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Consumer bankruptcy in Canada is governed by the Bankruptcy and Insolvency Act ("BIA"). [1] ... Filing a Proposal under Division I is a serious decision, because an ...
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 Bankruptcy and Insolvency Act (BIA; French: Loi sur la faillite et l'insolvabilité) is one of the statutes that regulates the law on bankruptcy and insolvency in Canada. It governs bankruptcies, consumer and commercial proposals, and receiverships in Canada.
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.
Making matters more difficult, Celadon hasn't filed for bankruptcy in Canada — something that ironically could help former Canadian workers make claims and secure federal benefits.
Certain bankruptcy and CCAA proceedings involve the issue of unpaid wages, severance and termination pay, and other payroll liabilities. The Wage Earner Protection Program Act [83] provides a procedure to claim a portion of the amount due, against which the "super-priority" of the employees on the assets of the estate is subrogated. [84]
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