Bankruptcy and Insolvency Act (R.S.C., 1985, c. B-3)

Act current to 2013-05-20 and last amended on 2013-04-01. Previous Versions

Marginal note:Receiver’s statement

  • 246. (1) A receiver shall, forthwith after taking possession or control, whichever occurs first, of property of an insolvent person or a bankrupt, prepare a statement containing the prescribed information relating to the receivership, and shall forthwith provide a copy thereof to the Superintendent and

    • (a) to the insolvent person or the trustee (in the case of a bankrupt); and

    • (b) to any creditor of the insolvent person or the bankrupt who requests a copy at any time up to six months after the end of the receivership.

  • Marginal note:Receiver’s interim reports

    (2) A receiver shall, in accordance with the General Rules, prepare further interim reports relating to the receivership, and shall provide copies thereof to the Superintendent and

    • (a) to the insolvent person or the trustee (in the case of a bankrupt); and

    • (b) to any creditor of the insolvent person or the bankrupt who requests a copy at any time up to six months after the end of the receivership.

  • Marginal note:Receiver’s final report and statement of accounts

    (3) A receiver shall, forthwith after completion of duties as receiver, prepare a final report and a statement of accounts, in the prescribed form and containing the prescribed information relating to the receivership, and shall forthwith provide a copy thereof to the Superintendent and

    • (a) to the insolvent person or the trustee (in the case of a bankrupt); and

    • (b) to any creditor of the insolvent person or the bankrupt who requests a copy at any time up to six months after the end of the receivership.

  • 1992, c. 27, s. 89.
Marginal note:Good faith, etc.

247. A receiver shall

  • (a) act honestly and in good faith; and

  • (b) deal with the property of the insolvent person or the bankrupt in a commercially reasonable manner.

  • 1992, c. 27, s. 89.
Marginal note:Powers of court

  • 248. (1) Where the court, on the application of the Superintendent, the insolvent person, the trustee (in the case of a bankrupt), a receiver or a creditor, is satisfied that the secured creditor, the receiver or the insolvent person is failing or has failed to carry out any duty imposed by sections 244 to 247, the court may make an order, on such terms as it considers proper,

    • (a) directing the secured creditor, receiver or insolvent person, as the case may be, to carry out that duty, or

    • (b) restraining the secured creditor or receiver, as the case may be, from realizing or otherwise dealing with the property of the insolvent person or bankrupt until that duty has been carried out,

    or both.

  • Marginal note:Idem

    (2) On the application of the Superintendent, the insolvent person, the trustee (in the case of a bankrupt) or a creditor, made within six months after the statement of accounts was provided to the Superintendent pursuant to subsection 246(3), the court may order the receiver to submit the statement of accounts to the court for review, and the court may adjust, in such manner and to such extent as it considers proper, the fees and charges of the receiver as set out in the statement of accounts.

  • 1992, c. 27, s. 89.