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As of 2016, the firm had over 65 Licensed Insolvency Trustees and more than 200 resident and satellite offices located in key urban and rural centres across Canada. In 1996, after merging with Brandon, Manitoba-based BDO and Edmonton-based Miller, McClelland Limited, Meyers Norris Penny & Co. decided to create a subsidiary to incorporate their ...
A Licensed Insolvency Trustee (LIT) is a person licensed by the Superintendent of Bankruptcy in Canada to administer proposals and bankruptcies and manage assets held in trust. The trustee can give a debtor information and advice about both the proposal and bankruptcy processes and make sure that both the debtor's rights and the creditor ’s ...
The four main players involved in consumer insolvency are Licensed Insolvency Trustee, Debtor/insolvent person, Creditors, Office of the Superintendent of Bankruptcy. Under s. 2 of the BIA, an "insolvent person" can become "bankrupt" for the purposes of the BIA in three ways: by a voluntary assignment in bankruptcy [2]
In Canada, a licensed insolvency trustee (LIT) is an individual or a corporation licensed by the official superintendent to hold in trust and, subsequently, to distribute a bankrupt's property among the creditors in accordance with the distribution scheme under the Bankruptcy and Insolvency Act (BIA). The bankrupt and all other persons holding ...
APPEAL from Capital Steel Inc v Chandos Construction Ltd, 2019 ABCA 32 (29 January 2019), setting aside a decision of Nielsen J, Alta. Q.B., Edmonton, No. 24‑2169632, 17 March 2017. Leave to appeal granted, Chandos Construction Ltd v Deloitte Restructuring Inc in its capacity as Trustee in Bankruptcy of Capital Steel Inc, a bankrupt , 2019 ...
Miller Thomson LLP is a national business law firm with approximately 525 lawyers across 5 provinces in Canada. The firm offers a full range of services in litigation and disputes, and provides business law expertise in mergers and acquisitions, corporate finance and securities, financial services, tax, restructuring and insolvency, trade, real estate, property development, labour and ...
The Parliament of Canada has exclusive jurisdiction to regulate matters relating to bankruptcy and insolvency, by virtue of Section 91(2) of the Constitution Act, 1867. It has passed the following statutes as a result: The Bankruptcy and Insolvency Act ("BIA") [1] The Companies' Creditors Arrangements Act ("CCAA") [2] The Farm Debt Mediation ...
Trustees — either individuals or corporations — are licensed by the superintendent, and are appointed to administer an estate by virtue of the assignment, bankruptcy order or proposal that has been filed. By special resolution, the creditors of the estate may appoint or substitute another licensed trustee to assume the role. [124]