, s. 9(1)	15. (1) Subsections 14.06(2) and (3) of the Act are replaced by the following:
Application	(1.1) In subsections (1.2) to (6), a reference to a trustee means a trustee in a bankruptcy or proposal and includes an interim receiver or a receiver within the meaning of subsection 243(2).
Non-liability in respect of certain matters	(1.2) Notwithstanding anything in any federal or provincial law, where a trustee carries on in that position the business of the debtor or continues the employment of the debtor's employees, the trustee is not by reason of that fact personally liable in respect of any claim against the debtor or related to a requirement imposed on the debtor to pay an amount where the claim arose before or upon the trustee's appointment.
Status of claim ranking	(1.3) A claim referred to in subsection (1.2) shall not rank as costs of administration.
Liability in respect of environ- mental matters	(2) Notwithstanding anything in any federal or provincial law, a trustee is not personally liable in that position for any environmental condition that arose or environmental damage that occurred
	(a) before the trustee's appointment; or
	(b) after the trustee's appointment unless it is established that the condition arose or the damage occurred as a result of the trustee's gross negligence or wilful misconduct.
Reports, etc., still required	(3) Nothing in subsection (2) exempts a trustee from any duty to report or make disclosure imposed by a law referred to in that subsection.
Non-liability re certain orders	(4) Notwithstanding anything in any federal or provincial law but subject to subsection (2), where an order is made which has the effect of requiring a trustee to remedy any environmental condition or environmental damage affecting property involved in a bankruptcy, proposal or receivership, the trustee is not personally liable for failure to comply with the order, and is not personally liable for any costs that are or would be incurred by any person in carrying out the terms of the order,
	(a) if, within such time as is specified in the order, within ten days after the order is made if no time is so specified, within ten days after the appointment of the trustee, if the order is in effect when the trustee is appointed, or during the period of the stay referred to in paragraph (b), the trustee
	(i) complies with the order, or
	(ii) on notice to the person who issued the order, abandons, disposes of or otherwise releases any interest in any real property affected by the condition or damage;
	(b) during the period of a stay of the order granted, on application made within the time specified in the order referred to in paragraph (a), within ten days after the order is made or within ten days after the appointment of the trustee, if the order is in effect when the trustee is appointed, by
	(i) the court or body having jurisdiction under the law pursuant to which the order was made to enable the trustee to contest the order, or
	(ii) the court having jurisdiction in bankruptcy for the purposes of assessing the economic viability of complying with the order; or
	(c) if the trustee had, before the order was made, abandoned or renounced or been divested of any interest in any real property affected by the condition or damage.
Stay may be granted	(5) The court may grant a stay of the order referred to in subsection (4) on such notice and for such period as the court deems necessary for the purpose of enabling the trustee to assess the economic viability of complying with the order.
Costs for remedying not costs of administra- tion	(6) Where the trustee has abandoned or renounced any interest in real property affected by the environmental condition or environmental damage, claims for costs of remedying the condition or damage shall not rank as costs of administration.
Priority of claims	(7) Any claim by Her Majesty in right of Canada or a province against the debtor in a bankruptcy, proposal or receivership for costs of remedying any environmental condition or environmental damage affecting real property of the debtor is secured by a charge on the real property and on any other real property of the debtor that is contiguous thereto and that is related to the activity that caused the environmental condition or environmental damage, and the charge
	(a) is enforceable in accordance with the law of the jurisdiction in which the real property is located, in the same way as a mortgage, hypothec or other security on real property; and
	(b) ranks above any other claim, right or charge against the property, notwithstanding any other provision of this Act or anything in any other federal or provincial law.
Claim for clean-up costs	(8) Notwithstanding subsection 121(1), a claim against a debtor in a bankruptcy or proposal for the costs of remedying any environmental condition or environmental damage affecting real property of the debtor shall be a provable claim, whether the condition arose or the damage occurred before or after the date of the filing of the proposal or the date of the bankruptcy.
Application	(2) Subsection (1) applies to bankruptcies, proposals or receiverships in respect of which proceedings are commenced after that subsection comes into force.
	16. The Act is amended by adding the following after section 15:
	Status of Trustee
Declaration	15.1 A trustee is deemed to be a trustee for the purposes of the definition ``trustee'' in section 2 of the Criminal Code.
	17. Subsection 16(5) of the Act is replaced by the following:
Right of trustee to books of account, etc.	(5) No person is, as against the trustee, entitled to withhold possession of the books of account belonging to the bankrupt or any papers or documents, including material in electronic form, relating to the accounts or to any trade dealings of the bankrupt or to set up any lien or right of retention thereon.
	18. Section 20 of the Act is replaced by the following:
Divesting property by trustee	20. (1) The trustee may, with the permission of the inspectors, divest all or any part of the trustee's right, title or interest in any real property of the bankrupt by a notice of quit claim or disclaimer by the trustee, and the official in charge of the land titles or registry office, as the case may be, where title to the real property is registered shall accept and register in the land register the notice when tendered for registration.
Registration of notice	(2) Registration of a notice under subsection (1) operates as a discharge or release of any documents previously registered in the land register by or on behalf of the trustee with respect to the property referred to in the notice.
