Bankruptcy Question & Answer Forum - Canada

Author:		Anonymous
Date:		October 15, 2005
Question:		Is there a new bankruptcy law coming into effect in Canada? I just noted on CNN that there is a new law effective October 18 - not sure what the details are though.
From:		Bruce, Alger & Associates Inc.
Date:		October 19, 2005
Answer:		Yes there is new legislation in Canada which has currently received second reading. This legislation provides a number of amendments to the personal and corporate insolvency system. Chief amongst its provisions is a wage earner protection program which will see workers of bankrupt entities receive wage arrears more easily and frequently in a government funded program. News about this bill is available from www.cairp.ca which is a website from the Canadian Association of Insolvency and Restructuring Professionals, of which our firm is a contributing member. Bruce Alger phone: (403) 296-2970 balger@alger.ca