Bankruptcy Legislation in Canada - It's Update Time

Posted in Personal Bankruptcy
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

We live in a rapidly changing economy and our legislation, including bankruptcy legislation, needs to adapt to those changes. To ensure that bankruptcy in Canada continues to meet the needs of both consumers and creditors, Industry Canada conducts a review of insolvency rules and legislation every five years. As part of the process they ask […]

Bill C-55 To Reform the Bankruptcy & Insolvency Act Introduced in the House of Commons on June 3, 2005

Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

After waiting since November, 2003 when the Senate Committee on Banking, Trade and Commerce released a report called Debtors and Creditors: Sharing the Burden: A Review of the Bankruptcy and Insolvency Act the government has finally introduced Bill C-55, succinctly titled: An Act to establish the Wage Earner Protection Program Act, to amend the Bankruptcy […]

Private Member's Bill Defeated in House of Commons Today That Would Have Reduced Student Loan Discharge Period

Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

The private member's bill to amend the Bankruptcy & Insolvency Act to reduce the discharge period for student loans from 10 years to 2 years was defeated in the House of Commons today by a vote of 168 to 105. This bill was introduced by Ms. Alexa McDonough (Halifax, NDP) in October, 2004. The bill, […]

Student Loans and Bankruptcy: An Update

Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Many former students carry a significant amount of student loan debt, and if they have not found a job that pays enough to repay the debt, serious financial problems can result. Unfortunately for some, student loans are a special category of debt in a bankruptcy, and are only automatically discharged if the student loan debt […]