Canada Business Corporations Act

Marginal note:Duties of liquidator

221 A liquidator shall

• (a) forthwith after appointment give notice thereof to the Director and to each claimant and creditor known to the liquidator;

• (b) without delay publish notice by insertion once a week for two consecutive weeks in a newspaper published or distributed in the place where the corporation has its registered office and take reasonable steps to give notice of the appointment in each province where the corporation carries on business, requiring any person

  • (i) indebted to the corporation, to render an account and pay to the liquidator at the time and place specified any amount owing,

  • (ii) possessing property of the corporation, to deliver it to the liquidator at the time and place specified, and

  • (iii) having a claim against the corporation, whether liquidated, unliquidated, future or contingent, to present particulars thereof in writing to the liquidator not later than two months after the first publication of the notice;

• (c) take into custody and control the property of the corporation;

• (d) open and maintain a trust account for the moneys of the corporation;

• (e) keep accounts of the moneys of the corporation received and paid out by him;

• (f) maintain separate lists of the shareholders, creditors and other persons having claims against the corporation;

• (g) if at any time the liquidator determines that the corporation is unable to pay or adequately provide for the discharge of its obligations, apply to the court for directions;

• (h) deliver to the court and to the Director, at least once in every twelve month period after appointment or more often as the court may require, financial statements of the corporation in the form required by section 155 or in such other form as the liquidator may think proper or as the court may require; and

• (i) after the final accounts are approved by the court, distribute any remaining property of the corporation among the shareholders according to their respective rights.