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  • Insolvency, Bankruptcy and Winding Up

    • CRA-10.2.10

      A licensee must notify the CBB immediately of any of the following events:

      (a) The calling of a meeting to consider a resolution for winding up the licensee or a substantial shareholder of the licensee;
      (b) An application to dissolve a substantial shareholder of the licensee or to strike the licensee off the Register of crypto-asset licensee;
      (c) The presentation of a petition for the winding up of a substantial shareholder of the licensee;
      (d) The making of any proposals, or the making of, a composition or arrangement with any one or more of the licensee's creditors, for material amounts of debt;
      (e) An application for the appointment of an administrator or trustee in bankruptcy to a substantial shareholder of the licensee;
      (f) The appointment of a receiver for a substantial shareholder of the licensee (whether an administrative receiver or a receiver appointed over particular property); or
      (g) An application for an interim in relation to a substantial shareholder of the licensee under the applicable Bankruptcy laws.
      Amended: April 2023
      Added: April 2019