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Bankruptcy and Insolvency Act

Version of section 149 from 2022-06-09 to 2022-08-31:

Marginal note:Notice that final dividend will be made

  •  (1) The trustee may, after the first meeting of the creditors, send a notice, in the prescribed manner, to every person with a claim of which the trustee has notice or knowledge but whose claim has not been proved. The notice must inform the person that, if that person does not prove the claim within a period of 30 days after the sending of the notice, the trustee will proceed to declare a dividend or final dividend without regard to that person’s claim.

  • Marginal note:Court may extend time

    (2) Where a person notified under subsection (1) does not prove the claim within the time limit or within such further time as the court, on proof of merits and satisfactory explanation of the delay in making proof, may allow, the claim of that person shall, notwithstanding anything in this Act, be excluded from all share in any dividend, but a taxing authority may notify the trustee within the period referred to in subsection (1) that it proposes to file a claim as soon as the amount has been ascertained, and the time for filing the claim shall thereupon be extended to three months or such further time as the court may allow.

  • Marginal note:Certain federal claims

    (3) Despite subsection (2), a claim may be filed for an amount payable under the following Acts or provisions within the time limit referred to in subsection (2) — or within three months after the return of income or other evidence of the facts on which the claim is based is filed or comes to the attention of the Minister of National Revenue or, in the case of an amount payable under legislation referred to in paragraph (c), the minister in that province responsible for the legislation:

  • Marginal note:No dividend allowed

    (4) Unless the trustee retains sufficient funds to provide for payment of any claims that may be filed under legislation referred to in subsection (3), no dividend is to be declared until the expiry of three months after the trustee has filed all returns that the trustee is required to file.

  • R.S., 1985, c. B-3, s. 149
  • 1992, c. 1, s. 20
  • 1997, c. 12, s. 91
  • 2005, c. 47, s. 92
  • 2007, c. 36, s. 51
  • 2009, c. 33, s. 26
  • 2022, c. 5, s. 12

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