• Source: Insolvency law of Canada

The Parliament of Canada has exclusive jurisdiction to regulate matters relating to bankruptcy and insolvency, by virtue of Section 91(2) of the Constitution Act, 1867. It has passed the following statutes as a result:

The Bankruptcy and Insolvency Act ("BIA")
The Companies' Creditors Arrangements Act ("CCAA")
The Farm Debt Mediation Act
The Wage Earner Protection Program Act
The Winding-Up and Restructuring Act (which essentially applies only to financial institutions under federal jurisdiction)
In applying these statutes, provincial law has important consequences. Section 67(1)(b) of the BIA provides that "any property that as against the bankrupt is exempt from execution or seizure under any laws applicable in the province within which the property is situated and within which the bankrupt resides".
Provincial legislation under the property and civil rights power of the Constitution Act, 1867 regulates the resolution of financial difficulties that occur before the onset of insolvency. Notable legislation is in effect for governing:

creation of security interests (with notable caveats)
absconding debtors
bulk sales (in Ontario only)
fraudulent conveyances
relief of creditors
seizure of assets
assignments and preferences




Administration of insolvency law


The Office of the Superintendent of Bankruptcy is charged with the administration of the BIA and the CCAA. All records relating to matters under those Acts are accessible at their website. The Office also licenses insolvency trustees (LITs), who are authorized to:

administer estates of bankrupts
handle consumer and commercial proposals in order to forestall an assignment in bankruptcy
act as a monitor under the CCAA
act as a receiver under Part XI of the BIA, to take possession and administer property as a consequence of provisions in a security agreement or by virtue of any federal or provincial law that authorizes the appointment of a receiver or receiver-manager




See also


Commercial insolvency in Canada
Consumer bankruptcy in Canada
Bankruptcy and Insolvency Act




References

Kata Kunci Pencarian:

• Hukum Jepang
• Catherine, Putri Wales
• Mediasi
• Insolvency law of Canada
• Insolvency
• Insolvency law of Russia
• Administration (law)
• United Kingdom insolvency law
• Commercial insolvency in Canada
• Insolvency practitioner
• Law of Canada
• Bankruptcy
• Licensed insolvency trustee