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StatuteBankruptcy and Insolvency Act

Section 237 — Bankruptcy and Insolvency Act: If assignment or bankruptcy order made

Text of the provision Official document

If a debtor in respect of whom a consolidation order has been issued under this Part makes an assignment under section 49, or if a bankruptcy order is made against the debtor under section 43, or if a proposal by the debtor is approved by the court having jurisdiction in bankruptcy under sections 59 to 61, any moneys that have been paid into court as required by the consolidation order and that have not yet been distributed to the registered creditors shall, immediately after the making of the assignment or bankruptcy order or the approval of the proposal, be distributed among those creditors by the clerk in the proportions to which they are entitled under the consolidation order. The fact that proceedings have been taken under this Part does not prevent the taking of proceedings by or against the debtor under the provisions of any other Part of this Act. None of the provisions of Parts I to IX of this Act applies to proceedings under this Part.

Official source: laws-lois.justice.gc.ca

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Statutory text from an official public source. Informational content — does not replace advice from a qualified lawyer.