The Bankruptcy and Insolvency Act ("BIA") is the statute that regulates the law on bankruptcy and insolvency in Canada. It governs bankruptcies, consumer and commercial proposals, and receiverships in Canada.
It also governs the Office of the Superintendent of Bankruptcy, a federal agency responsible for ensuring that bankruptcies are administered in a fair and orderly manner.
The purpose of the Act is not only to preserve as many of the debtor's assets as possible for the benefit of creditors, but also to rehabilitate debtors by forgiving the unpaid debt, thus removing an insurmountable burden and restoring them as productive members of society.
Read more about Bankruptcy And Insolvency Act: Organization of The BIA, Key Concepts
Other articles related to "bankruptcy and insolvency act, bankruptcy":
... receiver at any time after the filing of an application for a bankruptcy order and before a bankruptcy order is made, after a secured creditor has filed an advance notice of intention to enforce his security ...
Famous quotes containing the words bankruptcy and, act and/or bankruptcy:
“Bankruptcy and repudiation are the springboards from which much of our civilization vaults and turns its somersets, but the savage stands on the unelastic plank of famine.”
—Henry David Thoreau (1817–1862)
“Eminent spiritualists shall have an incapacity of putting their act or word aloof from them, and seeing it bravely for the nothing it is. Beware of the man who says, “I am on the eve of a revelation.””
—Ralph Waldo Emerson (1803–1882)
“You must get your living by loving. But as it is said of the merchants that ninety-seven in a hundred fail, so the life of men generally, tried by this standard, is a failure, and bankruptcy may be surely prophesied.”
—Henry David Thoreau (1817–1862)