Bankruptcy and Insolvency Act

Marginal note:Appointment of interim receiver

• 47 (1) Where the court is satisfied that a notice is about to be sent or has been sent under subsection 244(1), the court may, subject to subsection (3), appoint a trustee as interim receiver of all or any part of the debtor’s property that is subject to the security to which the notice relates, for such term as the court may determine.

• Marginal note:Directions to interim receiver

  (2) The court may direct an interim receiver appointed under subsection (1) to do any or all of the following:

  • (a) take possession of all or part of the debtor’s property mentioned in the appointment;

  • (b) exercise such control over that property, and over the debtor’s business, as the court considers advisable; and

  • (c) take such other action as the court considers advisable.

• Marginal note:When appointment may be made

  (3) An appointment of an interim receiver may be made under subsection (1) only if it is shown to the court to be necessary for the protection of

  • (a) the debtor’s estate; or

  • (b) the interests of the creditor who sent the notice under subsection 244(1).