Acts and Regulations

P-7.1 - Personal Property Security Act

Section 64
Disposition versions

Full text
Receiverships
64(1)A security agreement may provide for the appointment of a receiver and, except as provided in this or any other Act, may provide for the receiver’s rights and duties.
64(2)A receiver shall
(a) take custody and control of the collateral in accordance with the security agreement or order under which the receiver was appointed, but unless appointed a receiver-manager or unless the Court orders otherwise, shall not carry on the business of the debtor,
(b) as soon as possible and not later than ten days after becoming a receiver, register a notice in the Registry in accordance with the regulations disclosing the appointment and specifying an office in the Province where the records referred to in paragraph (d) shall be maintained,
(c) open and maintain, in the receiver’s name as receiver, one or more accounts at a bank, credit union or similar financial institution for the deposit of all money coming under the receiver’s control as receiver,
(d) keep records, in accordance with accepted accounting practices, of all receipts, expenditures and transactions involving collateral or other property of the debtor,
(e) unless a different interim period is ordered by the Court, prepare at least once in every six-month period after the date of the appointment financial statements of the receivership administration,
(f) indicate on every business letter, invoice, contract or similar document used or executed in connection with the receivership that the receiver is acting as a receiver,
(g) on completion of the receiver’s duties as receiver, prepare a final report and final statements of the financial accounts of the receivership administration and send copies immediately to the debtor and, if the debtor is a body corporate, to the directors of the debtor, and
(h) on termination of the receivership, discharge the registration under paragraph (b).
64(3)The debtor, and if the debtor is a body corporate, a director of the debtor, or the authorized representative of any of them, may require the receiver, by a demand in writing delivered to the receiver, to make available for inspection the records referred to in paragraph (2)(d) during regular business hours at the office of the receiver specified in accordance with paragraph (2)(b).
64(4)The debtor, and if the debtor is a body corporate, a director of the debtor, a sheriff, a person with an interest in the collateral in the custody or control of the receiver, or the authorized representative of any of them, may require the receiver, by a demand in writing delivered to the receiver, to provide copies of the financial statements referred to in paragraph (2)(e) or the final report and final statements of the financial accounts referred to in paragraph (2)(g) or to make them available for inspection during regular business hours at the office of the receiver specified in accordance with paragraph (2)(b).
64(5)The receiver shall comply with a demand under subsection (3) or (4) within ten days after receipt of the demand.
64(6)The receiver may require the payment in advance of a fee in the amount prescribed for each demand, but the sheriff and the debtor, or if the debtor is a body corporate, a director of the debtor, are entitled to inspect or to receive a copy of the financial statements and final account without charge.
64(7)On application by an interested person, the Court may
(a) appoint a receiver,
(b) remove, replace or discharge a receiver, whether appointed by the Court or in accordance with a security agreement,
(c) give directions on any matter relating to the duties of a receiver,
(d) approve the accounts and fix the remuneration of a receiver,
(e) notwithstanding anything contained in a security agreement or other document providing for the appointment of a receiver, make an order requiring a receiver or a person by or on behalf of whom the receiver is appointed to make good a default in connection with the receiver’s custody, management or disposition of the collateral of the debtor or to relieve the person from any default on such terms as the Court thinks fit, and
(f) exercise with respect to receivers appointed in accordance with a security agreement the jurisdiction that it has over receivers appointed by the Court.
64(8)The powers referred to in subsection (7) and in section 63 are in addition to any other powers the Court may exercise in its jurisdiction over receivers.
64(9)Unless the Court orders otherwise, a receiver is required to comply with sections 59 and 60 only when the receiver deals with or disposes of the collateral other than in the course of operating the business of a debtor.
1994, c.22, s.13
Receiverships
64(1)A security agreement may provide for the appointment of a receiver and, except as provided in this or any other Act, may provide for the receiver’s rights and duties.
64(2)A receiver shall
(a) take custody and control of the collateral in accordance with the security agreement or order under which the receiver was appointed, but unless appointed a receiver-manager or unless the Court orders otherwise, shall not carry on the business of the debtor,
(b) as soon as possible and not later than ten days after becoming a receiver, register a notice in the Registry in accordance with the regulations disclosing the appointment and specifying an office in the Province where the records referred to in paragraph (d) shall be maintained,
(c) open and maintain, in the receiver’s name as receiver, one or more accounts at a bank, credit union or similar financial institution for the deposit of all money coming under the receiver’s control as receiver,
(d) keep records, in accordance with accepted accounting practices, of all receipts, expenditures and transactions involving collateral or other property of the debtor,
(e) unless a different interim period is ordered by the Court, prepare at least once in every six-month period after the date of the appointment financial statements of the receivership administration,
(f) indicate on every business letter, invoice, contract or similar document used or executed in connection with the receivership that the receiver is acting as a receiver,
(g) on completion of the receiver’s duties as receiver, prepare a final report and final statements of the financial accounts of the receivership administration and send copies immediately to the debtor and, if the debtor is a body corporate, to the directors of the debtor, and
(h) on termination of the receivership, discharge the registration under paragraph (b).
64(3)The debtor, and if the debtor is a body corporate, a director of the debtor, or the authorized representative of any of them, may require the receiver, by a demand in writing delivered to the receiver, to make available for inspection the records referred to in paragraph (2)(d) during regular business hours at the office of the receiver specified in accordance with paragraph (2)(b).
64(4)The debtor, and if the debtor is a body corporate, a director of the debtor, a sheriff, a person with an interest in the collateral in the custody or control of the receiver, or the authorized representative of any of them, may require the receiver, by a demand in writing delivered to the receiver, to provide copies of the financial statements referred to in paragraph (2)(e) or the final report and final statements of the financial accounts referred to in paragraph (2)(g) or to make them available for inspection during regular business hours at the office of the receiver specified in accordance with paragraph (2)(b).
64(5)The receiver shall comply with a demand under subsection (3) or (4) within ten days after receipt of the demand.
64(6)The receiver may require the payment in advance of a fee in the amount prescribed for each demand, but the sheriff and the debtor, or if the debtor is a body corporate, a director of the debtor, are entitled to inspect or to receive a copy of the financial statements and final account without charge.
64(7)On application by an interested person, the Court may
(a) appoint a receiver,
(b) remove, replace or discharge a receiver, whether appointed by the Court or in accordance with a security agreement,
(c) give directions on any matter relating to the duties of a receiver,
(d) approve the accounts and fix the remuneration of a receiver,
(e) notwithstanding anything contained in a security agreement or other document providing for the appointment of a receiver, make an order requiring a receiver or a person by or on behalf of whom the receiver is appointed to make good a default in connection with the receiver’s custody, management or disposition of the collateral of the debtor or to relieve the person from any default on such terms as the Court thinks fit, and
(f) exercise with respect to receivers appointed in accordance with a security agreement the jurisdiction that it has over receivers appointed by the Court.
64(8)The powers referred to in subsection (7) and in section 63 are in addition to any other powers the Court may exercise in its jurisdiction over receivers.
64(9)Unless the Court orders otherwise, a receiver is required to comply with sections 59 and 60 only when the receiver deals with or disposes of the collateral other than in the course of operating the business of a debtor.
1994, c.22, s.13