“Key Amendments to the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act – How Will These Amendments Change Restructuring Practice in Canada?” National Creditor Debtor Review, Vol. 24, No. 4, co-authored with Kate Stigler, Craig Hill and Sam Rappos, December 2009
Date:
December 1 2009
Alex MacFarlane and Kate Stigler discuss the amendments to the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act and the effect, if any, that such amendments will have on insolvency practice in several areas, including contract rejection, asset sales, DIP financing, remedies and restructuring with existing collective agreements.
In connection with the amendments made to the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3 (“BIA”) and the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36 (“CCAA”) in 1997, statutory provisions were included requiring that the administration and operation of the BIA and the CCAA be reviewed by parliamentary committees within five years. As a result, the past decade has seen considerable review of the provisions of bankruptcy and insolvency law in Canada in an effort to determine whether such laws were meeting the needs of debtors, creditors and insolvency professionals, among others.
Reproduced with permission of the publisher from National Creditor Debtor Review, Vol. 24, No. 4, December 2009.
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