Bankruptcy offences

Under the Bankruptcy and Insolvency Act, you should be aware of several bankruptcy offences.

The Office of the Superintendent of Bankruptcy (OSB) discovers offences through detection programs, complaints from creditors, Licensed Insolvency Trustees or the public.

You cannot:

  • Fraudulently dispose of property before or after your bankruptcy.
  • Make false entries in a statement of account or hide, destroy or falsify a document related to your property or affairs.
  • Obtain credit through false representations.
  • Conceal or fraudulently remove assets, or conceal claims or debts.
  • Obtain credit without informing the people involved that you are bankrupt.
  • Refuse to respond fully and truthfully to questions posed during a BIA examination.

Source: The OSB: Protecting the public — Offences under the BIA and the Criminal Code

Refer to the Bankruptcy and Insolvency Act (sections 198 to 201) and the Criminal Code for a complete list of offences.

If you wish to report a bankruptcy offence, contact the OSB on 1-877-376-9902.

Bankruptcy: who can file?

The Bankruptcy and Insolvency Act describes bankruptcy as a legal process designed to relieve honest but unfortunate individuals of their debts.

It involves surrendering your assets to a Licensed Insolvency Trustee. In return, you are given legal protection from your creditors during your bankruptcy.

You will eliminate your unsecured debts at the end of the bankruptcy term. You won’t lose all of your assets; some are protected when you file.

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