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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 ...
The Companies' Creditors Arrangement Act [1] (CCAA; French: Loi sur les arrangements avec les créanciers des compagnies) is a statute of the Parliament of Canada that allows insolvent corporations owing their creditors in excess of $5 million to restructure their businesses and financial affairs.
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 ...
Debt consolidation takes place when you move two or more of your existing debts into one new debt, typically with the help of a product like a debt consolidation loan or a balance transfer credit ...
Bankrate’s take:Debt consolidation loanscan be used for consolidating credit card debt, medical debt and student loan debt. 4. Peer-to-peer loan. Peer-to-peer (P2P) lending platforms pair ...
Find a reputable counselor or agency through places like the National Foundation for Credit Counseling (NFCC), the Financial Counseling Association of America (FCAA) or the U.S. Department of ...
The Farm Debt Mediation Act provides that farmers cannot be forced into bankruptcy, but they can make a voluntary assignment. [14] [15] The Companies' Creditors Arrangement Act provides that a court may order a stay of proceedings with respect to specified large debtors, whether or not they have already been initiated. [16]
Two common avenues for restructuring debt exist in Canada: a Division 1 Proposal and a CCAA filing. The former is available to both corporations and individuals who owe $250,000 or more to creditors. [8] The latter is available only to larger companies owing more than $5 million to their creditors. A Division 1 Proposal is a last resort.