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

Section 19.2 Disposition versions

2011-11-30

19.2. The receivership order may empower the receiver to

(1)  take possession of all the property belonging to the person, partnership or other entity, or held by the person, partnership or other entity for another person, in any place where it is being kept, even if it is in the possession of a bailiff, a creditor or another person claiming it;

(2)  exercise, in the case of a natural person, the powers relating to the person’s affairs and, in other cases, the powers of the shareholders, associates, directors, officers and members, as applicable, of the person, partnership or other entity;

(3)  pursue all or part of the affairs of the person, partnership or other entity or take any conservatory measure related to those affairs;

(4)  terminate or cancel any contract to which the person, partnership or other entity is a party;

(5)  institute or continue, without continuance of suit, or take part in any proceedings relating to the affairs or property of a person, partnership or other entity to which the person, partnership or other entity was or would have been a party;

(6)  investigate the activities of the person, partnership or other entity;

(7)  retain the services of accountants, lawyers or other persons to assist in receivership functions;

(8)  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 the creditors or act as trustee under any federal statute applicable to bankruptcy or insolvency matters;

(9)  wind up the person, partnership or other entity in accordance with the Winding-up Act (chapter L-4), the Business Corporations Act (chapter S-31.1) or any special provision of an Act referred to in section 7 applicable to the person, partnership or other entity or in the manner determined by the Superior Court; and

(10)  exercise any other power or function the Court considers appropriate to enable the receiver to carry out receivership functions.

2008, c. 7, s. 5; 2011, c. 26, s. 5.

2008-05-28

19.2. The receivership order may empower the receiver to

(1)  take possession of all the property belonging to the person, partnership or other entity, or held by the person, partnership or other entity for another person, in any place where it is being kept, even if it is in the possession of a bailiff, a creditor or another person claiming it;

(2)  exercise, in the case of a natural person, the powers relating to the person’s affairs and, in other cases, the powers of the shareholders, associates, directors, officers and members, as applicable, of the person, partnership or other entity;

(3)  pursue all or part of the affairs of the person, partnership or other entity or take any conservatory measure related to those affairs;

(4)  terminate or cancel any contract to which the person, partnership or other entity is a party;

(5)  institute or continue, without continuance of suit, or take part in any proceedings relating to the affairs or property of a person, partnership or other entity to which the person, partnership or other entity was or would have been a party;

(6)  investigate the activities of the person, partnership or other entity;

(7)  retain the services of accountants, lawyers or other persons to assist in receivership functions;

(8)  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 the creditors or act as trustee under any federal statute applicable to bankruptcy or insolvency matters;

(9)  wind up the person, partnership or other entity in accordance with the Winding-up Act (chapter L-4) or any special provision of an Act referred to in section 7 applicable to the person, partnership or other entity or in the manner determined by the Superior Court; and

(10)  exercise any other power or function the Court considers appropriate to enable the receiver to carry out receivership functions.

2008, c. 7, s. 5.