Directive No. 8R21, The Bankruptcy and Insolvency Act Forms

PDF version

PDF version

Directive No. 8R21

614  KB, 2 pages

Date: December 8, 2023

To: OSB Staff and Trustees

Subject: Directive No. 8R21, The Bankruptcy and Insolvency Act Forms – Form 24, Notice of Examination Before the Official Receiver (Corporation), Form 25, Notice of Examination Before the Official Receiver (Individual Bankrupt/Debtor), Form 31, Proof of Claim, Form 65, Monthly Income and Expense Statement of the Bankrupt/Debtor and the Family Unit and Information (or Amended Information) Concerning the Financial Situation of the Individual Bankrupt, Form 78, Statement of Affairs (Corporate Bankruptcy / Proposal), Form 79, Statement of Affairs (Bankruptcy/Proposal of an Individual), and the Estate Information Summary

The Office of the Superintendent of Bankruptcy (OSB) has amended Form 24, Notice of Examination Before the Official Receiver (Corporation), Form 25, Notice of Examination Before the Official Receiver (Individual Bankrupt/Debtor), Form 31, Proof of Claim, Form 65, Monthly Income and Expense Statement of the Bankrupt/Debtor and the Family Unit and Information (or Amended Information) Concerning the Financial Situation of the Individual Bankrupt, Form 78, Statement of Affairs (Corporate Bankruptcy/Proposal), Form 79, Statement of Affairs (Bankruptcy/Proposal of an Individual), and the Estate Information Summary. Several improvements to these Forms are being implemented in order to promote a more efficient and effective insolvency system, to remove some outdated elements, and to ensure better data integrity for all stakeholders:

  • Forms 24 and 25 have been amended to clarify that the examination before the Official Receiver may be conducted by any mode of telecommunication or video communication;
  • Form 31 has been amended to simplify the listing of the contact information of the creditors and to allow creditors to provide information directly on the Form that will help identify statute-barred liabilities;
  • Form 65 has been amended to simplify its general layout, to identify government benefits which are exempt from the operations of the Bankruptcy and Insolvency Act and to provide options for expenses more in alignment with contemporary lifestyles;
  • Form 78 has been amended to simplify its general layout, to harmonize it with Form 79, to provide options for assets more in alignment with contemporary lifestyles and business environments and to prevent its use by an individual bankrupt/debtor;
  • Form 79 has been amended to simplify its general layout, to better identify assets exempt from execution or seizure under the laws applicable in the province, to provide more options more in alignment with contemporary lifestyles, to better identify former and other names of the bankrupt/debtor, to provide more information on the employment status and occupation of the bankrupt/debtor, to move the questions on the Assessment Certificate related to providers of professional financial advice to the bankrupt/debtor to Form 79, to provide more information on any business operated by the bankrupt/debtor, to harmonize the information provided regarding previous insolvencies, to standardize the information provided on the reasons for the financial difficulties of the bankrupt/debtor, and to make the use of Form 79 mandatory for all individual bankrupts/debtors;
  • The Estate Information Summary has been amended to simplify its general layout, to remove fields duplicated in other Forms, to simplify the reporting of related proceedings, and to allow Licensed Insolvency Trustees to report on the primary field of activity of a business debtor.

Minor corrections have also been made on the Forms in both official languages to ensure clarity and consistency. The English version of each Form has been reviewed for gender neutrality. A review of the French version will follow in a future iteration.

Coming into Force

Amended Forms 24, 25, 31, 65, 78, 79, and the Estate Information Summary come into force on July 15, 2024.

Enquiries

If you require further information, please do not hesitate to contact the OSB office nearest you.

Att.

Elisabeth Lang
Superintendent of Bankruptcy


Issued: December 8, 2023

(This Directive amends Directive No. 8R20 issued on August 8, 2022.)

Interpretation

1. In this Directive,

“BIA” means the Bankruptcy and Insolvency Act;

“Forms” means the forms under the Bankruptcy and Insolvency Act.

Authority and Purpose

2. This Directive is issued pursuant to the authority of paragraphs 5(4)(c) and (e) of the BIA for the purpose of prescribing the form of certain documents required by the BIA and the information to be given therein.

Summary

3. This Directive amends the following Forms:

  • Form 24, Notice of Examination Before the Official Receiver (Corporation);
  • Form 25, Notice of Examination Before the Official Receiver (Individual Bankrupt/Debtor);
  • Form 31, Proof of Claim;
  • Form 65, Monthly Income and Expense Statement of the Bankrupt/Debtor and the Family Unit and Information (or Amended Information) Concerning the Financial Situation of the Individual Bankrupt;
  • Form 78, Statement of Affairs (Corporate Bankruptcy/Proposal);
  • Form 79, Statement of Affairs (Bankruptcy/Proposal of an Individual);
  • The Estate Information Summary.

4. This Directive further makes it mandatory for all individual bankrupts or debtors to file their statement of affairs using Form 79, Statement of Affairs (Bankruptcy/Proposal of an Individual).

Coming into Force

5. This Directive and the amended Forms 24, 25, 31, 65, 78, 79, and the Estate Information Summary come into force on July 15, 2024.

Elisabeth Lang
Superintendent of Bankruptcy