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Excerpts from the Bankruptcy and Insolvency Act - Canada


Excerpts from the Bankruptcy and Insolvency Act


Section 158

A bankrupt shall



make discovery of and deliver all his property that is under his possession or control to the trustee or to any person authorized by the trustee to take possession of it or any part thereof;



in such circumstances as are specified in directives of the Superintendent, deliver to the trustee, for cancellation, all credit cards issued to and in the possession or control of the bankrupt;



deliver to the trustee all books, records, documents, writings and papers including, without restricting the generality of the foregoing, title papers, insurance policies and tax records and returns and copies thereof in any way relating to his property or affairs;



at such time and place as may be fixed by the official receiver, attend before the official receiver or before any other official receiver delegated by the official receiver for examination under oath with respect to his conduct, the causes of his bankruptcy and the disposition of his property;



within five days following the bankruptcy, unless the time is extended by the official receiver, prepare and submit to the trustee in quadruplicate a statement of the bankrupt's affairs in the prescribed form, verified by affidavit and showing the particulars of the bankrupt's assets and liabilities, the names and addresses of the bankrupt's creditors, the securities held by them respectively, the dates when the securities were respectively given and such further or other information as may be required, but where the affairs of the bankrupt are so involved or complicated that the bankrupt alone cannot reasonably prepare a proper statement of affairs, the official receiver may, as an expense of the administration of the estate, authorize the employment of a qualified person to assist in the preparation of the statement;



make or give all the assistance within his power to the trustee in making an inventory of his assets;



make disclosure to the trustee of all property disposed of within the period beginning on the day that is one year before the date of the initial bankruptcy event or beginning on such other antecedent date as the Court may direct, and ending on the date of the bankruptcy, both dates included, and how and to whom and for what consideration any part thereof was disposed of except such part as had been disposed of in the ordinary manner of trade or used for reasonable personal expenses;



make disclosure to the trustee of all property disposed of by gift or settlement without adequate valuable consideration within the period beginning on the day that is five years before the date of the initial bankruptcy event and ending on the date of the bankruptcy, both dates included;



attend the first meeting of his creditors unless prevented by sickness or other sufficient cause and submit thereat to examination;



when required, attend other meetings of his creditors or of the inspectors, or attend on the trustee;



submit to such other examinations under oath with respect to his property or affairs as required;



aid to the utmost of his power in the realization of his property and the distribution of the proceeds among his creditors;



execute such powers of attorney, conveyances, deeds and instruments as may be required;



examine the correctness of all proofs of claims filed, if required by the trustee;



in case any person has to his knowledge filed a false claim, disclose the fact immediately to the trustee;



inform the trustee of any material change in the bankrupt's financial situation;



generally do all such acts and things in relation to his property and the distribution of the proceeds among his creditors as may be reasonably required by the trustee, or may be prescribed by General Rules, or may be directed by the Court by any special order made with reference to any particular case or made on the occasion of any special application by the trustee, or any creditor or person interested; and



until his application for discharge has been disposed of and the administration of the estate completed, keep the trustee advised at all times of his place of residence or address.

Section 159

Where a bankrupt is a corporation, the officer executing the assignment, or such


officer of the corporation, or


person who has, or has had, directly or indirectly, control in fact of the corporation

as the official receiver may specifiy, shall attend before the offical receiver for examination and shall perform all of the duties imposed on a bankrupt by section 158 and, in case of failure to do so, the officer or person is punishable as though that officer or person were the bankrupt.



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