Unclaimed Funds in Bankruptcy
A dividend is a proportionate share of the bankruptee’s estate that is paid out by the LIT to the creditors that have confirmed claims against the bankrupt’s estate. If for some reason, the creditor is not able to be reached when the funds are to be distributed amongst all the creditors, this uncollected funds will be considered unclaimed dividends.
In bankruptcy, when there are unclaimed dividends, your licensed insolvency trustee is required to forward these dividends that are unclaimed to the Office of the Superintendent of Bankruptcy. This currency is then held in trust until the creditor comes forward to make a claim.
Unclaimed Dividends Search
You can perform an Unclaimed Dividends Search on the Canadian Government website on the following address https://www.ic.gc.ca/app/scr/osb-bsf/ufd/search.html?lang=eng this database is updated regularly. You can opt to put in the Creditor or Bankrupt’s name. This search option is free.
How to submit a claim
This option is available for both Individual Creditor Claim and Business Creditor Claim and note that there’s a $30 non-refundable fee available.