E-6.1 - Act respecting the regulation of the financial sector

Section 19.11 Disposition versions

2008-05-28

19.11. At the request of the Authority, the receiver or any interested person, the Superior Court may modify the receiver’s powers.

The Court may also terminate the receivership, in particular if it considers

(1)  that the receivership may not reasonably be expected to benefit the creditors of the person, partnership or other entity, the persons who have property in the possession or under the control of the person, partnership or other entity, or the investors, members or insured persons of the person, partnership or other entity; or

(2)  that the financial situation of the person, partnership or other entity subject to the receivership order will not allow payment of the costs associated with the receivership.

The Court may then order the winding-up of the person, partnership or other entity and appoint a liquidator, or assign, on behalf of the person, partnership or other entity, all of the property of the person, partnership or other entity for the benefit of its creditors and appoint a trustee.

2008, c. 7, s. 5.