• Powers of the Trustee to Apply to Court

    • OFS-3.5.21

      A trustee for the holders of debt securities may apply to the court:

      (a) For directions in relation to any matter arising in connection with the performance of the functions of the trustee; or
      (b) To determine any question in relation to the interests of the holders of debt securities.
      January 2014

    • OFS-3.5.22

      Prior to making any application to the CBB or to the court, a trustee must consider the nature and kind of collateral or security given when the offer or invitation in respect of the debt securities was made to the public, and if no security was given must consider the position of the holders of the debt securities as unsecured creditors of the borrowing corporation.

      January 2014

    • OFS-3.5.23

      A trustee may rely upon any certificate or report given or statement made by any legal advisor, auditor or officer of the borrowing corporation or guarantor corporation, if it reasonably believes that such legal advisor, auditor or officer was competent to give or make the certificate, report or statement.

      January 2014