Hyperlawhypertext legal database Bankruptcy and Insolvency Act

← Historical versions

Versions of s. 43(2)

B-3 — Bankruptcy and Insolvency Act · 3 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

  1. 2019-11-01 to present available View Source
    If the applicant creditor referred to in subsection (1) is a secured creditor, they shall in their application either state that they are willing to give up their security for the benefit of the creditors, in the event of a bankruptcy order being made against the debtor, or give an estimate of the value of the applicant creditor’s security, and in the latter case they may be admitted as an applicant creditor to the extent of the balance of the debt due to them after deducting the value so estimated, in the same manner as if they were an unsecured creditor.
    Full text

    If the applicant creditor referred to in subsection (1) is a secured creditor, they shall in their application either state that they are willing to give up their security for the benefit of the creditors, in the event of a bankruptcy order being made against the debtor, or give an estimate of the value of the applicant creditor’s security, and in the latter case they may be admitted as an applicant creditor to the extent of the balance of the debt due to them after deducting the value so estimated, in the same manner as if they were an unsecured creditor.

  2. 2004-12-15 to present View Source
    WhereIf the petitioningapplicant creditor referred to in subsection (1) is a secured creditor, hethey shall in histheir petitionapplication either state that hethey isare willing to give up histheir security for the benefit of the creditorscreditors, in the event of a receivingbankruptcy order being made against the debtor, or give an estimate of the value of histhe applicant creditor’s security, and in the latter case hethey may be admitted as aan petitioningapplicant creditor to the extent of the balance of the debt due to himthem after deducting the value so estimated, in the same manner as if hethey were an unsecured creditor.
    Full text

    If the applicant creditor referred to in subsection (1) is a secured creditor, they shall in their application either state that they are willing to give up their security for the benefit of the creditors, in the event of a bankruptcy order being made against the debtor, or give an estimate of the value of the applicant creditor’s security, and in the latter case they may be admitted as an applicant creditor to the extent of the balance of the debt due to them after deducting the value so estimated, in the same manner as if they were an unsecured creditor.

  3. 2002-12-31 to 2004-12-15 View Source

    Where the petitioning creditor referred to in subsection (1) is a secured creditor, he shall in his petition either state that he is willing to give up his security for the benefit of the creditors in the event of a receiving order being made against the debtor, or give an estimate of the value of his security, and in the latter case he may be admitted as a petitioning creditor to the extent of the balance of the debt due to him after deducting the value so estimated, in the same manner as if he were an unsecured creditor.