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Bankruptcy and Insolvency Act and the Companies' Creditors

What is the Bankruptcy & Insolvency Act?
The Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act provide the legal framework for the resolution of insolvency of individuals and most businesses, through either a bankruptcy or proposal process, or a restructuring process.
Does Canada have an insolvency law?
Bankruptcy and Insolvency Act Executive Summary Pursuant to a statutorily-mandatedreview of the Bankruptcy and Insolvency Actand the Companies' Creditors Arrangement Act, Industry Canada is conducting public consultations to obtain submissions from interested Canadians regarding Canada's insolvency legislation.
What is the Companies' Creditors Arrangement Act (CCAA)?
The Companies' Creditors Arrangement Act (CCAA) is a federal law that allows insolvent companies that owe their creditors more than $5 million to restructure their business and financial affairs. It can be an alternative to business Bankruptcy. Here's how it works.
What is individual business insolvency?
Note: Individual business insolvency refers to an individual for whom 50% or more of their total liabilities are the result of operating a business. Source: Figure prepared by the Library of Parliament using data obtained from Government of Canada, “ Historic Insolvency Statistics – Annual (from 1987) ,” Database, accessed on 28 September 2023.

What is the Bankruptcy & Insolvency Act?