Canada
The Bankruptcy and Insolvency Act provides mechanisms for consumer and general proposals in order to give time for an insolvent person to be able to reorganize his affairs. For insolvent companies (or affiliated groups) owing more than $5 million, a more flexible regime is available under the Companies' Creditors Arrangements Act ("CCAA).
Read more about this topic: Administration (law)
Famous quotes containing the word canada:
“In Canada an ordinary New England house would be mistaken for the château, and while every village here contains at least several gentlemen or “squires,” there is but one to a seigniory.”
—Henry David Thoreau (1817–1862)
“I fear that I have not got much to say about Canada, not having seen much; what I got by going to Canada was a cold.”
—Henry David Thoreau (1817–1862)
“Though the words Canada East on the map stretch over many rivers and lakes and unexplored wildernesses, the actual Canada, which might be the colored portion of the map, is but a little clearing on the banks of the river, which one of those syllables would more than cover.”
—Henry David Thoreau (1817–1862)