Regulated Financial Entity Insolvency Checklist

Summary

The Office of the Superintendent of Financial Institutions ("OSFI") has issued a guideline on the two-step process outlined in the Bank Act to assist institutions who are undergoing a voluntary liquidation and dissolution. This checklist provides a brief overview of the steps expected of banks (the "applicant") under the Bank Act. This checklist will not discuss the statutory requirements for liquidation under the Winding-up and Restructuring Act, which may equally apply to banks in certain instances. The user is reminded that statutory requirements discussed in this checklist may change from time to time and, as such, they are encouraged to refer to the relevant statutory authority at the time of use. For more information, please refer to ss. 342-346 of the Bank Act, and the Voluntary Liquidation and Dissolution Guide.