The Bankruptcy and Insolvency Act (the Act or BIA) is the federal law which regulates bankruptcy and consumer proposals in Canada. The Act also regulates corporate debt recovery programs including bankruptcy, commercial proposals and CCAA proceedings.
The BIA defines all rules and procedures around the process of filing bankruptcy as well as the administration of proposals. It falls under the responsibility of the Office of the Superintendent of Bankruptcy (OSB) at Industry Canada.
A layman’s description of Bankruptcy and Insolvency can be found at the OSB webpage (Bankruptcy and Insolvency at a Glance).