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This enactment amends the Acts referred to in the title. Notable
among the provisions affecting the Bankruptcy and Insolvency Act are
amendments relating to
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- procedures in consumer bankruptcies and proposals;
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- landlord compensation where leases are disclaimed in
reorganizations;
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- liability of directors and stays of action against directors during
reorganizations;
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- protection of trustees and receivers against personal liability for
pre-appointment environmental damage and other claims;
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- workers' compensation board claims;
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- dischargeability of student loan debts;
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- the licensing and regulation of trustees and their liability in
relation to certain activities;
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- the requirement that bankrupts pay part of their income to the
bankruptcy estate;
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- securities firm bankruptcies and international insolvencies; and
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- Parliamentary review of the Act.
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Notable among the provisions affecting the Companies' Creditors
Arrangement Act are amendments relating to
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- procedure and other matters governing applications for court
sanctioning of compromises or arrangements, the relationship of
the Act with the Bankruptcy and Insolvency Act in connection
with applications and the appointment of monitors where stay
orders are granted;
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- international insolvencies;
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- Crown claims and the application of the Act to Her Majesty; and
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- regulation-making and Parliamentary review of the Act.
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