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A closed restaurant in Gananoque, Ontario. Commercial insolvency in Canada has options and procedures that are distinct from those available in consumer insolvency proceedings. It is governed by the following statutes: The Bankruptcy and Insolvency Act ("BIA") [1] The Companies' Creditors Arrangement Act ("CCAA") [2] The Winding-Up and ...
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.
In that case, the Court gave a detailed explanation of the nature of insolvency law in Canada. The Bankruptcy and Insolvency Act (BIA) provides a more rules-based approach for resolving a corporate debtor's insolvency, which must be observed strictly. The CCAA, on the other hand, provides a more discretionary approach that is remedial in nature ...
Canadian corporate law concerns the operation of corporations in Canada, which can be established under either federal or provincial authority. Federal incorporation of for-profit corporations is governed by Corporations Canada under the Canada Business Corporations Act .
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Corporate law (also known as company law or enterprise law) is the body of law governing the rights, relations, and conduct of persons, companies, organizations and businesses. The term refers to the legal practice of law relating to corporations, or to the theory of corporations .
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 ...