On December 14, 2007 Bill C-12, An Act to amend the Bankruptcy and Insolvency Act... (and other Acts) received Royal Assent.
As of today only two of the new rules have come into force, meaning the old rules still apply in most cases.
We do not yet know when all of the new rules will come into force. Please bookmark this page; we will update it as new information becomes available.
UPDATE: On July 7, 2008 the Minister of Labour signed an Order in Council to change two rules: Student loans now automatically discharged after seven years, as compared to the old 10 year rule, and RRSPs are now exempt from seizure in a bankruptcy (under certain conditions). We are awaiting publication of the regulations supporting these new rules, so please contact our Ontario bankruptcy offices today for an appointment to discuss your specific situation.
The team at Hoyes, Michalos & Associates Inc. is reviewing the new rules, and will post information as it becomes available.
For more details, please refer to our articles on the new bankruptcy rules, below.
Please note that these articles are our comments on legislation that has not yet come into force. Until these rules come into effect, changes are possible. As we continue to study the legislation, our interpretations and opinions may change, so please contact our Ontario bankruptcy offices for further information on bankruptcy reform in Canada.
Additional information can be found at the external links listed below.
Our bankruptcy offices in Ontario
Contact a bankruptcy trustee
About bankruptcy trustees at Hoyes Michalos