0053 - Debt Related Queston: Bankruptcy Question # 0053

<<< Back

QUESTION #0053:

Are there any other laws that deal with bankruptcy besides the Bankruptcy and Insolvency Act?



ANSWER:

In addition to the bankruptcy act, every province also has their own bankruptcy legislation. If there is ever a dispute between the federal and provincial laws, the federal laws in the BIA will take precedence.

Another piece of legislation that deals with bankruptcies and insolvencies is the Companiesí Creditors Arrangement Act (CCAA), which details how a company or corporation would deal with their debt trouble.