Bankruptcy and Insolvency Act

Marginal note:Definitions

• 2 (1) In this Act,

  affidavit

  affidavit

  affidavit includes statutory declaration and solemn affirmation; (affidavit)

  assignment

  cession

  assignment means an assignment filed with the official receiver; (cession)

  bank

  banque

  bank means

  • (a) every bank and every authorized foreign bank within the meaning of section 2 of the Bank Act,

  • (b) every other member of the Canadian Payments Association established by the Canadian Payments Act, and

  • (c) every local cooperative credit society, as defined in subsection 2(1) of the Act referred to in paragraph (b), that is a member of a central cooperative credit society, as defined in that subsection, that is a member of that Association; (banque)

  bankrupt

  failli

  bankrupt means a person who has made an assignment or against whom a receiving order has been made or the legal status of that person; (failli)

  bankruptcy

  faillite

  bankruptcy means the state of being bankrupt or the fact of becoming bankrupt; (faillite)

  child

  child[Repealed, 2000, c. 12, s. 8]

  claim provable in bankruptcy, provable claim or claim provable

  réclamation prouvable en matière de faillite ou réclamation prouvable

  claim provable in bankruptcy, provable claim or claim provable includes any claim or liability provable in proceedings under this Act by a creditor; (réclamation prouvable en matière de faillite ou réclamation prouvable)

  common-law partner

  conjoint de fait

  common-law partner, in relation to an individual, means a person who is cohabiting with the individual in a conjugal relationship, having so cohabited for a period of at least one year; (conjoint de fait)

  common-law partnership

  union de fait

  common-law partnership means the relationship between two persons who are common-law partners of each other; (union de fait)

  corporation

  personne morale

  corporation includes any company or legal person incorporated by or under an Act of Parliament or of any province, and any incorporated company, wherever incorporated, that is authorized to carry on business in Canada or that has an office or property in Canada, but does not include banks, authorized foreign banks within the meaning of section 2 of the Bank Act, insurance companies, trust companies, loan companies or railway companies; (personne morale)

  court

  tribunal

  court, except in paragraphs 178(1)(a) and (a.1) and sections 204.1 to 204.3 and subject to subsection 243(1), means the court having jurisdiction in bankruptcy or a judge thereof, and includes a registrar when exercising the powers of the court conferred on a registrar under this Act; (tribunal)

  creditor

  créancier

  creditor means a person having a claim, unsecured, preferred by virtue of priority under section 136 or secured, provable as a claim under this Act; (créancier)

  date of the initial bankruptcy event

  ouverture de la faillite

  date of the initial bankruptcy event, in respect of a person, means the earliest of the date of filing of or making of

  • (a) an assignment by or in respect of the person,

  • (b) a proposal by or in respect of the person,

  • (c) a notice of intention by the person,

  • (d) the first petition for a receiving order against the person, in any case

    • (i) referred to in paragraph 50.4(8)(a) or 57(a) or subsection 61(2), or

    • (ii) where a notice of intention to make a proposal has been filed under section 50.4 or a proposal has been filed under section 62 in respect of the person and the person files an assignment before the court has approved the proposal, or

  • (e) the petition in respect of which a receiving order is made, in the case of a petition other than one referred to in paragraph (d); (ouverture de la faillite)

  debtor

  débiteur

  debtor includes an insolvent person and any person who, at the time an act of bankruptcy was committed by him, resided or carried on business in Canada and, where the context requires, includes a bankrupt; (débiteur)

  General Rules

  Règles générales

  General Rules means the General Rules referred to in section 209; (Règles générales)

  insolvent person

  personne insolvable

  insolvent person means a person who is not bankrupt and who resides, carries on business or has property in Canada, whose liabilities to creditors provable as claims under this Act amount to one thousand dollars, and

  • (a) who is for any reason unable to meet his obligations as they generally become due,

  • (b) who has ceased paying his current obligations in the ordinary course of business as they generally become due, or

  • (c) the aggregate of whose property is not, at a fair valuation, sufficient, or, if disposed of at a fairly conducted sale under legal process, would not be sufficient to enable payment of all his obligations, due and accruing due; (personne insolvable)

  locality of a debtor

  localité d’un débiteur

  locality of a debtor means the principal place

  • (a) where the debtor has carried on business during the year immediately preceding his bankruptcy,

