Proposals - The Now and The Future
Date:
November 3 2006
The two primary pieces of federal bankruptcy legislation in Canada are the Bankruptcy and Insolvency Act (the “BIA”) and the Companies’ Creditors Arrangement Act (the “CCAA”). Canada’s bankruptcy regime encompasses, among others, the concept of debtor in possession reorganizations, the imposition of a stay, the vesting of a bankrupt’s world wide assets into the control of a trustee, court supervision of the bankruptcy process, discharges from bankruptcy for individuals, the ability of a trustee to avoid certain fraudulent transactions, the fair treatment of creditors, and equal distribution of assets to creditors on a pari passu basis.
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