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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.
Contracts may be assigned elsewhere in the event of a notice of intention of a Division I proposal, [64] bankruptcy [65] or CCAA proceeding. [66] Agreements of any kind can be disclaimed in the event of a Division I proposal [67] or CCAA proceeding, [68] as well as leases in a bankruptcy proceeding. [69]
At the BC Supreme Court, Iyer J held that the province's Arbitration Act was engaged in the current case, [9] but current insolvency jurisprudence stated that the Bankruptcy and Insolvency Act allowed the court to exercise its "inherent jurisdiction to control its own processes in order to promote the objectives of the BIA". [10]
The Act governs bankruptcy proceedings, which are invoked: either voluntarily by a person who is insolvent, by a debtor's creditors, where the debtor owes at least $1000 and has committed an act of bankruptcy, or; where a proposal under the Act has failed. The Act also governs receivership proceedings. Receivers may be appointed by a secured ...
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 ...
James Hartley, a lawyer at Freeths, the law firm that represented sub-postmasters in their civil case four years ago, believes the Post Office deserves most of the blame.
under the Bankruptcy and Insolvency Act, where it is insolvent or has committed an act of bankruptcy, or; under the Winding-Up and Restructuring Act, where it is an insolvent financial institution or an insolvent corporation incorporated under provincial law (although the latter case is only rarely seen in recent times). [97]
Canadian contract law is composed of two parallel systems: a common law framework outside Québec and a civil law framework within Québec. Outside Québec, Canadian contract law is derived from English contract law, though it has developed distinctly since Canadian Confederation in 1867.