Section 47 — Bankruptcy and Insolvency Act: Appointment of interim receiver

If the court is satisfied that a notice is about to be sent or was sent under subsection 244(1), it may, subject to subsection (3), appoint a trustee as interim receiver of all or any part of the debtor’s property that is subject to the security to which the notice relates until the earliest of the taking of possession by a receiver, within the meaning of subsection 243(2), of the debtor’s property over which the interim receiver was appointed, the taking of possession by a trustee of the debtor’s property over which the interim receiver was appointed, and the expiry of 30 days after the day on which the interim receiver was appointed or of any period specified by the court. The court may direct an interim receiver appointed under subsection (1) to do any or all of the following: take possession of all or part of the debtor’s property mentioned in the appointment; exercise such control over that property, and over the debtor’s business, as the court considers advisable; take conservatory measures; and summarily dispose of property that is perishable or likely to depreciate rapidly in value. An appointment of an interim receiver may be made under subsection (1) only if it is shown to the court to be necessary for the protection of the debtor’s estate; or the interests of the creditor who sent the notice under subsection 244(1). An application under subsection (1) is to be filed in a court having jurisdiction in the judicial district of the locality of the debtor.