Commercial insolvency in Canada
Business insolvency in Canada / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Commercial insolvency in Canada?
Summarize this article for a 10 year old
SHOW ALL QUESTIONS
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 Restructuring Act[3]
This article may be too technical for most readers to understand. (September 2011) |
The following discussion concentrates on insolvency as it applies to corporations, but the rules apply to individuals and other entities involved in commercial matters as well, with necessary modifications.