▁whether ▁or ▁not ▁they ▁have ▁already ▁been ▁initi ated . ▁ ▁The ▁Act ▁gover ns ▁bank rupt cy ▁proceed ings , ▁which ▁are ▁invoked : ▁▁ ▁either ▁volunt arily ▁by ▁a ▁person ▁who ▁is ▁ins ol vent , ▁ ▁by ▁a ▁deb tor ' s ▁credit ors , ▁where ▁the ▁deb tor ▁ow es ▁at ▁least ▁$ 1 0 0 0 ▁and ▁has ▁committed ▁an ▁act ▁of ▁bank rupt cy , ▁or ▁ ▁where ▁a ▁proposal ▁under ▁the ▁Act ▁has ▁failed . ▁ ▁The ▁Act ▁also ▁gover ns ▁receiver ship ▁proceed ings . ▁Rece ivers ▁may ▁be ▁appointed ▁by ▁a ▁secured ▁cred itor ▁under ▁the ▁terms ▁of ▁a ▁general ▁security ▁agreement ▁( where ▁the ▁deb tor ▁volunt arily ▁agre es ), ▁or ▁by ▁the ▁court ▁where ▁a ▁secured ▁cred itor : ▁▁ ▁is ▁enfor cing ▁his ▁security , ▁or ▁ ▁is ▁acting ▁under ▁a ▁court ▁order ▁made ▁under ▁any ▁other ▁federal ▁or ▁provincial ▁stat ute ▁that ▁author izes ▁the ▁appointment ▁of ▁a ▁receiver ▁or ▁receiver - manager . ▁ ▁Pro vision ▁is ▁also ▁made ▁for ▁dealing ▁with ▁cross - border ▁ins ol ven cies ▁and ▁the ▁recognition ▁of ▁foreign ▁proceed ings . ▁ ▁Rel ations hip ▁with ▁provincial ▁law ▁Several ▁notable ▁cases ▁known ▁as ▁the ▁" bank rupt cy ▁quart et " ▁stand ▁for ▁the ▁following ▁propos itions ▁about ▁how ▁the ▁Act ▁interact s ▁with ▁provincial ▁legisl ation : ▁ ▁provinces ▁cannot ▁create ▁prior ities ▁between ▁credit ors ▁or ▁change ▁the ▁scheme ▁of ▁distribution ▁on ▁bank rupt cy ▁under ▁s . ▁ 1