Type of
Engagement | Insolvency
Practitioners Role | Appointed By | Source of
Authority | Supervised By | Acting For | Objective | Rights of
Secured | Reviewable
Transactions
& Preferences | Assets Residual
to Security |
Bankruptcy,
Consumer | Trustee | Official Receiver
then creditors | Bankruptcy & Insolvency Act Inspectors | Official Receiver, Inspectors | Creditors & Debtor (Estate) | Liquidate, Rehabilitate | BIA, Security Agreement | Reversed | To Creditors |
Proposal,
Consumer | Administrator | Official
Receiver | BIA, Proposal Instrument | Official Receiver, Inspectors | Creditors & Debtor (Estate) | Payments, Rehabilitate | BIA, Security Agreement | Allowed | Debtor May Retain |
Bankruptcy,
Commercial | Trustee | Official Receiver
then creditors | BIA, Inspectors | Official Receiver, Inspectors | Creditors | Liquidate | BIA, Security Agreement | Reversed | To Creditors |
Notice of
Intention to
File Proposal | Monitor | Debtor | BIA | Official Receiver | Creditors & Debtor (Estate) | Stay Proceedings | BIA Stay, Order Removing Stay | Reverse Only if Bankruptcy Results | Not Applicable |
Proposal,
Commercial | Trustee | Proposal
Instrument | BIA, Proposal Instrument | Official Receiver, Inspectors | Creditors & Debtor (Estate) | Compromise, Restructure | BIA, Proposal, Security Agreement | Usually Allowed | Debtor May Retain |
Interim
Receivership | Interim
Receiver | Proposal Instrument or Court in Bankruptcy Petition | Court Order or Proposal Instrument | Court, Official Receiver, Inspectors as Applicable | Creditors & Court (Estate) | Preserve Assets | Security Agreement | Reverse Only if Bankruptcy Results | To Company Then To Shareholders |
Agency,
Book Debts | Agent | Holder of Security, usually Bank | Principal, Assigment Instrument | Principal, Official Receiver | Principal (appointer) | Collect | PPSA, Security Agreement | No Action Normally Taken, Unless Provincial | To Debtor |
Agency,
Section 427
Bank Act | Agent | Chartered Bank | Principal, Bank Act, Assignment Instrument | The Bank | The Bank | Process Inventory, Sell & Collect | Bank Act | No Action Normally Taken, Unless Provincial Pref. Acts | To Debtor |
Agency,
Rents | Agent | Holder of Security | Principal, Assignment Instrument | Principal, Official Receiver | Principal (appointer) | Collect | PPSA, Security Agreement | No Action Normally Taken, Unless Provincial Pref. Acts | To Debtor |
Receivership,
Rents & Profits | Receiver Or
Receiver-
Manager | Holder of Security or Court | Security Agreement, Court Order | The Court, Official Receiver | Security Holder or Court | Operate, Collect | PPSA, Security Agreement | No Action Normally Taken, Unless Provincial Pref. Acts | To Debtor |
Receivership,
Real Estate | Receiver Or
Receiver-
Manager | Holder of Security or Court | Security Agreement, Court Order | The Court, Official Receiver | Security Holder or Court | Operate, Collect, Liquidate | PPSA, Security Agreement | No Action Normally Taken, Unless Provincial Pref. Acts | To Debtor |
Receivership,
Company | Receiver Or
Receiver-
Manager | Holder of Security or Court | Security Agreement, Court Order | The Court, Official Receiver | Security Holder or Court | Operate, Collect, Liquidate or Restructure | PPSA, Security Agreement | No Action Normally Taken, Unless Provincial Pref. Acts | To Debtor |
Receivership,
Certain Assets
or with
Specific Duties | Receiver Or
Receiver-
Manager | Court | Securities, Travel Agents, Partnership, Company Acts el all and Law & Equity Act and Supreme Court Rules for Disputes | Court | Court | Operate, Preserve or Realize per Order | Order, PPSA, Security Agreement | No Action Normally Taken | Not Applicable |
Companies' Creditors
Arrangement Act
(CCAA) Monitor | Monitor | Court | Security Agreement, Court Order | Court | Court | Company - to Stay & Reorganize, Monitor - to Observe & Report | Stayed Unless Court Releases | No Action Normally Taken, Unless Provincial Pref. Acts | To Creditors |
| Liquidation | Liquidator | Shareholders or Court | Company Act or Court Order | Shareholders or Court | Shareholders or Court | Wind Up | Security Agreement | Not Applicable Company Would be Solvent To Debtor | To Company Then To Shareholders |
| Trusteeship | Judicial
Trustee | Court | Trustee Act, Court Order | The Court, Official Receiver | Court | Per Court Order | Stayed Unless Court Releases | No Action Normally Taken, Unless Provincial Pref. Acts | Refer To Order |
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