Companies’ Creditors Arrangement Regulations

Link to law: http://laws-lois.justice.gc.ca/eng/regulations/SOR-2009-219/FullText.html

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Companies’ Creditors Arrangement Regulations

SOR/2009-219COMPANIES’ CREDITORS ARRANGEMENT ACT
Registration 2009-07-30
Companies’ Creditors Arrangement Regulations
P.C. 2009-1209 2009-07-30Her Excellency the Governor General in Council, on the recommendation of the Minister of Industry, pursuant to section 62Footnote a of the Companies’ Creditors Arrangement ActFootnote b, hereby makes the annexed Companies’ Creditors Arrangement Regulations.

Return to footnote aS.C. 2007, c. 36, s. 82
Return to footnote bR.S., c. C-36

Marginal note:Interpretation

1 The following definitions apply in these Regulations.

Act
Loi

Act means the Companies’ Creditors Arrangement Act. (Loi)

initial order
ordonnance initiale

initial order means an order that is made on the initial application in respect of a debtor company. (ordonnance initiale)

Marginal note:Stock exchange

2 A stock exchange that is regulated by an Act of Parliament or of the legislature of a province is prescribed for the purposes of the definition income trust in subsection 2(1) of the Act.

Marginal note:Pension plan

3 A pension plan that is regulated by an Act of Parliament or of the legislature of a province is prescribed for the purposes of subsection 6(6) of the Act.

Marginal note:Representations

4 The representations set out in the table to this section are prescribed for the purposes of paragraph 10(2)(b) of the Act.
TABLE

Item
Representation

1
The hypothetical assumptions are reasonable and consistent with the purpose of the projections described in Note ..., and the probable assumptions are suitably supported and consistent with the plans of the debtor company and provide a reasonable basis for the projections. All such assumptions are disclosed in Notes ....

2
Since the projections are based on assumptions regarding future events, actual results will vary from the information presented, and the variations may be material.

3
The projections have been prepared solely for the purpose described in Note ..., using the probable and hypothetical assumptions set out in Notes .... Consequently, readers are cautioned that it may not be appropriate for other purposes.

Marginal note:Regulatory bodies

5 A stock exchange that is regulated by an Act of Parliament or of the legislature of a province, the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada are prescribed for the purposes of subsection 11.1(1) of the Act.

Marginal note:Information to be published in newspapers

6 The following information is prescribed for the purposes of subparagraph 23(1)(a)(i) of the Act:

(a) the name of each applicant and the name under which the applicant carries on business, if any;
(b) the name and judicial district of the court that made the initial order;
(c) the court file number for the proceedings;
(d) the date on which the initial order was made; and
(e) the name and contact information of the monitor, including its Web site address.

Marginal note:Making initial order and list of creditors publicly available

7 For the purposes of clauses 23(1)(a)(ii)(A) and (C) of the Act, the prescribed manner for making the initial order and list publicly available is by posting them on a Web page created by the monitor for the proceedings.

Marginal note:Notice that initial order is publicly available

8 For the purposes of clause 23(1)(a)(ii)(B) of the Act, the prescribed manner of sending the notice is by personal service, mail, courier, facsimile or other electronic transmission.

Marginal note:Paragraph 23(1)(f) of the Act

9 The following paragraphs set out the documents that are specified for the purposes of paragraph 23(1)(f) of the Act and the prescribed manner and time for filing them:

(a) Form 1 of the schedule, entitled “Information Pertaining to Initial Order”, to be filed by facsimile or other electronic transmission within one business day after the day on which the initial order is made;
(b) the initial application, the initial order and any amendments to that order, to be filed by facsimile or other electronic transmission within two business days after the day on which the monitor receives them;
(c) Form 2 of the schedule, entitled “Debtor Company Information Summary (Commencement of Proceedings)”, to be filed by facsimile or other electronic transmission within five business days after the day on which the monitor receives the initial order;
(d) Form 3 of the schedule, entitled “Debtor Company Information Summary (Following the Order Discharging the Monitor)”, to be filed by facsimile or other electronic transmission within five business days after the day on which the court makes an order discharging the monitor; and
(e) the documents posted on the Web page created by the monitor under section 7, to be filed by submitting them on a compact disc, digital versatile disc or other data storage medium within 30 days after the day on which the court makes an order discharging the monitor.

Marginal note:Documents to be publicly available

10 (1) The following documents are prescribed for the purposes of paragraph 23(1)(j) of the Act:

(a) reports of the monitor, including exhibits, and cash-flow statements that are filed with the court, other than those – or any part of them – that are subject to a court order prohibiting their release to the public;
(b) proposed compromises or arrangements that are filed with the court, including amendments to them;
(c) court orders; and
(d) written communications and notifications that the monitor sends to all creditors.