1992, c. 27, s. 10(1)	19. (1) Subsection 25(1) of the French version of the Act is replaced by the following:
Compte en fiducie	25. (1) Sous réserve des paragraphes (1.1) et (1.2), le syndic dépose sans délai dans une banque tous les fonds reçus pour le compte de chaque actif dans un compte en fiducie ou en fidéicommis distinct.
1992, c. 27, s. 10(1)	(2) Subsection 25(1.1) of the Act is replaced by the following:
Other banks must be insured	(1.1) The trustee may deposit moneys pursuant to subsection (1) in a deposit-taking institution, other than a bank as defined in section 2, only if deposits held by that institution are insured or guaranteed under a provincial or federal enactment that provides depositors with protection against the loss of money on deposit with that institution.
1992, c. 27, s. 10(1)	(3) Subsection 25(1.3) of the French version of the Act is replaced by the following:
Permission nécessaire pour certains actes	(1.3) Le syndic ne peut effectuer aucun retrait de fonds sur le compte en fiducie ou en fidéicommis d'un actif, sans la permission écrite des inspecteurs ou, sur demande, celle du tribunal, sauf en cas de paiement de dividendes ou de frais se rapportant à l'administration de l'actif.
	(4) Subsection 25(2) of the Act is replaced by the following:
Payment by cheque	(2) All payments made by a trustee under subsection (1) shall be made by cheque drawn on the estate account or in such manner as is specified in directives of the Superintendent.
	20. Subsection 26(2) of the Act is replaced by the following:
Trustee's records to be property of estate	(2) The estate books, records and documents relating to the administration of an estate are deemed to be the property of the estate, and, in the event of any change of trustee, shall forthwith be delivered to the substituted trustee.
	21. Subsection 29(1) of the Act is replaced by the following:
Duty of trustee on expiration of licence or removal	29. (1) Where
	(a) the licence of a trustee has been cancelled or suspended, or has ceased to be valid by reason of failure to pay fees,
	(b) a trustee has been removed from continuing the administration of an estate, or
	(c) a trustee dies or becomes incapacitated,
	the trustee or the legal representative of the trustee shall, within such time as is fixed by the Superintendent, prepare and forward to the Superintendent a detailed financial statement of the receipts and disbursements together with a list of and report on the unadministered property of every estate under the trustee's administration for which the trustee has not been discharged, and shall forward to such other trustee as may be appointed in the trustee's stead or, pending the appointment of the other trustee, to the official receiver all the remaining property of every estate under the trustee's administration together with all the books, records and documents relating thereto.
	22. (1) Paragraph 30(1)(k) of the French version of the Act is replaced by the following:
	k) décider de retenir, durant la totalité ou durant une partie de la période restant à courir, ou de céder, abandonner ou résilier tout bail ou autre intérêt provisoire se rattachant à un bien du failli;
	(2) Subsection 30(2) of the French version of the Act is replaced by the following:
Portée de la permission	(2) La permission n'est pas une permission générale visant tous les pouvoirs mentionnés, mais est restreinte à un ou plusieurs pouvoirs précisés, ou à une catégorie de pouvoirs précisés.
1992, c. 27, s. 13	23. Subsection 35(3) of the Act is replaced by the following:
Limitation of time	(3) Where a bankrupt is an individual, a notice referred to in subsection (1) is operative only during the three month period immediately following the date of bankruptcy unless the court, on application, extends that period on such terms as the court considers fit.
	24. Paragraph 36(2)(d) of the Act is replaced by the following:
	(d) if required by the inspectors, register a notice of the appointment in the land register of any land titles or registry office where the assignment or receiving order has been registered; and
	25. (1) Subsection 41(5) of the Act is replaced by the following:
Objections to be filed with court and trustee	(5) Any interested person desiring to object to the discharge of a trustee shall, at least five days prior to the date of the hearing, file notice of objection with the registrar of the court setting out the reasons for the objection and serve a copy of the notice on the trustee.
	(2) Section 41 of the Act is amended by adding the following after subsection (8):
Investigation not precluded	(8.1) Nothing in subsection (8) shall be construed to prevent an investigation or a proceeding in respect of a trustee under subsection 14.01(1).
	26. Paragraph 42(1)(e) of the Act is replaced by the following:
	(e) if the debtor permits any execution or other process issued against the debtor under which any of the debtor's property is seized, levied on or taken in execution to remain unsatisfied until within five days from the time fixed by the sheriff for the sale thereof or for fifteen days after the seizure, levy or taking in execution, or if any of the debtor's property has been sold by the sheriff, or if the execution or other process has been held by the sheriff for a period of fifteen days after written demand for payment without seizure, levy or taking in execution or satisfaction by payment, or if it is returned endorsed to the effect that the sheriff can find no property whereon to levy or to seize or take, but where interpleader proceedings have been instituted with respect to the property seized, the time elapsing between the date at which the proceedings were instituted and the date at which the proceedings are finally disposed of, settled or abandoned shall not be taken into account in calculating the period of fifteen days;