Wage Earner Protection Program Regulations

19 (1) For the purposes of subsection 22(2) of the Act, the Minister shall, on application by the trustee or receiver, pay the fees and expenses for their administration of the estate or property if

• (a) the trustee or receiver provides a copy of their final statement of receipts and disbursements for the bankruptcy or receivership;

• (b) the final statement of receipts and disbursements for the bankruptcy or receivership shows a deficit;

• (c) the amount determined in accordance with the following formula is greater than zero and less than or equal to the value of the rights under sections 81.3 and 81.4 of the Bankruptcy and Insolvency Act:

  X - Y

  where

  X

  is equal to the current assets realized, and

  Y

  is the sum of the value of the rights under sections 81.1 and 81.2 of the Bankruptcy and Insolvency Act and the amounts referred to in subsection 67(3) of that Act that have been deemed to be held in trust; and

• (d) the value of the rights under sections 81.3 and 81.4 of the Bankruptcy and Insolvency Act constitutes the entire value of the property in the possession of the trustee or receiver.

(2) The amount payable is equal to the least of the following amounts, minus any amount paid under section 18:

• (a) the sum of

  • (i) 95% of the value of current assets realized that are worth less than $2,000,

  • (ii) 50% of the value of current assets realized that are worth between $2,000 and $4,000,

  • (iii) 35% of the value of current assets realized that are worth between $4,000.01 and $10,000,

  • (iv) 5% of the value of current assets realized that are worth $10,000.01 or more, and

  • (v) the fees and expenses

    • (A) for taking possession of the property, making an inventory and securing and insuring the property,

    • (B) for mail-outs to creditors to advise them of the meeting of creditors and the discharge hearing of the trustee,

    • (C) for the cost of publishing a newspaper notice of the bankruptcy,

    • (D) of the official receiver and the registrar, and

    • (E) for other items that may be allowed by the court on the taxation of the statement of receipts and disbursements to a maximum of $1,000;

• (b) if a guarantee has been provided by a creditor of the employer in respect of the fees and expenses, the value of that guarantee; and

• (c) the value of the rights under sections 81.3 and 81.4 of the Bankruptcy and Insolvency Act.