On September 18, 2009, amendments (the "Amendments") to the Companies’ Creditors Arrangement Act (the "CCAA") and Bankruptcy and Insolvency Act (the "BIA") came into force.
The CCAA Amendments are applicable to all entities which commence proceedings under the CCAA on or after September 18, 2009. The BIA Amendments are applicable to all persons that become bankrupt, file a notice of intention or a proposal, or have an interim receiver or receiver appointed in respect of all or part of that person's property on or after September 18, 2009.
The following is a summary of the major changes, excluding those changes relating to consumer bankruptcy and proposals, that have resulted from the coming into force of the Amendments.
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