Reading Time: 6 minutes Data on consumer insolvency and bankruptcy, as well as laws on personal property exemptions, show great variances between regions, provinces and territories. This article references Statistics Canada’s most recent Annual Consumer Insolvency Rates by Province and Economic Region – 2010-2019 (Per 1,000 Population Aged 18 Years and Older). Insolvency is a person’s inability to pay […]
Reading Time: 4 minutes The Muttart Foundation, in collaboration with the law firm Miller Thomson LLP, has produced a resource to assist groups in coping with financial hardships. Paths Forward in Financially Troubled Times – A Restructuring and Insolvency Guidebook for Charities and Non-profit Organizations is now available through the Foundation’s website.
Reading Time: 3 minutes Given the many Canadians who have business, assets, work or winter in the United States (“US”), it is not uncommon for someone in Canada to owe money to a US lender. If you went to school in the US, you may even have US student debt. How US debts are treated in a bankruptcy if […]
Reading Time: 5 minutes Canadian commercial insolvency law is not codified in one exhaustive statute. Instead, Parliament has enacted multiple insolvency statutes, the main one being the Bankruptcy and Insolvency Act. The BIA offers a self-contained legal regime providing for both reorganization and liquidation. It is characterized by a rules-based approach to proceedings. The BIA is available to insolvent […]
Reading Time: 4 minutes Almost one in five insolvencies in Canada (a bankruptcy or consumer proposal) involves someone who has experienced a marital or relationship breakdown. Often the financial problems occurred long before the divorce. Financial pressures often increase after divorce as two households are now trying to live on the same income as one household did before the […]
Reading Time: 4 minutes The Bankruptcy & Insolvency Act regulates insolvency law in Canada. This legislation governs both business proceedings and personal procedures. In terms of personal insolvency, individuals have three basic legal measures available to them to obtain relief from creditors. The primary types of insolvency proceedings under the Bankruptcy & Insolvency Act include filing personal bankruptcy, a […]