Canadian Bankruptcy Reform Now Law - Bill C-55 Passes House of Commons and Senate

In an amazing (and some would say disturbing) show of all party unity, both the House of Commons and the Senate ignored the normal committee review process and approved Bill C-55. All parties realize that an election will be called on November 28, and if the legislation had not passed prior to that date it would die; obviously no party wanted this to become an election issue.

While we agree with some of the changes contained in Bill C-55, we are disturbed than the normal consultation and review process was not followed. There are flaws in this legislation, and we hope that the next Parliament agrees to undertake a detailed review of bankruptcy legislation that they chose not to do in 2005.

Our detailed comments on Bill C-55 and bankruptcy reform in Canada list the major changes impacting on individuals. We do not expect these rules to become law before June, 2006, so stay tuned to this space for more information as it becomes available.

Posted by J. Douglas Hoyes, CA, Trustee @ 9:38 PM

<< Hoyes Michalos and Associates Ontario Personal Bankruptcy Blog