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Alex MacFarlane speak with
Law Times on the implementation delay of bankruptcy amendments
March 24 2009
In the three years since Parliament passed changes to federal bankruptcy legislation, there has been an election, change of government and a prorogue of Parliament, preventing the amendments to be put into practice.
The amendments are long overdue to be implemented," says Alex MacFarlane, a corporate restructuring and insolvency partner at Fraser Milner Casgrain LLP (FMC). According to Alex, as the number of companies on the brink of insolvency maintain a steady rise, confusion among corporate restructuring and insolvency lawyers increase, as they continue to wait for the new amendments to take effect.
The list of amendments awaiting implementation includes collective agreements, liability of trusts, regulatory body stays, disclaimer of agreements, directors, critical suppliers and income trusts. The amendments will target both business insolvencies, as well as alter rules for consumer bankruptcies.
Glenn Kauth quotes Alex and other specialists in his article "Bankruptcy amendments ‘long overdue’ for implementation" (Law Times, March 23, 2009).
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