Office of the Superintendent of Bankruptcy, Policy & Regulatory Affairs

Regulations Amending the Orderly Payment of Debts Regulations Miscellaneous Program

Regulation Amending the Companies’ Creditors Arrangement Regulations

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Regulatory Initiative: Regulations Amending the Orderly Payment of Debts Regulations Miscellaneous Program – Forward Regulatory Plan 2013-15

Title or working title of the regulatory initiative:

Regulations Amending the Orderly Payment of Debts Regulations Miscellaneous Program

Description of objective:

The proposed amendments are to the Orderly Payment of Debts Regulations, under the authority of the Bankruptcy and Insolvency Act (BIA).

Part X of the BIA regarding the Orderly Payment of Debts Program provides a mechanism for facilitating the payment of debts by a consumer debtor. The debtor may obtain, from the court, a consolidation order allowing for regular payments which are proportionally distributed among his/her creditors.

The proposed amendments are intended to correct inconsistencies in subsections 5(1) and 18(1) of the French version of the Regulations from the 2005 amendments.

Indication of business impacts:

There are no expected business impacts.

Note: The statement that there are no expected business impacts is an indication that the One-for-One Rule and the Small Business Lens are not expected to apply.

Public Consultation:

As the proposed amendments have been flagged as Miscellaneous Amendment Regulations (MARs), pre-publication in Canada Gazette, Part 1, is not required.

Departmental Contac:t

Office of the Superintendent of Bankruptcy, Policy & Regulatory Affairs

If you wish to contact the department please use the following address: OSBRegulatoryAffairs@ic.gc.ca

For more information

To learn about upcoming or ongoing consultations on proposed federal regulations, visit the Canada Gazette and Consulting with Canadians Web sites.

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Regulatory Initiative: Regulation Amending the Companies’ Creditors Arrangement Regulations– Forward Regulatory Plan 2013-15

Title or working title of the regulatory initiative:

Regulation Amending the Companies’ Creditors Arrangement Regulations

Description of objective:

The proposed amendment is to the Companies’ Creditors Arrangement Regulations, under the authority of the Companies’ Creditors Arrangement Act.

The Companies’ Creditors Arrangement Act (CCAA) and its supporting Regulations allow insolvent corporations owing their creditors in excess of $5 million to restructure their business and financial affairs.

The proposed amendment would prescribe the amount of the levy that will be collected on CCAA proceedings to defray the expenses of the Superintendent of Bankruptcy incurred in performing his or her functions under the Act. These functions include maintaining a public record of prescribed information and keeping other records on CCAA proceedings as well as receiving, recording and, where appropriate, investigating complaints on the conduct of monitors.

Indication of business impacts:

There may be business impacts. The “One-for-One” Rule and/or the Small Business Lens may apply.

Public Consultation:

Interested stakeholders will have the opportunity to comment when the proposed amendments are pre-published in Canada Gazette, Part 1 (timing TBD).

Departmental Contact:

Office of the Superintendent of Bankruptcy, Policy & Regulatory Affairs

If you wish to contact the department please use the following address: OSBRegulatoryAffairs@ic.gc.ca

For more information

To learn about upcoming or ongoing consultations on proposed federal regulations, visit the Canada Gazette and Consulting with Canadians Web sites.