Amendments to BIA forms

January 22, 2024

Following the Office of the Superintendent of Bankruptcy’s (OSB) Comprehensive Review of Directives and Regulations, multiple forms under the Bankruptcy and Insolvency Act (BIA) have been revised to promote a more efficient and effective insolvency system, to remove some outdated elements and to ensure better data integrity for all stakeholders.

Several improvements have been made to the following forms:

Coming into Force

  • Amended Forms 24, 25, 31, 65, 78, 79, and the Estate Information Summary come into force on July 15, 2024.
  • New Directives No. 6R6, Assessment of an Individual Debtor, and No. 22R3, Proofs of Claim, Proxies, Quorums and voting at Meetings of Creditors, will also come into force in July 2024.

What is changing?

  • 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 BIA 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;
    • better identify assets exempt from execution or seizure under the laws applicable in the province;
    • provide options more in alignment with contemporary lifestyles;
    • better identify former and other names of the bankrupt/debtor;
    • 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 so that it is available to creditors;
    • provide more information on any business operated by the bankrupt/debtor;
    • harmonize the information provided regarding previous insolvencies;
    • standardize the information provided on the reasons for the financial difficulties of the bankrupt/debtor; and
    • make the use of Form 79 mandatory for all individual bankrupts/debtors;
  • The Estate Information Summary has been amended to:
    • simplify its general layout;
    • remove fields duplicated in other forms;
    • simplify the reporting of related proceedings; and
    • add fields for Licensed Insolvency Trustees to provide the North American Industry Classification System (NAICS) code for business debtors directly on the EIS.

Note that the questions regarding third-party advice on the financial situation of the debtor have been removed from the Assessment Certificate, Appendix A of Directive No. 6R6, as they will now appear on Form 79. The suggested Checklist for Proof of Claim, Appendix A of Directive No. 22R3, has also been updated to align with the changes to Form 31.

Minor corrections have also been made to the forms in both official languages to ensure clarity and consistency and the English versions have been reviewed for gender neutrality. A review for gender neutrality of the French versions is somewhat more complex and, as such, will follow.

More details on the form revisions can be found on the OSB website.

Enquiries

If you have any questions or comments, please contact the OSB Policy and Regulatory Affairs team at osbregulatoryaffairs-affairesreglementairesbsf@ised-isde.gc.ca.