The Bankruptcy and Insolvency Act ("BIA") is the statute that regulates the law on bankruptcy and insolvency in Canada. It governs bankruptcies, consumer and commercial proposals, and receiverships in Canada.
It also governs the Office of the Superintendent of Bankruptcy, a federal agency responsible for ensuring that bankruptcies are administered in a fair and orderly manner.
The purpose of the Act is not only to preserve as many of the debtor's assets as possible for the benefit of creditors, but also to rehabilitate debtors by forgiving the unpaid debt, thus removing an insurmountable burden and restoring them as productive members of society.
Read more about Bankruptcy And Insolvency Act: Organization of The BIA, Key Concepts
Famous quotes containing the words bankruptcy and, bankruptcy and/or act:
“Bankruptcy and repudiation are the springboards from which much of our civilization vaults and turns its somersets, but the savage stands on the unelastic plank of famine.”
—Henry David Thoreau (1817–1862)
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—Thomas Aquinas (c. 1225–1274)