Marginal note:Binding on Her Majesty
4.1 This Act is binding on Her Majesty in right of Canada or a province.
- 1992, c. 27, s. 4.
5. (1) The Governor in Council shall appoint a Superintendent of Bankruptcy to hold office during good behaviour for a term of not more than five years, but the Superintendent may be removed from office by the Governor in Council for cause. The Superintendent’s term may be renewed for one or more further terms.
(1.1) The Superintendent shall be paid the salary that the Governor in Council may fix.
Marginal note:Extent of supervision
(2) The Superintendent shall supervise the administration of all estates and matters to which this Act applies.
(3) The Superintendent shall, without limiting the authority conferred by subsection (2),
(a) receive applications for licences to act as trustees under this Act and issue licences to persons whose applications have been approved;
(b) monitor the conditions that led to a trustee being issued a licence to determine whether those conditions continue to exist after the licence has been issued and take the appropriate action if he or she determines that the conditions no longer exist;
(c) where not otherwise provided for, require the deposit of one or more continuing guaranty bonds or continuing suretyships as security for the due accounting of all property received by trustees and for the due and faithful performance by them of their duties in the administration of estates to which they are appointed, in any amount that the Superintendent may determine, which amount may be increased or decreased as the Superintendent may deem expedient, and the security shall be in a form satisfactory to the Superintendent and may be enforced by the Superintendent for the benefit of the creditors;
(d) [Repealed, 1992, c. 27, s. 5]
(e) from time to time, make or cause to be made any inquiry or investigation of estates or other matters to which this Act applies, including the conduct of a trustee or a trustee acting as a receiver, within the meaning of subsection 243(2), or as an interim receiver, that the Superintendent considers appropriate, and for the purpose of the inquiry or investigation the Superintendent or any person appointed by the Superintendent for the purpose shall have access to and the right to examine and make copies of all books, records, data, including data in electronic form, documents and papers, that are relevant to an inquiry or investigation pertaining or relating to any estate or other matter to which this Act applies;
(f) receive and keep a record of all complaints from any creditor or other person interested in any estate and make such specific investigations with regard to such complaints as the Superintendent may determine; and
(g) examine trustees’ accounts of receipts and disbursements and final statements.
Marginal note:Powers of Superintendent
(4) The Superintendent may
(a) intervene in any matter or proceeding in court, where the Superintendent considers it expedient to do so, as if the Superintendent were a party thereto;
(b) issue, to official receivers, trustees, administrators of consumer proposals made under Division II of Part III and persons who provide counselling pursuant to this Act, directives with respect to the administration of this Act and, without restricting the generality of the foregoing, directives requiring them
(i) to keep such records as the Superintendent may require, and
(ii) to provide the Superintendent with such information as the Superintendent may require;
(c) issue such directives as may be necessary to give effect to any decision made by the Superintendent pursuant to this Act or to facilitate the carrying out of the purposes and provisions of this Act and the General Rules, including, without limiting the generality of the foregoing, directives relating to the powers, duties and functions of trustees, of receivers and of administrators as defined in section 66.11;
(d) issue directives governing the criteria to be applied by the Superintendent in determining whether a trustee licence is to be issued to a person and governing the qualifications and activities of trustees;
(d.1) issue directives respecting the rules governing hearings for the purposes of section 14.02; and
(e) issue directives prescribing the form of any document that is by this Act to be prescribed and the information to be given therein.
Marginal note:Compliance with directives
(5) Every person to whom a directive is issued by the Superintendent under paragraph (4)(b) or (c) shall comply with the directive in the manner and within the time specified therein.
(6) A directive issued by the Superintendent under this section shall be deemed not to be a statutory instrument within the meaning and for the purposes of the Statutory Instruments Act.
- R.S., 1985, c. B-3, s. 5;
- 1992, c. 27, s. 5;
- 1997, c. 12, s. 4;
- 2001, c. 4, s. 26(E);
- 2005, c. 47, s. 6.
- Date modified: