LIMBO LEGISLATIVE
In the midst of worldwide economic turmoil Canadian insolvency laws remain in a state of flux
By Kelly Harris
individuals seem trapped in legislative limbo. Passed through the House of Commons, and at press time they sat largely unproclaimed with no timeline as to when they'll be brought into force. In December 2007, the federal government brought in amendments
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to Canada's insolvency law. The changes were largely based on those sought by the previous government and generally follow Canadian court decisions.
14 • JUNE 2009 INHOUSE
he news of Canadian companies seeking bankruptcy protection, or making filings under the Companies' Creditors Arrangement Act, seems to be almost a daily occurrence. While the world is gripped in what some have now dubbed as "the Great Recession," Canadian laws covering financially embattled companies and
