Bankruptcy and Insolvency Act

Marginal note:Definitions

2 In this Act,

affidavit

affidavit

affidavit includes statutory declaration and solemn affirmation; (affidavit)

aircraft objects

biens aéronautiques

aircraft objects has the same meaning as in subsection 2(1) of the International Interests in Mobile Equipment (aircraft equipment) Act; (biens aéronautiques)

application

Version anglaise seulement

application, with respect to a bankruptcy application filed in a court in the Province of Quebec, means a motion; (Version anglaise seulement)

assignment

cession

assignment means an assignment filed with the official receiver; (cession)

bank

banque

bank means

• (a) every bank and every authorized foreign bank within the meaning of section 2 of the Bank Act,

• (b) every other member of the Canadian Payments Association established by the Canadian Payments Act, and

• (c) every local cooperative credit society, as defined in subsection 2(1) of the Act referred to in paragraph (b), that is a member of a central cooperative credit society, as defined in that subsection, that is a member of that Association; (banque)

bankrupt

failli

bankrupt means a person who has made an assignment or against whom a bankruptcy order has been made or the legal status of that person; (failli)

bankruptcy

faillite

bankruptcy means the state of being bankrupt or the fact of becoming bankrupt; (faillite)

child

child[Repealed, 2000, c. 12, s. 8]

claim provable in bankruptcy, provable claim or claim provable

réclamation prouvable en matière de faillite ou réclamation prouvable

claim provable in bankruptcy, provable claim or claim provable includes any claim or liability provable in proceedings under this Act by a creditor; (réclamation prouvable en matière de faillite ou réclamation prouvable)

common-law partner

conjoint de fait

common-law partner, in relation to an individual, means a person who is cohabiting with the individual in a conjugal relationship, having so cohabited for a period of at least one year; (conjoint de fait)

common-law partnership

union de fait

common-law partnership means the relationship between two persons who are common-law partners of each other; (union de fait)

corporation

personne morale

corporation includes any company or legal person incorporated by or under an Act of Parliament or of any province, and any incorporated company, wherever incorporated, that is authorized to carry on business in Canada or that has an office or property in Canada, but does not include banks, authorized foreign banks within the meaning of section 2 of the Bank Act, insurance companies, trust companies, loan companies or railway companies; (personne morale)

court

tribunal

court, except in paragraphs 178(1)(a) and (a.1) and sections 204.1 to 204.3 and subject to subsection 243(1), means the court having jurisdiction in bankruptcy or a judge thereof, and includes a registrar when exercising the powers of the court conferred on a registrar under this Act; (tribunal)

creditor

créancier

creditor means a person having a claim, unsecured, preferred by virtue of priority under section 136 or secured, provable as a claim under this Act; (créancier)

date of the initial bankruptcy event

ouverture de la faillite

date of the initial bankruptcy event, in respect of a person, means the earliest of the date of filing of or making of

• (a) an assignment by or in respect of the person,

• (b) a proposal by or in respect of the person,

• (c) a notice of intention by the person,

• (d) the first application for a bankruptcy order against the person, in any case

  • (i) referred to in paragraph 50.4(8)(a) or 57(a) or subsection 61(2), or

  • (ii) in which a notice of intention to make a proposal has been filed under section 50.4 or a proposal has been filed under section 62 in respect of the person and the person files an assignment before the court has approved the proposal, or

• (e) the application in respect of which a bankruptcy order is made, in the case of an application other than one referred to in paragraph (d); (ouverture de la faillite)

debtor

débiteur

debtor includes an insolvent person and any person who, at the time an act of bankruptcy was committed by him, resided or carried on business in Canada and, where the context requires, includes a bankrupt; (débiteur)

eligible financial contract

contrat financier admissible

eligible financial contract means

• (a) a currency or interest rate swap agreement,

• (b) a basis swap agreement,

• (c) a spot, future, forward or other foreign exchange agreement,

• (d) a cap, collar or floor transaction,

• (e) a commodity swap,

• (f) a forward rate agreement,

• (g) a repurchase or reverse repurchase agreement,

• (h) a spot, future, forward or other commodity contract,

• (i) an agreement to buy, sell, borrow or lend securities, to clear or settle securities transactions or to act as a depository for securities,

• (j) any derivative, combination or option in respect of, or agreement similar to, an agreement or contract referred to in paragraphs (a) to (i),

• (k) any master agreement in respect of any agreement or contract referred to in paragraphs (a) to (j),

• (l) any master agreement in respect of a master agreement referred to in paragraph (k),

• (m) a guarantee of the liabilities under an agreement or contract referred to in paragraphs (a) to (l), or

• (n) any agreement of a kind prescribed; (contrat financier admissible)

executing officer

huissier- exécutant

executing officer includes a sheriff, a bailiff and any officer charged with the execution of a writ or other process under this Act or any other Act or proceeding with respect to any property of a debtor; (huissier- exécutant)

financial collateral

garantie financière

financial collateral means any of the following that is subject to an interest, or in the Province of Quebec a right, that secures payment or performance of an obligation in respect of an eligible financial contract or that is subject to a title transfer credit support agreement:

• (a) cash or cash equivalents, including negotiable instruments and demand deposits,

• (b) securities, a securities account, a securities entitlement or a right to acquire securities, or

• (c) a futures agreement or a futures account; (garantie financière)

