Bankruptcy and Insolvency Act


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Bankruptcy and Insolvency Act

Legislation in Canada laying out requirements for most bankruptcies. Individuals and most businesses (excepting banks, insurance companies, and some other financial companies) may file for bankruptcy under the Act. It forgives debts not repaid after all reasonable efforts have been made to preserve assets on behalf of creditors.
References in periodicals archive ?
It has done so through two main statutes: the Bankruptcy and Insolvency Act ("Bankruptcy BIA"), under which debtors can be reorganized or liquidated and see most or all of their debts discharged, and the Companies' Creditors Arrangement Act ("CCAA") which oversees reorganization of companies with debts over $5,000,000.
Further information on the status of the Canadian Bankruptcy and Insolvency Act Reform can be obtained from Industry Canada's web site at http://strategis.