Canada Cooperatives Act

Marginal note:Duties of liquidator

320 A liquidator must, without delay after being appointed,

• (a) give notice of appointment to each claimant and creditor known to the liquidator;

• (b) publish notice in a publication generally available to the public and take reasonable steps to give notice of the appointment in each province or other jurisdiction where the cooperative carries on business, requiring

  • (i) any person who is indebted to the cooperative to render an account and pay any amount owing to the liquidator at the time and place specified,

  • (ii) any person who possesses property of the cooperative to deliver it to the liquidator at the time and place specified, and

  • (iii) any person who has a claim against the cooperative, whether liquidated, unliquidated, future or contingent, to present particulars of it in writing to the liquidator not later than two months after the first publication of the notice;

• (c) take the property of the cooperative into custody and control;

• (d) open and maintain a trust account for money received by the liquidator in the course of the liquidation;

• (e) keep accounts of the moneys of the cooperative received and paid out in the course of the liquidation;

• (f) maintain separate lists of the members, shareholders and creditors and other persons who have claims against the cooperative;

• (g) if at any time the liquidator determines that the cooperative is unable to pay or adequately provide for the discharge of its obligations, apply to the court for directions;

• (h) deliver to the court and to the Director, at least once in every twelve month period after appointment or more often as the court may require, financial statements of the cooperative in the form required by section 247, or in any other form that the liquidator may think proper or that the court may require; and

• (i) after the final accounts are approved by the court, distribute any remaining property of the cooperative among the members and shareholders according to their respective rights.