Marginal note:Purpose

267. The purpose of this Part is to provide mechanisms for dealing with cases of cross-border insolvencies and to promote

• (a) cooperation between the courts and other competent authorities in Canada with those of foreign jurisdictions in cases of cross-border insolvencies;

• (b) greater legal certainty for trade and investment;

• (c) the fair and efficient administration of cross-border insolvencies that protects the interests of creditors and other interested persons, and those of debtors;

• (d) the protection and the maximization of the value of debtors’ property; and

• (e) the rescue of financially troubled businesses to protect investment and preserve employment.

Marginal note:Definitions

• 268. (1) The following definitions apply in this Part.

  “foreign court”

  « tribunal étranger »

  “foreign court” means a judicial or other authority competent to control or supervise a foreign proceeding.

  “foreign main proceeding”

  « principale »

  “foreign main proceeding” means a foreign proceeding in a jurisdiction where the debtor has the centre of the debtor’s main interests.

  “foreign non-main proceeding”

  « secondaire »

  “foreign non-main proceeding” means a foreign proceeding, other than a foreign main proceeding.

  “foreign proceeding”

  « instances étrangères »

  “foreign proceeding” means a judicial or an administrative proceeding, including an interim proceeding, in a jurisdiction outside Canada dealing with creditor’s collective interests generally under any law relating to bankruptcy or insolvency in which a debtor’s property and affairs are subject to control or supervision by a foreign court for the purpose of reorganization or liquidation.

  “foreign representative”

  « représentant étranger »

  “foreign representative” means a person or body, including one appointed on an interim basis, who is authorized, in a foreign proceeding in respect of a debtor, to

  • (a) administer the debtor’s property or affairs for the purpose of reorganization or liquidation; or

  • (b) act as a representative in respect of the foreign proceeding.

• Marginal note:Centre of debtor’s main interests

  (2) For the purposes of this Part, in the absence of proof to the contrary, a debtor’s registered office and, in the case of a debtor who is an individual, the debtor’s ordinary place of residence are deemed to be the centre of the debtor’s main interests.