Bankruptcy and Insolvency Act

Marginal note:Decision affecting licence

• 14.01 (1) If, after making or causing to be made an inquiry or investigation into the conduct of a trustee, it appears to the Superintendent that

  • (a) a trustee has not properly performed the duties of a trustee or has been guilty of any improper management of an estate,

  • (b) a trustee has not fully complied with this Act, the General Rules, directives of the Superintendent or any law with regard to the proper administration of any estate, or

  • (c) it is in the public interest to do so,

  the Superintendent may do one or more of the following:

  • (d) cancel or suspend the licence of the trustee;

  • (e) place such conditions or limitations on the licence as the Superintendent considers appropriate including a requirement that the trustee successfully take an exam or enrol in a proficiency course;

  • (f) require the trustee to make restitution to the estate of such amount of money as the estate has been deprived of as a result of the trustee’s conduct; and

  • (g) require the trustee to do anything that the Superintendent considers appropriate and that the trustee has agreed to.

• Marginal note:Application to former trustees

  (1.1) This section and section 14.02 apply, in so far as they are applicable, in respect of former trustees, with such modifications as the circumstances require.

• Marginal note:Delegation

  (2) The Superintendent may delegate by written instrument, on such terms and conditions as are therein specified, any or all of the Superintendent’s powers, duties and functions under subsection (1), subsection 13.2(5), (6) or (7) or section 14.02 or 14.03.

• Marginal note:Notification to trustees

  (3) Where the Superintendent delegates in accordance with subsection (2), the Superintendent or the delegate shall

  • (a) where there is a delegation in relation to trustees generally, give written notice of the delegation to all trustees; and

  • (b) whether or not paragraph (a) applies, give written notice of the delegation of a power to any trustee who may be affected by the exercise of that power, either before the power is exercised or at the time the power is exercised.