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Do not fear a Section 161 Examination

September 5, 2017

Section 161 of the Bankruptcy & Insolvency Act allows the Official Receiver to conduct examinations under oath.

That all sounds very scary but the practice need not be as intimidating as it sounds. There are a couple of things you need to know if you are called in for an examination.

First, anything you say while under oath must be truthful – remember the Bankruptcy & Insolvency legislation is designed to help “honest debtors” find relief from the burden of debt. If you lie while under oath you may be guilty of an offence.

Second, the people conducting the examinations are trained professionals and are otherwise quite ordinary people, just like you and me.

Third, most of the questions are pretty standard pertaining to how you have conducted your financial affairs in the recent past.

Forth, and for some people this is very important, if you can’t make the appointed time alternative arrangements can be made but be courteous and call ahead as early as you can.