This received a 27/28 in my OAC law class so, have a blast..... WHEN FILING FOR BANKRUPTCY IN CANADA The law sometimes seems to pervade all aspects of our lives and an involvement with bankruptcy and insolvency law has proved to be almost unavoidable for business people in Canada during the 1990’s. In simplest term, corporate and individual bankruptcy law provides a set of rules to prevent chaos among the creditors of an insolvent corporation or individual. The legislation is a complex in part because those creditors fall into so many categories-secured creditors, unsecured creditors, government creditors, and so on-each with its own special rights and interests in the bankruptcy process. Canada’s federal bankruptcy statute, the Bankruptcy and Insolvency Act, also deals with corporate receivership. A receivership is not the same as a bank....

Number Of Pages: 7

Number Of Words: 1895

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