Bill C-12: Clause by Clause Analysis

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

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
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)
Amendments to the Companies' Creditors Arrangement Act
Amendments to the Companies' Creditors Arrangement Act (CCAA) Clauses of Bill C-12 Sections
Definitions 61 s.2(1)
Stay of Proceedings 62 s.11.02(3)(b)
Eligible Financial Contracts 63 s.11.05
Member of the Canadian Payments Association 64 s.11.06
Stays of Regulatory Bodies 65 s.11.1
Interim Financing 65 s.11.2
Assignment of Agreements 65 s.11.3
Critical Supplier 65 s.11.4
Directors' Indemnification Charge 66 s.11.51
Third Party Costs 66 s.11.52
Monitors' Liability 67 s.11.8
Deadlines 68 s.12
Claims 69 s.19
Partial Claims 70 s.20(3)
Voting by Equity Claimants 71 s.22.1
Voting by Related Parties 71 s.22
Duties and Functions of Monitors 72 s.23(1)
Compilation of Information 73 s.26(3)
Rights during Investigations 74 s.29(2)
Subpoena or Summons 75 s.30(3)
Disclaimer of Agreements 76 s.32
Ipso Facto Clauses 77 s.34
BIA Provisions 78 s.36.1
Sale of Assets 78 s.36
Crown Securities 79 s.39(1)
Forms of Cooperation 80 s.52(3)
Public Policy Exception 81 s.61(2)
Regulation Making Authority 82 s.62
Amendments to the Bankruptcy and Insolvency Act
Amendments to the Bankruptcy and Insolvency Act (BIA) Clauses of Bill C-12 Sections
Investments in Government Securities 95 s.25(1.4)
Directions to Interim Receiver 96 s.47(2)
Directions to Interim Receiver 97 s.47.1(2)
Vote on Proposals 98 s.54
Payment of Equity Claims in a Proposal 99 s.60(1.7)
Mediation Request 100 s.170.1
Directions to Pay 101 s.172(2.1)
Court May Grant Certificates 102 s.175
Enforcing a Security 103 s.244(4)
Distribution of Kind 104 s.262(3)
Amendments to the Companies' Creditors Arrangement Act
Amendments to the Companies' Creditors Arrangement Act (CCAA) Clauses of Bill C-12 Sections
Definitions 105 s.2
Approval Restrictions 106 s.6
Amendments to Statutes of Canada, 2005, Chapter 47
Amendments to chapter 47 on the Statutes of Canada, 2005 Clauses of Bill C-12 Sections
Transitional Clause 107 s.132 to 134
Consequential Amendments to Other Acts 108 s.137 to 139
Coming into Force 109 s.141
BIA and CCAA Transitional Provisions 110 and 111  
Coordinating Amendments 112  
Coming into Force 113  
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