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.
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