Pursuant to bylaw 4.12, members are required to notify the Registrar in writing within fifteen (15) days of:
a) becoming a bankrupt;
b) making a proposal to creditors;
c) becoming the subject of a formal proceeding as an insolvent debtor; or
d) having a business of which the member is an owner placed under a receiving order,
as defined in the Bankruptcy and Insolvency Act, and shall be subject to the requirements set out in the Code of Ethical Principles and Rules of Conduct.
Once notification is received, the Registrar will request all documentation pertaining to the subject of the disclosure or, if all documentation is not yet available, an undertaking to provide the documentation as soon as it becomes available.
The Registrar will consider the disclosure and the information and documentation provided pursuant to Bylaws and will monitor the bankruptcy proceedings pursuant to Rule 608 of the Code of Ethical Principles and Rules of Conduct ("Code") to ensure that the bankruptcy is not a result of a breach of the Code. The member shall dprovide detailed information to keep the Registratr informed about eh status of the proceedings. The proceedings shall be monitored until a certificate of discharge is received.