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

Marginal note:Creditors shall prove claims

• 124. (1) Every creditor shall prove his claim, and a creditor who does not prove his claim is not entitled to share in any distribution that may be made.

• Marginal note:Proof by delivery

  (2) A claim shall be proved by delivering to the trustee a proof of claim in the prescribed form.

• Marginal note:Who may make proof of claims

  (3) The proof of claim may be made by the creditor himself or by a person authorized by him on behalf of the creditor, and, if made by a person so authorized, it shall state his authority and means of knowledge.

• Marginal note:Shall refer to account

  (4) The proof of claim shall contain or refer to a statement of account showing the particulars of the claim and any counter-claim that the bankrupt may have to the knowledge of the creditor and shall specify the vouchers or other evidence, if any, by which it can be substantiated.

• (5) [Repealed, 2005, c. 47, s. 86]

Marginal note:Penalty for filing false claim

125. Where a creditor or other person in any proceedings under this Act files with the trustee a proof of claim containing any wilfully false statement or wilful misrepresentation, the court may, in addition to any other penalty provided in this Act, disallow the claim in whole or in part as the court in its discretion may see fit.

Marginal note:Who may examine proofs

• 126. (1) Every creditor who has filed a proof of claim is entitled to see and examine the proofs of other creditors.

• Marginal note:Worker’s wage claims

  (2) Proofs of claims for wages of workers and others employed by the bankrupt may be made in one proof by the bankrupt, by someone on the bankrupt’s behalf, by a representative of a federal or provincial ministry responsible for labour matters, by a representative of a union representing workers and others employed by the bankrupt or by a court-appointed represent­ative, and that proof is to be made by attaching to it a schedule setting out the names and addresses of the workers and others and the amounts severally due to them, but that proof does not disentitle any worker or other wage earner to file a separate proof on his or her own behalf.

Marginal note:Proof by secured creditor

• 127. (1) Where a secured creditor realizes his security, he may prove the balance due to him after deducting the net amount realized.

• Marginal note:May prove whole claim on surrender

  (2) Where a secured creditor surrenders his security to the trustee for the general benefit of the creditors, he may prove his whole claim.