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Apr 6, 2023 · The Bankruptcy and Insolvency Act exists to protect all the parties or stakeholders involved in a consumer proposal or bankruptcy — that includes the debtor, the lenders/creditors, and the Licensed Insolvency Trustee who coordinates and manages the process and filing.
There are two statutes which set out the law of bankruptcy and insolvency law in Canada. They are the Bankruptcy and Insolvency Act (“BIA”) and the Companies Creditors Arrangement Act (“CCAA”). The BIA and the CCAA are very different in approach. The BIA contains 275 sections and is intended to be a complete code for bankruptcies.
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The federal government established The Bankruptcy and Insolvency Act (BIA) to help unfortunate, honest citizens with their financial trouble. Sometimes referred to as the “bankruptcy act,” it was created to protect the rights of you and your creditors, and informs trustees and the court of their responsibilities, powers, and duties.
PartTitleWhat It Deals With1Administrative OfficialsResponsibilities of the Superintendent of ...2Bankruptcy Orders and AssignmentsActs of bankruptcy and how to apply for ...3ProposalsProposals to your creditors, including ...4Property of the BankruptHow your property is dealt withJun 29, 2023 · Purpose of the Bankruptcy and Insolvency Act. The BIA’s main purpose is to help the bankrupt or insolvent company (debtor-company) and its creditors by ensuring that the debtor-company’s rights are protected over the bankruptcy or insolvency proceedings.
This resource contains the complete text of the Bankruptcy and Insolvency Act and Rules, the Companies’ Creditors Arrangement Act, the Farm Debt Media-tion Act, the Wage Earner Protection Program Act and the Winding-Up and Re-structuring Act.
The Bankruptcy and Insolvency Act is a law implemented to safeguard all parties involved in a consumer proposal or bankruptcy — including the debtor, creditors, and the Licensed Insolvency Trustee, who manages the process. The Act establishes guidelines and procedures for all stakeholders to follow.
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Why is the Bankruptcy Act important?
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What are the two main goals of bankruptcy law?
The two central goals of bankruptcy law -- providing individuals with a discharge from their debts, and the equitable distribution of a bankrupt’s assets among its creditors -- proved to be controversial. Bankruptcy law-making in the nineteenth century was tentative at best.
