Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
196 Duties and powers of liquidator
(a) forthwith after being appointed give notice of the
appointment to the Minister and to each claimant and
creditor of the provincial company known to the liquidator,
(b) forthwith after being appointed publish notice in The
Alberta Gazette and once a week for two consecutive weeks
in a newspaper in general circulation in the place where the
head office of the provincial company is located, and take
reasonable steps to give notice in each province where the
company transacted business within the preceding 12
months, that
(i) any person indebted to the company is required to render
an account and to pay any amount owing to the
liquidator at the time and place specified in the notice,
(ii) any person possessing property of the company is
required to deliver it to the liquidator at the time and
place specified in the notice, and
(iii) any person having a claim against the company, whether
liquidated, unliquidated, future or contingent, other than
a policyholder having an unliquidated claim, is required
to present written particulars of the claim to the
liquidator not later than 60 days after the publication of
the notice in The Alberta Gazette,
(c) take the property of the provincial company into custody
and control,
(d) transfer the remaining policie s of the provincial company, or
reinsure the remaining risks undertaken by the company in
accordance with Division 10,
(e) open and maintain a trust account for the money of the
provincial company received by the liquidator,
(f) keep accounts of the mone y of the provincial company
received and paid out by the liquidator,
(g) maintain separate lists of each class of creditors,
shareholders, policyholders and other persons having claims
against the provincial company,
(h) if at any time the liquidator determines that the provincial
company is unable to pay or adequately provide for the
RSA 2000
discharge of its obligations, apply to the Court for
directions,
(i) deliver to the Court and to the Minister, at least once in
every 12-month period after the liquidator's appointment or
more often, as the Court requires, the annual return of the
provincial company prepared in accordance with section 44
or prepared in a manner the liquidator thinks proper or as
the Court requires, and
(j) after the final accounts are approved by the Court, distribute
any remaining property of the provincial company among
the shareholders, if any, or incorporators, according to their
respective rights.
(2) A liquidator may in respect of a liquidation of a provincial
company
(a) retain professional advisors,
(b) bring, defend or take part in any civil, criminal or
administrative action or proceeding in the name of and on
behalf of the company,
(c) carry on the business of th e company as required for an
orderly liquidation,
(d) sell any property of the company by public auction or
private sale,
(e) do all acts and execute docu ments in the name of and on
behalf of the company,
(f) with the prior approval of the Court, borrow money on the
security of the property of the company,
(g) settle or compromise any claims by or against the company,
and
(h) do all other things necessary for the liquidation of the
company and the distribution of its property.
(3) A liquidator must not purchase, directly or indirectly, any part
of the property of the provincial company without the prior
approval of the Court.
1999 cI-5.1 s196