Directive No. 3

Duties of the Bankrupt to Deliver Credit Cards to the Trustee

PDF version

Directive No. 3

1.4 MB, 3 pages


Date:

Directive No. 3, Duties of the Bankrupt to Deliver Credit Cards to the Trustee, is being issued to specify under what circumstances a bankrupt shall deliver to the trustee, for cancellation, all credit cards issued to and in the possession or control of the bankrupt pursuant to subsection 158(a.1) of the Bankruptcy and Insolvency Act.

Enquiries

If you require further information, please do not hesitate to contact the OSB office nearest you.


Issued:

Interpretation

1. In this Directive,

"Act" means the Bankruptcy and Insolvency Act;

"OSB" means the Office of the Superintendent of Bankruptcy.

Authority and Purpose

2. This Directive is issued pursuant to the authority of paragraphs 5(4)(b) and (c) of the Act.

3. The purpose of this Directive is to specify, pursuant to subsection 158(a.1), under what circumstances a bankrupt shall deliver to the trustee, for cancellation, all credit cards issued to and in the possession or control of the bankrupt.

Policy

4. In all circumstances, the trustee shall require that the bankrupt deliver to the trustee, for cancellation, all credit cards issued to and in the possession or control of the bankrupt except those credit cards mentioned in paragraph 5 of this Directive, notwithstanding that there may not be any amount outstanding to the issuer of the credit cards.

5. The bankrupt is not required to deliver to the trustee, for cancellation, a credit card in the possession and control of the bankrupt where the credit card was issued to a third party (e.g., employer, spouse, friend, parent) and the issuer or the third party has authorized the bankrupt to continue to possess and use the credit card. The trustee must conserve documentation in the estate file justifying this exception.

Coming into Force

6. This Directive comes into force on the date that it is issued.

Enquiries

7. For any questions pertaining to this Directive, please contact your local OSB office.

James Callon
Superintendent of Bankruptcy

Important notice:

The HTML version of this Directive is not the official version. In the event of an inconsistency between the HTML and PDF versions of this Directive, the PDF version prevails. Users are required to exercise due diligence with respect to the HTML version.