44. For the application of this chapter, the following have the same effect as bankruptcy:(1) the making by a court of competent jurisdiction of a winding-up order by reason of insolvency within the meaning of the Winding-up Act (Revised Statutes of Canada, 1985, chapter W-11);
(2) the cessation of business by a contractor for the reason that he is an insolvent within the meaning of the Bankruptcy and Insolvency Act (Revised Statutes of Canada, 1985, chapter B-3).