Bijural Terminology Records

Common Law

security

Civil Law

security

Title of the Legislative Text
Bankruptcy and Insolvency Act, R.S., c. B-3
Provision

  13.2 (7) Where a licence ceases to be valid by virtue of subsection (3) or is suspended or cancelled under subsection (5), the Superintendent may impose on the trustee such requirements as the Superintendent considers appropriate, including a requirement that the trustee deposit security for the protection of an estate.

Problem

The content of the two language versions is not the same. The French version uses the term "cautionnement" which is more narrow than and included in the concept of "security" used in the English version. The concept of "cautionnement" requires the intervention of a third party, the surety, which is not the case with the simple deposit of a sum of money.

Solution

In the French version, the term "cautionnement" is replaced by "garantie", a neutral term which is valid for both civil law and common law.

Harmonized Provision

(Amendment to the French version only)

  13.2 (7) En cas de suspension ou d'annulation de la licence au titre des paragraphes (3) ou (5), le surintendant peut imposer au syndic les obligations qu'il estime indiquées, notamment celle de fournir une garantie pour la protection de l'actif.

Federal Law-Civil Law Harmonization Act, No. 2, S.C. 2004, c. 25, s. 12.

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