Canada: licensed insolvency trustees and company records

In a Canadian bankruptcy under the Bankruptcy and Insolvency Act, a licensed insolvency trustee holds and realises the company's property for creditors. Receivers and CCAA monitors play similar roles in other proceedings, where asset sales usually need court approval (Companies' Creditors Arrangement Act, s.36).

Records as property

Operational records can be part of that property. Licensed to an AI developer with personal data removed, they can be a possible extra asset for creditors.

Personal information

PIPEDA, and provincial laws in Quebec, British Columbia and Alberta, continue to apply to personal information in the records. PIPEDA allows limited sharing for business transactions only under conditions (s.7.2). Take advice before any sample leaves your hands, and leave employee records out.

After dissolution

When a federal corporation is dissolved, property it had not disposed of generally vests in the Crown (Canada Business Corporations Act, s.228). Provincial laws are similar. Revival may be needed before anything can be licensed.

micro1 lists Canada among ten countries for companies that are no longer operating, with 30+ peak employees company.micro1.ai/get-started · 15 Nov 2026. Read the Canada guides.