On November 25, 2005 Bill C-55, “An Act to establish the Wage Earner Protection Program Act, to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act and to make consequential amendments to other Acts” (the “Act”) received Royal Assent.
The Act, however, will not come into force until a date to be proclaimed. Upon Third Reading in the Senate, a letter from the Minister of Industry, David Emerson was entered into the record in which the current Liberal Government committed; (i) to not proceed with the coming in force of the Act before June 30, 2006; and (ii) as soon as possible in 2006, the Government would refer the Act to Senate Committee for further study. Given the political climate and specifically the coming election, it is therefore not certain when, if ever, the Act will be proclaimed into force, and if proclaimed, whether amendments will be made to the Act before its proclamation (which now appears likely).
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