  • (b) where the debtor has resided during the year immediately preceding his bankruptcy, or

  • (c) in cases not coming within paragraph (a) or (b), where the greater portion of the property of the debtor is situated; (localité d’un débiteur)

  Minister

  ministre

  Minister means the Minister of Industry; (ministre)

  official receiver

  séquestre officiel

  official receiver means an officer appointed under subsection 12(2); (séquestre officiel)

  person

  personne

  person includes a partnership, an unincorporated association, a corporation, a cooperative society or an organization, the successors of a partnership, association, corporation, society or organization, and the heirs, executors, liquidators of the succession, administrators or other legal representative of a person, according to the law of that part of Canada to which the context extends; (personne)

  prescribed

  prescrit

  prescribed

  • (a) in the case of the form of a document that is by this Act to be prescribed and the information to be given therein, means prescribed by directive issued by the Superintendent under paragraph 5(4)(e), and

  • (b) in any other case, means prescribed by the General Rules; (prescrit)

  property

  biens

  property includes money, goods, things in action, land and every description of property, whether real or personal, legal or equitable, and whether situated in Canada or elsewhere, and includes obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, in, arising out of or incident to property; (biens)

  proposal

  proposition concordataire ou proposition

  proposal means

  • (a) in any provision of Division I of Part III, a proposal made under that Division, and

  • (b) in any other provision, a proposal made under Division I of Part III or a consumer proposal made under Division II of Part III

  and includes a proposal or consumer proposal, as the case may be, for a composition, for an extension of time or for a scheme or arrangement; (proposition concordataire ou proposition)

  public utility

  entreprise de service public

  public utility includes a person or body who supplies fuel, water or electricity, or supplies telecommunications, garbage collection, pollution control or postal services; (entreprise de service public)

  resolution or ordinary resolution

  résolution ou résolution ordinaire

  resolution or ordinary resolution means a resolution carried in the manner provided by section 115; (résolution ou résolution ordinaire)

  secured creditor

  créancier garanti

  secured creditor means a person holding a mortgage, hypothec, pledge, charge or lien on or against the property of the debtor or any part of that property as security for a debt due or accruing due to the person from the debtor, or a person whose claim is based on, or secured by, a negotiable instrument held as collateral security and on which the debtor is only indirectly or secondarily liable, and includes

  • (a) a person who has a right of retention or a prior claim constituting a real right, within the meaning of the Civil Code of Québec or any other statute of the Province of Quebec, on or against the property of the debtor or any part of that property, or

  • (b) any of

    • (i) the vendor of any property sold to the debtor under a conditional or instalment sale,

    • (ii) the purchaser of any property from the debtor subject to a right of redemption, or

    • (iii) the trustee of a trust constituted by the debtor to secure the performance of an obligation,

    if the exercise of the person’s rights is subject to the provisions of Book Six of the Civil Code of Québec entitled Prior Claims and Hypothecs that deal with the exercise of hypothecary rights; (créancier garanti)

  settlement

  disposition

  settlement includes a contract, covenant, transfer, gift and designation of beneficiary in an insurance contract, to the extent that the contract, covenant, transfer, gift or designation is gratuitous or made for merely nominal consideration; (disposition)

  sheriff

  huissier-exécutant

  sheriff includes bailiff and any officer charged with the execution of a writ or other process under this Act or any other Act or proceeding with respect to any property of a debtor; (huissier-exécutant)

  special resolution

  résolution spéciale

  special resolution means a resolution decided by a majority in number and three-fourths in value of the creditors with proven claims present, personally or by proxy, at a meeting of creditors and voting on the resolution; (résolution spéciale)

  Superintendent

  surintendant

  Superintendent means the Superintendent of Bankruptcy appointed under subsection 5(1); (surintendant)

  Superintendent of Financial Institutions

  surintendant des institutions financières

  Superintendent of Financial Institutions means the Superintendent of Financial Institutions appointed under subsection 5(1) of the Office of the Superintendent of Financial Institutions Act; (surintendant des institutions financières)

  trustee or licensed trustee

  syndic ou syndic autorisé

  trustee or licensed trustee means a person who is licensed or appointed under this Act. (syndic ou syndic autorisé)

• Marginal note:References to land or real property

  (2) A reference in this Act to land or real property shall be construed as including a reference to an immovable.