What Canada Bankruptcy and Insolvency Act - Personal and Commercial Insolvency Framework requires
The Bankruptcy and Insolvency Act establishes Canada's general personal and commercial insolvency framework providing for assignments in bankruptcy, proposals to creditors as a reorganisation alternative, summary administration of small bankruptcies, the Office of the Superintendent of Bankruptcy oversight of licensed insolvency trustees, claim proof and ranking including preferred and secured claims, automatic discharge of first-time individual bankrupts after a statutory period subject to surplus income, and cross-border recognition of foreign proceedings consistent with the UNCITRAL Model Law on Cross-Border Insolvency.
Pillar: Banking & Global Finance · Authority: Government of Canada (Justice Laws Website) · Version: 1.0.0 · Last updated:
Primary source: https://laws-lois.justice.gc.ca/eng/acts/b-3/
SHA-256 integrity: 10d52816a3275b18e753f35631000ffc5867f44646888fcd9a01c809995c4db5
Primary Citations — 8 traced to source
- Bankruptcy and Insolvency Act consolidated text Justice Laws Website https://laws-lois.justice.gc.ca/eng/acts/b-3/
- Bankruptcy and Insolvency Act section 49 assignment for the general benefit of creditors https://laws-lois.justice.gc.ca/eng/acts/b-3/section-49.html
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