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If a proposal fails, the BIA contains a bridge to bankruptcy whereby the debtor's assets are liquidated and the proceeds paid to creditors in accordance with the statutory scheme of distribution. [1] With certain exceptions, the Act covers a wide range of entities: it covers anyone who has resided or carried on business in 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") [1] The Companies' Creditors Arrangements Act ("CCAA") [2] The Farm Debt Mediation ...
student loans, where the date of bankruptcy occurred before the date on which the bankrupt ceased to be a full- or part-time student (as the case may be), or; within seven years after the date on which the bankrupt ceased to be a full- or part-time student; any accrued interest on any of the above [25]
The Ontario Court of Appeal has ruled that, in the case of a "requirement to pay" under the Income Tax Act (Canada) that was issued after a notice of application to appoint a receiver (but before the court heard the application), supported by an ex parte "jeopardy order" issued by the Federal Court of Canada under s. 225.1(1) of that Act, [60 ...
Recourse debt or recourse loan is a debt that is backed by both collateral from the debtor, and by personal liability of the debtor. [2] This type of debt allows the lender to collect from the debtor and the debtor's assets in the case of default, in addition to foreclosing on a particular property or asset as with a home loan or auto loan.
The anti-deprivation rule (also known as fraud upon the bankruptcy law) is a principle applied by the courts in common law jurisdictions (other than the United States) [a] in which, according to Mellish LJ in Re Jeavons, ex parte Mackay, [1] "a person cannot make it a part of his contract that, in the event of bankruptcy, he is then to get some additional advantage which prevents the property ...
Sun Indalex Finance, LLC v United Steelworkers, 2013 SCC 6, arising from the Ontario courts as Re Indalex Limited, is a decision of the Supreme Court of Canada that deals with the question of priorities of claims in proceedings under the Companies' Creditors Arrangement Act, and how they intersect with the fiduciary duties employers have as administrators of pension plans.
Unlike most bank loans to small businesses, government loans may be unsecured. Loan guarantees – Under the Canadian Small Business Financing Act, [1] the federal government may guarantee a financial institution's loan to a small business, to a maximum of 85 percent. If the borrower defaults on a loan, the bank is protected, and therefore more ...