Winding-up and Restructuring Act (R.S.C., 1985, c. W-11)

Marginal note:Day to be fixed for hearing

89. On the completion of the issues on the objections filed under section 88, the liquidator shall transmit to the court all necessary papers relating to the contestation, and the court shall, on the application of either party, fix a day for taking evidence on the contestation and hearing and determining the contestation.

Marginal note:Costs

90. The court may make such order as seems proper in respect of the payment of the costs of the contestation referred to in section 89 by either party or out of the estate of the company.

Marginal note:Default in answer by claimant

91. Where, after a claim or dividend has been duly objected to, the claimant does not answer the objections, the court may, on the application of the contestant, make an order barring the claim or correcting the dividend, or may make such other order with reference thereto as appears right.

Marginal note:Security for costs

92. The court may order the person objecting to a claim or dividend to give security for the costs of the contestation within a limited time, and may, in default, dismiss the contestation or stay proceedings thereon on such terms as the court thinks just.

Marginal note:Distribution of property

93. The property of the company shall be applied in satisfaction of its debts and liabilities, and the charges, costs and expenses incurred in winding-up its affairs.

Marginal note:Winding-up expenses

94. All costs, charges and expenses properly incurred in the winding-up of a company, including the remuneration of the liquidator, are payable out of the assets of the company, in priority to all other claims.

Marginal note:Distribution of surplus

• 95. (1) The court shall distribute among the persons entitled thereto any surplus that remains after the satisfaction of the debts and liabilities of the company and the winding-up charges, costs and expenses, and unless otherwise provided by law or by the Act, charter or instrument of incorporation of the company, any property or assets remaining after the satisfaction shall be distributed among the members or shareholders according to their rights and interests in the company.

• Marginal note:Interest from commencement of winding-up

  (2) Any surplus referred to in subsection (1) shall first be applied in payment of interest from the commencement of the winding-up at the rate of five per cent per annum on all claims proved in the winding-up and according to their priority.