The Bankruptcy and Insolvency Act sets out the law on Bankruptcy in Canada. The Act applies to both businesses and individuals in Canada, but not to banks, insurance companies, trust companies, loan companies, and railways. The purpose of this Act is to preserve as many of the debtor's assets as possible for the benefit of creditors and to rehabilitate debtors by forgiving the unpaid debt and allowing for a 'fresh start'. Of note to Canadians, the concepts of Chapter 7, Chapter 11 etc...are American law and do not apply to bankruptcies and insolvencies in Canada.
Find a Bankruptcy and Insovency lawyer in your area.
Disclaimer: The information provided on Lawyers.com is not legal advice, Lawyers.com is not a lawyer referral service, and no attorney-client or confidential relationship is or should be formed by use of the site. The attorney listings on Lawyers.com are paid attorney advertisements and do not in any way constitute a referral or endorsement by Lawyers.com or any approved or authorized lawyer referral service. Your access to and use of this site is subject to additional Terms and Conditions.