Marginal note:Posting on Web page

(2) The prescribed manner for making the documents publicly available is by posting them on the Web page created by the monitor under section 7.

Marginal note:Time limit for posting

(3) The prescribed time for posting the documents is, in respect of the documents referred to in paragraphs (1)(a) and (b), within two business days after the day on which they are filed, in respect of the documents referred to in paragraph (1)(c), within two business days after the day on which the monitor receives them and, in respect of the documents referred to in paragraph (1)(d), within two business days after the day on which they are sent.

Marginal note:Public record

11 (1) For the purposes of subsection 26(1) of the Act, the prescribed information is the information set out on Form 1 of the schedule, and the prescribed period is 10 years after the day on which the information is received by the Superintendent of Bankruptcy.

Marginal note:Other records

(2) For the purposes of subsection 26(2) of the Act, the prescribed period is 10 years after the day on which the record is received by the Superintendent of Bankruptcy.

Marginal note:Notice of delegation

12 For the purposes of subsection 31(2) of the Act, the prescribed manner of giving notice of the delegation is by personal service, mail, courier, facsimile or other electronic transmission.

Marginal note:Notice to disclaim or resiliate

13 For the purposes of subsection 32(1) of the Act, Form 4 of the schedule, entitled “Notice by Debtor Company to Disclaim or Resiliate an Agreement”, is prescribed and the prescribed manner of giving notice is by personal service, registered mail or courier or, if the recipient agrees, by facsimile or other electronic transmission.

Marginal note:Information to be published in newspapers

14 For the purposes of paragraph 53(b) of the Act, the prescribed information is the following:

(a) the name and contact information of the foreign representative;
(b) the name of the debtor company and the name under which it carries on business in Canada;

(c) the following information respecting the order, namely,

(i) the name of the court that made it,
(ii) the legislative provision under which it was made, and
(iii) the date on which it was made;

(d) the country in which the foreign proceeding is filed;
(e) whether the proceeding is a foreign main or foreign non-main proceeding; and
(f) the name and contact information of legal counsel for the foreign representative.

Marginal note:Coming into force

*15 These Regulations come into force on the day on which section 124 of An Act to establish the Wage Earner Protection Program Act, to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act and to make consequential amendments to other Acts, chapter 47 of the Statutes of Canada, 2005, comes into force, but if they are registered after that day, they come into force on the day on which they are registered.
Return to footnote *[Note: Regulations in force September 18, 2009, see SI/2009-68.]

SCHEDULE(Section 9, subsection 11(1) and section 13)

FORM 1Information Pertaining to Initial Order

(To be filed with the Superintendent of Bankruptcy under paragraph 23(1)(f) of the Companies’ Creditors Arrangement Act)

The following information pertains to the order made on the initial application in respect of (name of debtor company):

1.
Name of court, judicial district and court file number:

2.
Date on which order is made:

3.
Debtor company’s head office address, telephone number and Web site address, if any:

4.
Names under which debtor company carries on business, if different from name set out above:

5.
Name and Web site address of monitor:

6.
Name, address, telephone number and e-mail address of monitor’s representative responsible for the proceedings:

7.
Web page address created for the proceedings, if any:

Dated at , , on 20.

Monitor’s representative
responsible for the proceedings

FORM 2Debtor Company Information Summary (Commencement of Proceedings)

(To be filed with the Superintendent of Bankruptcy under paragraph 23(1)(f) of the Companies’ Creditors Arrangement Act)

PART 1 — INFORMATION RESPECTING DEBTOR COMPANY

1.
Name, including names under which the debtor company carries on business, if any:

2.
Debtor company’s head office address, telephone number and Web site address, if any:

3.
The debtor company is

□ a not-for-profit body corporate,

□ an income trust, or

□ other (Specify: )

4.
Industry type code using the North American Industry Classification System:

5.
Names and titles of directors and officers:

6.
Any other names used by the debtor company during the 24-month period before the making of the order on the initial application, including names under which the company carried on business:

7.
Previous proceedings:

•under the Bankruptcy and Insolvency Act: □ yes □ no

If yes, estate number:

•under the Companies’ Creditors Arrangement Act: □ yes □ no

If yes, name of court, judicial district and court file number:

•foreign proceedings: □ yes □ no

If yes, country, name of court, judicial district and court file number:

8.
Are debtor company’s shares or units publicly traded? □ yes □ no

If yes, index symbol: country:

9.
Incorporation number, if applicable:

□ Federal

□ Provincial (Specify: )

□ Other (Specify: )

