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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 ...
For the purposes of the BIA, it is important to be able to distinguish between legal definition of "insolvent person" and one of "bankrupt".Generally, an insolvent person is one who cannot pay his or her debts and may subsequently become bankrupt, either by assigning himself into bankruptcy, being petitioned into bankruptcy by the creditors, or being deemed to assign himself into bankruptcy by ...
The nature of the Act within Canada's legal framework governing insolvency was described by the Supreme Court of Canada in Century Services Inc. v. Canada (Attorney General): [13] Canadian commercial insolvency law is not codified in one exhaustive statute. Instead, Parliament has enacted multiple insolvency statutes, the main one being the BIA.
In Canada, a person can file a consumer proposal as an alternative to bankruptcy. A consumer proposal is a negotiated settlement between a debtor and their creditors. A typical proposal would involve a debtor making monthly payments for a maximum of five years, with the funds distributed to their creditors.
The Parliament of Canada is the legislative body of the government of Canada. The Parliament is composed of the House of Commons (lower house), the Senate (upper house), and the sovereign, represented by the governor general. Most major legislation originates from the House, as it is the only body that is directly elected.
The Government of Canada (French: Gouvernement du Canada) is the body responsible for the federal administration of Canada.The term Government of Canada refers specifically to the executive, which includes ministers of the Crown (together in the Cabinet) and the federal civil service (whom the Cabinet direct); it is alternatively known as His Majesty's Government (French: Gouvernement de Sa ...
Statutes of Canada, 1867 to 1872 at Canadiana.org; Acts of the Parliament of the Dominion of Canada, 1873 to 1900 at Canadiana.org; Acts of the Parliament (of the Dominion) of Canada, 1901 to 1997 at the Internet Archive; Acts of the Parliament of Canada, 1987 to 2022 at the Government of Canada Publications catalogue.
They are organized by alphabetical order and are updated and amended by the Government of Canada from time to time. [ 1 ] [ 2 ] The Revised Statutes of Canada (RSC) consolidates current federal laws in force, incorporating amendments into acts, adding new substantive acts enacted since the last revision and deleting rescinded acts.