- Bankruptcy and Insolvency Act
The Canadian "Bankruptcy and Insolvency Act" is "An Act Respecting Bankruptcy and Insolvency" that sets out the law on bankruptcy in Canada, and applies to both businesses and individuals. The legislation includes the duties and powers of the Office of the
Superintendent of Bankruptcy, a federal agency responsible for ensuring that bankruptcies are administered in a fair and orderly manner. The "Bankruptcy and Insolvency Act" is a federal statue that is uniformly applicable throughout Canada. Its purpose is not only to preserve as many of the debtor's assets as possible for the benefit of creditors, but also to rehabilitate debtors by forgiving the unpaid debt, thus removing an insurmountable burden and restoring then as productive members of society.
Significant amendments have recently been made to introduce a further objective to help viable businesses survive restructuring and to facilitate consumers in making arrangements with creditors and thus avoid actual bankruptcy. Other important amendments are anticipated.
The "Bankruptcy and Insolvency Act" does not apply to banks, insurance companies, trust companies, loan companies, and railways.
Farmers and fishers cannot be forced into bankruptcy, but they can make a voluntary assignment.
Bankruptcy in Canada
* " [http://laws.justice.gc.ca/en/ShowTdm/cs/B-3///en Bankruptcy and Insolvency Act] " the full text of the act on the Canadian Department of Justice website
* " [http://www.canlii.org/ca/sta/b-3/ Bankruptcy and Insolvency Act] ] " at Canlii.org
* [http://www.parl.gc.ca/LEGISINFO/index.asp?Language=E&Chamber=N&StartList=A&EndList=Z&Type=0&Scope=I&query=5298&List=stat Bill C-12] An Act to amend the Bankruptcy "and Insolvency Act", the "Companies' Creditors Arrangement Act", the "Wage Earner Protection Program Act" and chapter 47 of the Statutes of Canada, 2005
Wikimedia Foundation. 2010.
Look at other dictionaries:
Insolvency Act 1986 — The Insolvency Act 1986 (1986 c. 45) is the statutory legislation that provides the legal platform for all matters relating to personal and corporate insolvency in the UK. Elements of the act have been updated by the Enterprise Act 2002 which… … Wikipedia
Tribunals, Courts and Enforcement Act 2007 — Infobox UK Legislation short title=Tribunals, Courts and Enforcement Act 2007 parliament=United Kingdom Parliament long title=An Act to make provision about tribunals and inquiries; to establish an Administrative Justice and Tribunals Council; to … Wikipedia
American Recovery and Reinvestment Act of 2009 — Stimulus bill redirects here. For other uses, see Stimulus bill (disambiguation). ARRA redirects here. For other uses, see ARRA (disambiguation). American Recovery and Reinvestment Act of 2009 Full title An act making supplemental appropriations… … Wikipedia
Insolvency — means the inability to pay one s debts as they fall due. Usually used to refer to a business, insolvency refers to the inability of a company to pay off its debts. Business insolvency is defined in two different ways: Cash flow insolvency Unable… … Wikipedia
Bankruptcy — Notice of closure attached to the door of a computer store the day after its parent company declared bankruptcy (strictly, put into administration see text) in the United Kingdom. Bankruptcy is a legal status of an insolvent person or an… … Wikipedia
Bankruptcy in Canada — The procedures and legal consequences of consumer bankruptcy in Canada are governed by Canadian federal legislation.OverviewConsumer bankruptcy is a legislative procedure under Bankruptcy and Insolvency Act ( the BIA ) *(1) complemented by… … Wikipedia
bankruptcy — bank·rupt·cy / baŋ ˌkrəp sē/ n pl cies 1: the quality or state of a bankrupt filed for bankruptcy 2: the administration of an insolvent debtor s property by the court for the benefit of the debtor s creditors the debt was discharged in bankruptcy … Law dictionary
insolvency — in·sol·ven·cy /in säl vən sē/ n pl cies 1: the fact or state of being insolvent compare bankruptcy 2: insufficiency (as of an estate) to discharge all enforceable debts ◇ Insolvency matters are covered under the Bankruptcy Code. Merriam … Law dictionary
Bankruptcy alternatives — Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. In most cases personal bankruptcy is initiated by the bankrupt individual. Bankruptcy is a legal process that discharges… … Wikipedia
Bankruptcy Law — Bankruptcy proceedings are started by a bankruptcy petition, which may be presented to the court by (1) a creditor or creditors; (2) a person affected by a voluntary arrangement to pay debts set up by the debtor under the Insolvency Act (1986);… … Big dictionary of business and management