The Office of the Superintendent of Bankruptcy (OSB) has amended several Directives as a result of two initiatives. The first initiative is a comprehensive legislative and regulatory reform package that requires corresponding amendments to Directives in order to be consistent with the enabling legislation and regulation. The second initiative is the modernizing of the Superintendent's Directives.
In 2005, a comprehensive insolvency reform package was introduced in Parliament to modernize the Bankruptcy and Insolvency Act (BIA) and the Companies' Creditors Arrangement Act (CCAA), as well as to create the legislative framework for the Wage Earner Protection Program (WEPP). The Bill received Royal Assent on , thereby becoming Chapter 47 of the Statutes of Canada, 2005 (Chapter 47). Certain technical amendments were made to Chapter 47 before it could be brought into force. These technical amendments were contained in Bill C-62 Act to amend the Bankruptcy and Insolvency Act, the Companies' Creditors Arrangement Act, the Wage Earner Protection Program Act and chapter 47 of the Statutes of Canada, 2005. On , Bill C-62 was introduced in the House of Commons and passed all three readings in the House of Commons on and , 2007, receiving first reading in the Senate on . However, Parliament was prorogued in September 2007 and this bill died on the order paper. The amendments were reintroduced in the next session of Parliament as Bill C-12 on Thursday, , on a motion that was approved by all parties. The Bill passed all three readings in the House of Commons on , and received Royal Assent on , thereby becoming Chapter 36 of the Statutes of Canada, 2007. As a result of the legislative reform, the Bankruptcy and Insolvency General Rules (Rules) were amended and new Rules were also created.
Therefore, in order to give effect to the new provisions in the BIA and to the Rules, several Directives have been amended or revoked to ensure that they are consistent with the enabling legislation and regulation.
Modernization of the Directives
Several directives were amended in order to streamline some of the administrative steps in an insolvency file with a view to eliminating unnecessary administrative requirements and information obligations, while maintaining the integrity of the OSB insolvency system. In fact, the OSB has made a number of amendments to Directives issued before , and reissued on , pursuant to the authority of paragraph 5(4)(c) of the BIA. These modifications modernize the Directives, correct references to sections of the BIA, and ensure a certain standardization, coherency and uniformity throughout. These Directives were also renumbered in in order to avoid any source of confusion when referring to Directives issued prior to 1992 and after 1992. In this manner, the amendments to these Directives will enhance their practical application.
Please note that no amendments were made to Directive No. 12R Administrative Agreements with Trustees and Receivers and Directive No. 16 Preparation of the Statement of Affairs as they will be revised in their entirety at a later date. These Directives have not been renumbered and are not being reissued.
Please find below a copy of the General Transitional Directive. Appendix A lists the Directives that are hereby being reissued along with their new reference number. Appendix B lists the Directives that are hereby revoked.
Coming into Force
The General Transitional Directive comes into force on .
If you require further information, please do not hesitate to contact the OSB office nearest you.
Superintendent of Bankruptcy
General Transitional Directive
Issued: August 14, 1009
- In this Directive,
- "Act" means the Bankruptcy and Insolvency Act;
- "OSB" means the Office of the Superintendent of Bankruptcy;
- "Rules" means the Bankruptcy and Insolvency General Rules.
Authority and Purpose
- This Directive is issued pursuant to paragraph 5(4)(c) of the Act.
- The purpose of this General Transitional Directive is to reissue and renumber certain Directives that have been amended and to revoke certain Directives that are no longer required. These amendments stem from two initiatives: (1) the comprehensive legislative and regulatory amendments to the Bankruptcy and Insolvency Act (BIA) and Rules brought about by Chapter 47 of the Statutes of Canada, 2005, and Chapter 36 of the Statutes of Canada, 2007; and (2) the modernization of the Superintendent's Directives.
- The Directives set out in Appendix A are hereby reissued. The Directives set out in Appendix B are hereby revoked.
Coming into Force
- The General Transitional Directive comes into force on September 18, 2009.
- If you have any questions pertaining to this Directive, please contact your local OSB office.
Directives That Are Being Reissued and their New Reference Number
New Directive Number
|3R||Use of Related Persons to Perform Services for Bankruptcy Estates and Costs Chargeable to the Estate||14||Use of Related Persons to Perform Services for Bankruptcy Estates and Costs Chargeable to the Estate|
|4||Trustee Consultation Fees in Non-Business Bankruptcies||15||Trustee Consultation Fees in Bankruptcies and Proposals|
|5R||Third-Party Deposits and Guarantees||16||Third-Party Deposits and Guarantees|
|7||Retention of Documents by the Trustee||17||Retention of Documents by the Trustee|
|8||Unclaimed Dividends and Undistributed Funds||18||Unclaimed Dividends and Undistributed Funds|
|10||Reporting of Receipts Resulting from the Realization of Assets in Summary Administrations||19||Reporting of Receipts Resulting from the Realization of Certain Assets in Summary Administrations|
|11||Bankruptcy Assistance Program||20||Bankruptcy Assistance Program|
|13||Estate Bonding||21||Estate Security|
|14R||Proofs of Claim, Proxies and Quorums at the First Meeting of Creditors||22||Proofs of Claim, Proxies, Quorums and Voting at Meetings of Creditors|
|19R||Publication in Local Newspaper||23||Publication in Local Newspaper|
|20||Information to be Provided to Creditors in Commercial Proposals||24||Information to be Provided to Creditors in Commercial Proposals|
|22||Realization of Estate Assets||25||Realization of Estate Assets|
|23||Notice to Bankrupts and Officers of a Bankrupt Corporation with Regard to their Duties and Status||26||Notice to Bankrupts and Officers of a Bankrupt Corporation with Regard to their Duties and Status|
|24||Withdrawal of Advances on Trustee Remuneration in Ordinary Bankruptcy Administration||27||Advances of Trustee's Remuneration for Bankruptcies under Ordinary Administration|
|29||Non-Resident Office||28||Non-Resident Office|
|30R||Advertising by Trustees||29||Advertising by Trustees|
|32||Trustee's Report to the Creditors on Preliminary Administration||30||Trustee's Report to the Creditors on Preliminary Administration|
|1R2||Counselling in Insolvency Matters||1R3||Counselling in Insolvency Matters|
|3||Duties of the Bankrupt to Deliver Credit Cards to the Trustee||3R||Duties of the Bankrupt to Deliver Credit Cards to the Trustee|
|4||Delegation of Tasks||4R||Delegation of Tasks|
|5R2||Estate Funds and Banking||5R3||Estate Funds and Banking|
|6R||Assessment of an Individual Debtor||6R2||Assessment of an Individual Debtor|
|13R||Trustee Licensing||13R2||Trustee Licensing|
|2||Summary Administration Estates with Realizable Assets Exceeding $10,000||2R||Summary Administration Estates with Realizable Assets Exceeding $15,000|
|15R||Costs and Disclosure Associated with the Realization by the Trustee of Secured Creditors' Assets|
|18||Informing Creditors of the Result of the Bankrupt's Application for Discharge|
|12||Terms of Discharge|
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