The Personal Liabilities of Insolvency Practitioners under Insolvency Legislation: A Comparative Analysis of the Canadian, English and American Positions
by Jacob Ziegel2005
Excerpt
"The purpose of this study is to determine the personal liabilities of an insolvency practitioner (IP) in the discharge of his mandate under this legislation and to compare the Canadian position with the rules obtaining under English and US insolvency law. By 'insolvency practitioner', we mean an individual or corporation in the private sector duly qualified or licensed to administer insolvency estates whether for liquidational or reorganizational purposes. The emphasis in this paper is on commercial, not consumer estates, but encompassing personal as well as corporate debtors. 'Personal liability' is used in this study to mean liability imposed under general principles of the common law in Canada, England and the US, or by statutory law in these countries, including the Quebec civil code, and whether or not the IP is also entitled to be indemnified by the estate in respect of his liability assuming there are enough assets in the estate to accomplish this purpose."
