Delivered at the International Bar Association's "Restructuring Among the Ruins" in Athens, Greece (May 7-9, 2006).

The Companies’ Creditors Arrangements Act (the “CCAA”) was enacted by the Parliament of Canada in 1933 during the Great Depression. The statute was originally intended to apply only to companies with complex financial structures and a large number of investor creditors. The CCAA was initially a very short, simple statute consisting of 20 sections, the operative provisions of which were sections 3, 4 and 5 regarding the ordering of creditors’ meetings by the court and the approval of plans of compromise.

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