10.
Are there companies that are affiliated with or subsidiaries of the debtor company?

□ yes □ no

If yes, names of affiliated and subsidiary companies:

11.
Date of the most recent consolidated financial statements of debtor company:

//(YYYY/MM/DD)

12.
The statements referred to in item 11 are:

□ audited (Name of auditor:)

□ unaudited

13.
Book values for the debtor company set out in the statements referred to in item 11:

• Book value of total assets: $

• Book value of total liabilities: $

• secured: $

• unsecured: $

• trust claims: $

• Book value of total liabilities that are contingent: $

14.
Does the debtor company participate in any prescribed pension plans for the benefit of its employees? □ yes □ no

If yes, give name of each plan and indicate whether it is a defined benefit or defined contribution plan:

15.
Name, address, telephone number and e-mail address of debtor company’s legal counsel:

PART 2 — INFORMATION RESPECTING MONITOR

16.
Monitor’s toll-free number for the proceedings, if any:

Monitor’s Web page created for the proceedings, if any:

17.
Name, address, telephone number and e-mail address of monitor’s legal counsel:

PART 3 — TO BE COMPLETED IF THERE IS A FOREIGN PROCEEDING

18.
Name of foreign representative:

19.
Country, name of court, judicial district and court file number:

20.
Indicate whether the proceeding is

□ a foreign main proceeding, or

□ a foreign non-main proceeding.

21.
Date of first order in foreign proceeding: //(YYYY/MM/DD)

Dated at , , on 20.

Monitor’s representative
responsible for the proceedings

FORM 3Debtor Company Information Summary (Following the Order Discharging the Monitor)

(To be filed with the Superintendent of Bankruptcy under paragraph 23(1)(f) of the Companies’ Creditors Arrangement Act)

PART 1 — INFORMATION RESPECTING DEBTOR COMPANY

1.
Name of debtor company:

2.
File number assigned by the Superintendent of Bankruptcy:

3.
Date of the most recent consolidated financial statements for debtor company:

//(YYYY/MM/DD)

4.
The statements referred to in item 3 are:

□ audited (Name of auditor:)

□ unaudited

5.
Book values for the debtor company set out in the statements referred to in item 3:

•Book value of total assets: $

•Book value of total liabilities: $

•secured: $

•unsecured: $

•trust claims: $

•Book value of total liabilities that are contingent: $

6.
Does the debtor company participate in any prescribed pension plan for the benefit of its employees? □ yes □ no

If yes, give name of each plan and indicate whether it is a defined benefit or defined contribution plan:

PART 2 — INFORMATION RESPECTING PROCEEDINGS

7.
Was interim financing granted by court order under section 11.2 of the Act? □ yes □ no

If yes,

•amount of interim financing granted by court order: $

•amount drawn: $

8.
Was a compromise or arrangement sanctioned by the court? □ yes □ no

If yes,

•Date on which the compromise or arrangement was sanctioned by the court: //

(YYYY/MM/DD)

•Was the compromise or arrangement approved by the creditors before the initial application was made?

□ yes □ no

•Was the compromise or arrangement completed? □ yes □ no

9.
Name of debtor company at time of monitor’s discharge:

PART 3 — TO BE COMPLETED IF THERE IS A FOREIGN PROCEEDING

10.
Name of foreign representative:

11.
Country, name of court, judicial district and court file number:

12.
Indicate if the proceeding is a

□ a foreign main proceeding, or

□ a foreign non-main proceeding.

13.
Date of first order in foreign proceeding: //(YYYY/MM/DD)

Dated at , , on 20.

Monitor’s representative
responsible for the proceedings

FORM 4Notice by Debtor Company To Disclaim or Resiliate an Agreement

To , (monitor and parties to the agreement)

Take notice that

1. Proceedings under the Companies’ Creditors Arrangement Act (“the Act”) in respect of (name of debtor company) were commenced on the day of , 20.
2. In accordance with subsection 32(1) of the Act, the debtor company gives you notice of its intention to disclaim or resiliate the following agreement (provide sufficient details of the agreement to enable it to be identified):

3. In accordance with subsection 32(2) of the Act, any party to the agreement may, within 15 days after the day on which this notice is given and with notice to the other parties to the agreement and to the monitor, apply to court for an order that the agreement is not to be disclaimed or resiliated.
4. In accordance with paragraph 32(5)(a) of the Act, if no application for an order is made in accordance with subsection 32(2) of the Act, the agreement is disclaimed or resiliated on the day of , 20, being 30 days after the day on which this notice has been given.

Dated at , , on 20.

Debtor Company

The monitor approves the proposed disclaimer or resiliation.

Dated at , , on 20.

Monitor’s representative
responsible for the proceedings