Coming into force
Trustee's Report to the Creditors on Preliminary Administration
(Supersedes Directive No. 32 issued on , on the same topic)
- In this Directive,
- "Act" means the Bankruptcy and Insolvency Act;
- "OSB" means the Office of the Superintendent of Bankruptcy.
Authority and Purpose
- This Directive is issued pursuant to paragraphs 5(4)(b) and (c) of the Act.
- The purpose of this Directive is to clarify the minimal contents of the trustee's report on the preliminary administration to be presented to the creditors at the first meeting of creditors.
- (1) In order to provide creditors with sufficient information to be in a position to properly exercise their rights, the trustee shall submit a preliminary report at the first meeting of creditors that includes the following information:
- (a) brief background statement, including the causes or the reasons for the financial difficulties of the debtor;
- (b) trustee's preliminary evaluation of assets and details of security interest;
- (c) whether the trustee has taken possession of the books of the bankrupt;
- (d) conservatory and protective measures;
- (e) relevant information relating to provable claims and a description of creditors;
- (f) legal proceedings, reviewable transactions and preference payments;
- (g) details of third-party deposits or guarantees;
- (h) disclosure of all details relating to the trustee's intention to act for secured creditors, as set out in subsection 13.4(1.1) of the Act;
- (i) projected distribution and trustee's comments on anticipated asset realization, if possible;
- (j) in the case of an individual, the amount of any voluntary payments or the amount dictated by the Directive No. 11R2, Surplus Income, and details provided by the bankrupt of any prior insolvencies that the debtor may have had; and
- (k) any other matters regarding the administration of the estate.
(2) The preceding list should neither restrict the presentation of any other material in the trustee's report nor interfere with the trustee's ability to maximize the realization for the estate.
- The trustee shall provide the official receiver with a copy of his or her report to the first meeting of creditors.
- The trustee shall review this report with the creditors before any motion is made. The report shall then be tabled for inclusion and appended to the minutes of the meeting.
- If, in the trustee's opinion, the administrative complexity of an estate is minimal and there are few substantive issues, the report to the creditors may be delivered verbally at the meeting of creditors.
Coming into Force
- This Directive comes into force on September 18, 2009.
- For any questions pertaining to this Directive, please contact your local OSB office.
Superintendent of Bankruptcy
The HTML version of this Directive is not the official version. In the event of an inconsistency between the HTML and PDF versions of this Directive, the PDF version prevails. Users are required to exercise due diligence with respect to the HTML version.