Marginal note:Advance notice
244. (1) A secured creditor who intends to enforce a security on all or substantially all of
(a) the inventory,
(b) the accounts receivable, or
(c) the other property
of an insolvent person that was acquired for, or is used in relation to, a business carried on by the insolvent person shall send to that insolvent person, in the prescribed form and manner, a notice of that intention.
Marginal note:Period of notice
(2) Where a notice is required to be sent under subsection (1), the secured creditor shall not enforce the security in respect of which the notice is required until the expiry of ten days after sending that notice, unless the insolvent person consents to an earlier enforcement of the security.
Marginal note:No advance consent
(2.1) For the purposes of subsection (2), consent to earlier enforcement of a security may not be obtained by a secured creditor prior to the sending of the notice referred to in subsection (1).
(3) This section does not apply, or ceases to apply, in respect of a secured creditor
(a) whose right to realize or otherwise deal with his security is protected by subsection 69.1(5) or (6); or
(b) in respect of whom a stay under sections 69 to 69.2 has been lifted pursuant to section 69.4.
(4) This section does not apply where there is a receiver in respect of the insolvent person.
- 1992, c. 27, s. 89;
- 1994, c. 26, s. 9(E).
Marginal note:Receiver to give notice
245. (1) A receiver shall, as soon as possible and not later than ten days after becoming a receiver, by appointment or otherwise, in respect of property of an insolvent person or a bankrupt, send a notice of that fact, in the prescribed form and manner, to the Superintendent, accompanied by the prescribed fee, and
(a) in the case of a bankrupt, to the trustee; or
(b) in the case of an insolvent person, to the insolvent person and to all creditors of the insolvent person that the receiver, after making reasonable efforts, has ascertained.
(2) A receiver in respect of property of an insolvent person shall forthwith send notice of his becoming a receiver to any creditor whose name and address he ascertains after sending the notice referred to in subsection (1).
Marginal note:Names and addresses of creditors
(3) An insolvent person shall, forthwith after being notified that there is a receiver in respect of any of his property, provide the receiver with the names and addresses of all creditors.
- 1992, c. 27, s. 89.
- Date modified: