Bill C-12: Clause by Clause Analysis

Developed by Industry Canada's Corporate and Insolvency Law Policy Directorate

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Printable Version: Bill C-12: Clause by Clause Analysis (PDF Format, 1.02 MB)

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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 Contents

Amendments to the Bankruptcy and Insolvency Act (BIA)	Clauses of Bill C-12	Sections
Definitions	1	s.2
Related Parties	2	s.4(5)
Compilation of Information	3	s.11.1(3)
Application	4	s.13.3(1.1)
Trustee May Act for Secured Creditor	5	s.13.4(1)
Decision Affecting a Trustee's Licence	6	s.14.01
Summons	7	s.14.02(1.1) and (1.2)
Disciplinary Hearings	8	s.14.03(2)(b)
Trustees' Liability	9	s.14.06
Asset Sales	10	s.30(5) and (6)
Duty of Former Trustee	11	s.36
Inquiry or Investigation	12	s.41(8.1)
Place of Appointment of an Interim Receiver	13	s.46(3)
Interim Receivers	14	s.47
Interim Receivers	15	s.47.1
Proposals	16	s.50
Notice of Intention	17	s.50.4
Interim Financing	18	s.50.6
Voting Rights	19	s.54(2)
Voting by Equity Claimants	20	s.54.1
Constating Instrument	21	s.59(4)
Court Approval of Proposal	22	s.60(5)
Release from section 178 Debts	23	s.62(2.1)
Directors' Indemnity	24	s.64.1
Third Party Costs	24	s.64.2
Definition of "eligible financial contract"	25	s.65.1(8)
Disclaimer of Agreements	26	s.65.11
Sale of Assets	27	s.65.13
Application to Proposals	28	s.66
Release from section 178 Debts	29	s.66.28(2.1)
Deemed Annulment of Proposals	30	s.66.31
Eligible Financial Contracts	31	s.66.34(7), (8) and (9)
RRSP Exemption and Bankrupt's Income Tax Return	32	s.67(1)(b) to (c)
Surplus Income	33	s.68
Stay of Proceedings	34	s.69(1)
Stay of Proceedings	35	s.69.1(1)
Stay of Proceedings	36	s.69.3(1)
Stays of Regulatory Bodies	37	s.69.6
Unpaid Wages in Bankruptcy	38	s.81.3
Unpaid Wages in Receiverships	38	s.81.4
Unpaid Amounts in Prescribed Pension Plans in Receiverships	39	s.81.6
Assignment of Agreements	40	s.84.1
Ipso Facto Clauses	40	s.84.2
Title	41	s.91
Preferences	42	s.95(1) to (2.1)
Transfers at Undervalue	43	s.96
Application of Anti-Abuse Mechanisms to Proposals	44	s.101.1
Vote of Creditors not Dealing at Arm's Length	45	s.109(6)
Voting	46	s.115.1
Claim of Present or Former Spouse or Common-Law Partner	47	s.137(2)
Postponement of Wage Claims of Relatives	48	s.138
Postponement of Equity Claims	49	s.140.1
Application of Provincial Law to Lessors' Rights	50	s.146
Federal Claims	51	s.149
Evidence Available to Courts at Discharge Hearing	52	s.172(2)
Meaning of "Personal Income Tax Debt"	53	s.172.1
Debts not Released by Order of Discharge	54	s.178(1)(e)
Review by Parliament	55	s.216
Application for Consolidation Order	56	s.219(1)
Application of Part X	57	s.242
Secured Creditors and Receivers	58	s.243
Forms of Cooperation	59	s.275(3)
Public Policy Exception	60	s.284(2)