RTA · Business Corporations Act
Part 17 — Liquidation and Dissolution
222 Duties of liquidator
(a) forthwith after the liquidator's appointment give notice o f
the liquidator's appointment to the Registrar and to each
claimant and creditor known to the liquidator,
(b) forthwith publish notice once a week for 2 consecutive
weeks in a newspaper published or distributed in the place
where the corporation has its registered office and take
reasonable steps to give notice in each province and territory
in Canada where the corporation carries on business, stating
the fact of the liquidator's appointment and requiring any
person
(i) indebted to the corporation, to provide a statement of
account respecting the indebtedness and to pay to the
liquidator at the time and place specified any amount
owing,
(ii) possessing property of the corporation, to deliver it to
the liquidator at the time and place specified, and
(iii) having a claim against the corporation, whether
liquidated, unliquidated, future or contingent, to present
particulars of the claim in writing to the liquidator not
later than 2 months after the first publication of the
notice,
(c) take into the liquidator's custody and control the propert y of
the corporation,
(d) open and maintain a trust account for the money of the
corporation,
(e) keep accounts of the money of the corporation received and
paid out by the liquidator,
(f) maintain separate lists of the shareholders, creditors and
other persons having claims against the corporation,
(g) if at any time the liquidato r determines that the corporation
is unable to pay or adequately provide for the discharge of
its obligations, apply to the Court for directions,
RSA 2000
(h) deliver to the Court and to the Registrar, at least once in
every 12-month period after the liquidator's appointment or
more often as the Court may require, financial statements of
the corporation in the form required by section 155 or in any
other form the liquidator thinks proper or as the Court may
require, and
(i) after the liquidator's final accounts are approved by the
Court, distribute any remaining property of the corporation
among the shareholders according to their respective rights.
(2) A liquidator is not liable if the liquidator exercises the care,
diligence and skill that a reasonably prudent person would exercise
in comparable circumstances, including reliance in good faith on
(a) financial statements of the corporation represented to the
liquidator by an officer of the corporation or in a written
report of the auditor of the corporation to reflect fairly the
financial condition of the corporation, or
(b) a report of a per son whose profession lends credibility to a
statement made by the professional person.
RSA 2000 cB-9 s222;2005 c8 s51;2021 c18 s56