Overview Of The Bankruptcy And Insolvency Act

The Act establishes a comprehensive system for the administration of the estates of persons and corporations who are or are about to become bankrupt. One of the objectives of the Act is to apportion the assets of a bankrupt among the bankrupt’s creditors in as fair and reasonable a manner as possible. Provisions deal with the appointment, powers, and duties of trustees in bankruptcy, the various ways a bankruptcy may arise, administration and division of a bankrupt’s estate, discharge of the bankrupt from bankruptcy, and the court’s jurisdiction. The Act imposes requirements on the bankrupt and establishes offences for non-compliance.

GENERAL EFFECT ON LAND TITLE PRACTICE

The trustee in bankruptcy may apply for the transmission of the bankrupt’s property into the name of the trustee so that the trustee may deal with it for the benefit of the creditors. The registrar may also receive an application to register a judgment under the Act.

CROSS REFERENCES AND OTHER SOURCES OF INFORMATION

Secondary Sources

For discussion of precedents, case law, and policy statements, see Houlden, Morawetz, and Sarra, Bankruptcy and Insolvency Law of Canada, 4th ed., rev. (Carswell, 2009).

For a discussion of the effects of the 1992 amendments to the Bankruptcy and Insolvency Act, see Ferris, “An Overview of the new Bankruptcy and Insolvency Act” (1992) 50 Advocate 861. For discussion of more recent amendments and practice, see Bankruptcy and Insolvency—2016 (CLEBC, 2016), CLE-TV: Bankruptcy and Insolvency (CLEBC, 2015), Bankruptcy and Insolvency—2014 (CLEBC, 2014), Bankruptcy and Insolvency—2013 (CLEBC, 2013), Bankruptcy and Insolvency Basics for Lawyers (CLEBC, 2011), and Bankruptcy and Insolvency—2009 (CLEBC, 2009). The most recent course materials from the Continuing Legal Education Society of British Columbia are available on CLE Online, which can be accessed at www.cle.bc.ca.

See also Di Castri, Registration of Title to Land, vol. 2, paras. 559, 721, and 750.