Companies’ Creditors Arrangement Regulations (SOR/2009-219)

Regulations are current to 2016-11-21 and last amended on 2009-09-18. Previous Versions

Companies’ Creditors Arrangement Regulations

SOR/2009-219

COMPANIES’ CREDITORS ARRANGEMENT ACT

Registration 2009-07-30

Companies’ Creditors Arrangement Regulations

P.C. 2009-1209 2009-07-30

Her Excellency the Governor General in Council, on the recommendation of the Minister of Industry, pursuant to section 62Footnote a of the Companies’ Creditors Arrangement ActFootnote b, hereby makes the annexed Companies’ Creditors Arrangement Regulations.

Marginal note:Interpretation

 The following definitions apply in these Regulations.

Act

Loi

Act means the Companies’ Creditors Arrangement Act. (Loi)

initial order

ordonnance initiale

initial order means an order that is made on the initial application in respect of a debtor company. (ordonnance initiale)

Marginal note:Stock exchange

 A stock exchange that is regulated by an Act of Parliament or of the legislature of a province is prescribed for the purposes of the definition income trust in subsection 2(1) of the Act.

Marginal note:Pension plan

 A pension plan that is regulated by an Act of Parliament or of the legislature of a province is prescribed for the purposes of subsection 6(6) of the Act.

Marginal note:Representations

 The representations set out in the table to this section are prescribed for the purposes of paragraph 10(2)(b) of the Act.

TABLE

ItemRepresentation
1The hypothetical assumptions are reasonable and consistent with the purpose of the projections described in Note ..., and the probable assumptions are suitably supported and consistent with the plans of the debtor company and provide a reasonable basis for the projections. All such assumptions are disclosed in Notes ....
2Since the projections are based on assumptions regarding future events, actual results will vary from the information presented, and the variations may be material.
3The projections have been prepared solely for the purpose described in Note ..., using the probable and hypothetical assumptions set out in Notes .... Consequently, readers are cautioned that it may not be appropriate for other purposes.
Marginal note:Regulatory bodies

 A stock exchange that is regulated by an Act of Parliament or of the legislature of a province, the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada are prescribed for the purposes of subsection 11.1(1) of the Act.

Marginal note:Information to be published in newspapers

 The following information is prescribed for the purposes of subparagraph 23(1)(a)(i) of the Act:

  • (a) the name of each applicant and the name under which the applicant carries on business, if any;

  • (b) the name and judicial district of the court that made the initial order;

  • (c) the court file number for the proceedings;

  • (d) the date on which the initial order was made; and

  • (e) the name and contact information of the monitor, including its Web site address.

Marginal note:Making initial order and list of creditors publicly available

 For the purposes of clauses 23(1)(a)(ii)(A) and (C) of the Act, the prescribed manner for making the initial order and list publicly available is by posting them on a Web page created by the monitor for the proceedings.

Marginal note:Notice that initial order is publicly available

 For the purposes of clause 23(1)(a)(ii)(B) of the Act, the prescribed manner of sending the notice is by personal service, mail, courier, facsimile or other electronic transmission.

Marginal note:Paragraph 23(1)(f) of the Act

 The following paragraphs set out the documents that are specified for the purposes of paragraph 23(1)(f) of the Act and the prescribed manner and time for filing them:

  • (a) Form 1 of the schedule, entitled “Information Pertaining to Initial Order”, to be filed by facsimile or other electronic transmission within one business day after the day on which the initial order is made;

  • (b) the initial application, the initial order and any amendments to that order, to be filed by facsimile or other electronic transmission within two business days after the day on which the monitor receives them;

  • (c) Form 2 of the schedule, entitled “Debtor Company Information Summary (Commencement of Proceedings)”, to be filed by facsimile or other electronic transmission within five business days after the day on which the monitor receives the initial order;

  • (d) Form 3 of the schedule, entitled “Debtor Company Information Summary (Following the Order Discharging the Monitor)”, to be filed by facsimile or other electronic transmission within five business days after the day on which the court makes an order discharging the monitor; and

  • (e) the documents posted on the Web page created by the monitor under section 7, to be filed by submitting them on a compact disc, digital versatile disc or other data storage medium within 30 days after the day on which the court makes an order discharging the monitor.

Marginal note:Documents to be publicly available
  •  (1) The following documents are prescribed for the purposes of paragraph 23(1)(j) of the Act:

    • (a) reports of the monitor, including exhibits, and cash-flow statements that are filed with the court, other than those – or any part of them – that are subject to a court order prohibiting their release to the public;

    • (b) proposed compromises or arrangements that are filed with the court, including amendments to them;

    • (c) court orders; and

    • (d) written communications and notifications that the monitor sends to all creditors.

  • Marginal note:Posting on Web page

    (2) The prescribed manner for making the documents publicly available is by posting them on the Web page created by the monitor under section 7.

  • Marginal note:Time limit for posting

    (3) The prescribed time for posting the documents is, in respect of the documents referred to in paragraphs (1)(a) and (b), within two business days after the day on which they are filed, in respect of the documents referred to in paragraph (1)(c), within two business days after the day on which the monitor receives them and, in respect of the documents referred to in paragraph (1)(d), within two business days after the day on which they are sent.

Marginal note:Public record
  •  (1) For the purposes of subsection 26(1) of the Act, the prescribed information is the information set out on Form 1 of the schedule, and the prescribed period is 10 years after the day on which the information is received by the Superintendent of Bankruptcy.

  • Marginal note:Other records

    (2) For the purposes of subsection 26(2) of the Act, the prescribed period is 10 years after the day on which the record is received by the Superintendent of Bankruptcy.

Marginal note:Notice of delegation

 For the purposes of subsection 31(2) of the Act, the prescribed manner of giving notice of the delegation is by personal service, mail, courier, facsimile or other electronic transmission.

Marginal note:Notice to disclaim or resiliate

 For the purposes of subsection 32(1) of the Act, Form 4 of the schedule, entitled “Notice by Debtor Company to Disclaim or Resiliate an Agreement”, is prescribed and the prescribed manner of giving notice is by personal service, registered mail or courier or, if the recipient agrees, by facsimile or other electronic transmission.

Marginal note:Information to be published in newspapers

 For the purposes of paragraph 53(b) of the Act, the prescribed information is the following:

  • (a) the name and contact information of the foreign representative;

  • (b) the name of the debtor company and the name under which it carries on business in Canada;

  • (c) the following information respecting the order, namely,

    • (i) the name of the court that made it,

    • (ii) the legislative provision under which it was made, and

    • (iii) the date on which it was made;

  • (d) the country in which the foreign proceeding is filed;

  • (e) whether the proceeding is a foreign main or foreign non-main proceeding; and

  • (f) the name and contact information of legal counsel for the foreign representative.

Marginal note:Coming into force

Footnote * These Regulations come into force on the day on which section 124 of An Act to establish the Wage Earner Protection Program Act, to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act and to make consequential amendments to other Acts, chapter 47 of the Statutes of Canada, 2005, comes into force, but if they are registered after that day, they come into force on the day on which they are registered.

 
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