General Rules

Règles générales

General Rules means the General Rules referred to in section 209; (Règles générales)

insolvent person

personne insolvable

insolvent person means a person who is not bankrupt and who resides, carries on business or has property in Canada, whose liabilities to creditors provable as claims under this Act amount to one thousand dollars, and

• (a) who is for any reason unable to meet his obligations as they generally become due,

• (b) who has ceased paying his current obligations in the ordinary course of business as they generally become due, or

• (c) the aggregate of whose property is not, at a fair valuation, sufficient, or, if disposed of at a fairly conducted sale under legal process, would not be sufficient to enable payment of all his obligations, due and accruing due; (personne insolvable)

legal counsel

conseiller juridique

legal counsel means any person qualified, in accordance with the laws of a province, to give legal advice; (conseiller juridique)

locality of a debtor

localité d’un débiteur

locality of a debtor means the principal place

• (a) where the debtor has carried on business during the year immediately preceding his bankruptcy,

• (b) where the debtor has resided during the year immediately preceding his bankruptcy, or

• (c) in cases not coming within paragraph (a) or (b), where the greater portion of the property of the debtor is situated; (localité d’un débiteur)

Minister

ministre

Minister means the Minister of Industry; (ministre)

net termination value

valeurs nettes dues à la date de résiliation

net termination value means the net amount obtained after netting or setting off or compensating the mutual obligations between the parties to an eligible financial contract in accordance with its provisions; (valeurs nettes dues à la date de résiliation)

official receiver

séquestre officiel

official receiver means an officer appointed under subsection 12(2); (séquestre officiel)

person

personne

person includes a partnership, an unincorporated association, a corporation, a cooperative society or an organization, the successors of a partnership, association, corporation, society or organization, and the heirs, executors, liquidators of the succession, administrators or other legal representative of a person, according to the law of that part of Canada to which the context extends; (personne)

prescribed

prescrit

prescribed

• (a) in the case of the form of a document that is by this Act to be prescribed and the information to be given therein, means prescribed by directive issued by the Superintendent under paragraph 5(4)(e), and

• (b) in any other case, means prescribed by the General Rules; (prescrit)

property

bien

property means any type of property, whether situated in Canada or elsewhere, and includes money, goods, things in action, land and every description of property, whether real or personal, legal or equitable, as well as obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, in, arising out of or incident to property; (bien)

proposal

proposition concordataire ou proposition

proposal means

• (a) in any provision of Division I of Part III, a proposal made under that Division, and

• (b) in any other provision, a proposal made under Division I of Part III or a consumer proposal made under Division II of Part III

and includes a proposal or consumer proposal, as the case may be, for a composition, for an extension of time or for a scheme or arrangement; (proposition concordataire ou proposition)

public utility

entreprise de service public

public utility includes a person or body who supplies fuel, water or electricity, or supplies telecommunications, garbage collection, pollution control or postal services; (entreprise de service public)

resolution or ordinary resolution

résolution ou résolution ordinaire

resolution or ordinary resolution means a resolution carried in the manner provided by section 115; (résolution ou résolution ordinaire)

secured creditor

créancier garanti

secured creditor means a person holding a mortgage, hypothec, pledge, charge or lien on or against the property of the debtor or any part of that property as security for a debt due or accruing due to the person from the debtor, or a person whose claim is based on, or secured by, a negotiable instrument held as collateral security and on which the debtor is only indirectly or secondarily liable, and includes

• (a) a person who has a right of retention or a prior claim constituting a real right, within the meaning of the Civil Code of Québec or any other statute of the Province of Quebec, on or against the property of the debtor or any part of that property, or

• (b) any of

  • (i) the vendor of any property sold to the debtor under a conditional or instalment sale,

  • (ii) the purchaser of any property from the debtor subject to a right of redemption, or

  • (iii) the trustee of a trust constituted by the debtor to secure the performance of an obligation,

  if the exercise of the person’s rights is subject to the provisions of Book Six of the Civil Code of Québec entitled Prior Claims and Hypothecs that deal with the exercise of hypothecary rights; (créancier garanti)

settlement

disposition

settlement includes a contract, covenant, transfer, gift and designation of beneficiary in an insurance contract, to the extent that the contract, covenant, transfer, gift or designation is gratuitous or made for merely nominal consideration; (disposition)

sheriff

sheriff[Repealed, 2004, c. 25, s. 7]

special resolution

résolution spéciale

special resolution means a resolution decided by a majority in number and three-fourths in value of the creditors with proven claims present, personally or by proxy, at a meeting of creditors and voting on the resolution; (résolution spéciale)

Superintendent

surintendant

Superintendent means the Superintendent of Bankruptcy appointed under subsection 5(1); (surintendant)

Superintendent of Financial Institutions

surintendant des institutions financières

Superintendent of Financial Institutions means the Superintendent of Financial Institutions appointed under subsection 5(1) of the Office of the Superintendent of Financial Institutions Act; (surintendant des institutions financières)

title transfer credit support agreement

accord de transfert de titres pour obtention de crédit

title transfer credit support agreement means an agreement under which an insolvent person or a bankrupt has provided title to property for the purpose of securing the payment or performance of an obligation of the insolvent person or bankrupt in respect of an eligible financial contract; (accord de transfert de titres pour obtention de crédit)

trustee or licensed trustee

syndic ou syndic autorisé

trustee or licensed trustee means a person who is licensed or appointed under this Act. (syndic ou syndic autorisé)