Chapter 36 - An Act To Amend The Bankruptcy And Insolvency Act, The Companies' Creditors Arrangement Act, The Wage Earner Protection Program Act And Chapter 47 Of The Statutes Of Canada, 2005

Extract

---

Chapter 36 - An Act To Amend The Bankruptcy And Insolvency Act, The Companies' Creditors Arrangement Act, The Wage Earner Protection Program Act And Chapter 47 Of The Statutes Of Canada, 2005

TABLE OF PROVISIONS AN ACT TO AMEND THE BANKRUPTCY AND INSOLVENCY ACT, THE COMPANIES' CREDITORS ARRANGEMENT ACT, THE WAGE EARNER PROTECTION PROGRAM ACT AND CHAPTER 47 OF THE STATUTES OF CANADA, 2005

BANKRUPTCY AND INSOLVENCY ACT 1-60.

Amendments COMPANIES' CREDITORS ARRANGEMENT ACT 61-82.

Amendments WAGE EARNER PROTECTION PROGRAM ACT 83-94.

Amendments CHAPTER 47 OF THE STATUTES OF CANADA, 2005

95-109.

Amendments TRANSITIONAL PROVISIONS 110.

Bankruptcy and Insolvency Act 111.

Companies' Creditors Arrangement Act COORDINATING AMENDMENTS 112.

Bill C-52

COMING INTO FORCE 113.

Order in council 56 ELIZABETH II

CHAPTER 36

An Act to amend the Bankruptcy and Insolvency Act, the Companies' Creditors Arrangement Act, the Wage Earner Protection Program Act and chapter 47 of the Statutes of Canada, 2005 [Assented to 14th December, 2007] Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

BANKRUPTCY AND INSOLVENCY ACT 1. (1) The definition 'corporation' in section 2 of the Bankruptcy and Insolvency Act is replaced by the following:

'corporation' means a company or legal person that is incorporated by or under an Act of Parliament or of the legislature of a province, an incorporated company, wherever incorporated, that is authorized to carry on business in Canada or has an office or property in Canada or an income trust, 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;

(2) The definitions 'court' and 'person' in section 2 of the Act, as enacted by subsection 2(3) of chapter 47 of the Statutes of Canada, 2005, are replaced by the following:

'court', except in paragraphs 178(1)(a) and (a.1) and sections 204.1 to 204.3, means a court referred to in subsection 183(1) or (1.1) or a judge of that court, and includes a registrar when exercising the powers of the court conferred on a registrar under this Act;

'person' includes a partnership, an unincorporated association, a corporation, a cooperative society or a cooperative organization, the successors of a partnership, of an association, of a corporation, of a society or of an organization and the heirs, executors, liquidators of the succession, administrators or other legal representatives of a person;

(3) The definitions 'current assets', 'director', 'income trust' and 'transfer at undervalue' in section 2 of the Act, as enacted by subsection 2(5) of chapter 47 of the Statutes of Canada, 2005, are replaced by the following:

'current assets' means cash, cash equivalents -including negotiable instruments and demand deposits -- inventory or accounts receivable, or the proceeds from any dealing with those assets;

'director' in respect of a corporation other than an income trust, means a person occupying the position of director by whatever name called and, in the case of an income trust, a person occupying the position of trustee by whatever name called;

'income trust' means a trust that has assets in Canada if (a) its units are listed on a prescribed stock exchange on the date of the initial bankruptcy event, or (b) the majority of its units are held by a trust whose units are listed on a prescribed stock exchange on the date of the initial bankruptcy event;

'transfer at undervalue' means a disposition of property or provision of services for which no consideration is received by the debtor or for which the consideration received by the debtor is conspicuously less than the fair market value of the consideration given by the debtor;

(4) Paragraph (b) of the definition 'date of the bankruptcy' in section 2 of the English version of the Act, as enacted by subsection 2(5) of chapter 47 of the Statutes of Canada, 2005, is replaced by the following:

(b) the filing of an assignment in respect of the person, or (5) The portion of the definition 'date of the initial bankruptcy event' in section 2 of the English version of the Act before paragraph (a) is replaced by the following:

'date of the initial bankruptcy event', in respect of a person, means the earliest of the day on which any one of the following is made, filed or commenced, as the case may be:

(6) The definition 'date of the initial bankruptcy event' in section 2 of the Act is amended by striking out the word 'or' at the end of paragraph (d), by adding the word 'or' at the end of paragraph (e) and by adding the following after paragraph (e):

(f) proceedings under the Companies' Creditors Arrangement Act;

(7) Section 2 of the Act is amended by adding the following in alphabetical order:

'equity claim' means a claim that is in respect of an equity interest, including a claim for, among others, (a) a dividend or similar payment, (b) a return of capital, (c) a redemption or retraction obligation, (d) a monetary loss resulting from the ownership, purchase or sale of an equity interest or from the rescission...

See the full content of this document

---