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 ?
Such risks and uncertainties include, among others: Napier's status under the Bankruptcy and Insolvency Act, general economic and business conditions, product selling prices, raw material and operating costs, changes in foreign-currency exchange rates and other factors referenced herein and in Napier's financial statements for the period ending September 30, 2004, within the Management Discussion and Analysis, under the heading "Risk Factors and Financial Management".
The transaction is subject to certain conditions including court approval under the Bankruptcy and Insolvency Act (Canada) and is expected to close in early January.
GrowthExperts"), has filed an assignment into bankruptcy under the Bankruptcy and Insolvency Act.
Consequently the Company filed an Assignment in Bankruptcy pursuant to the Bankruptcy and Insolvency Act in Canada.
today reported that, their senior secured creditors, served it with notices under Section 244 of the Bankruptcy and Insolvency Act that would allow them to realize on the assets securing their loans.
As a consequence, without a material change in the current position of the Corporation's major secured creditor and without a significant infusion of capital, the Board of Directors anticipates that the Corporation will proceed with a voluntary assignment into bankruptcy pursuant to the Bankruptcy and Insolvency Act (Canada) in the very near term.
were granted a new delay to file their Proposal to their respective creditors, pursuant to notices of intention filed on August 11, 1998, under the Bankruptcy and Insolvency Act, and Court decisions on September 11, 1998 to grant a first extension until October 26, 1998.
The first stage involves the Company and its subsidiary, Receptagen Corporation, each filing a Notice of Intention to Make a Proposal on February 7, 1997 under the Canadian Bankruptcy and Insolvency Act in order to protect the assets of the Company and its subsidiary, and the interest of their creditors and shareholders.