Coming into Force of Legislative Reform and Regulatory Amendments
The Office of the Superintendent of Bankruptcy (OSB) is pleased to inform you that on September 18, 2009, the remaining amendments contained in chapter 36 of the Statutes of Canada, 2007, and chapter 47 of the Statutes of Canada, 2005 (c.36 and c.47) will come into force. The coming into force of these amendments to the Bankruptcy and Insolvency Act (BIA) and the Companies' Creditors Arrangement Act (CCAA) is the culmination of many years of diligent work on behalf of both staff and stakeholders toward modernizing and streamlining insolvency legislation.
Along with the legislative amendments to the BIA and the CCAA the Bankruptcy and Insolvency General Rules were amended and the new Companies' Creditors Arrangement Regulations were created in order to provide definitions and additional details that give effect to the new provisions in the legislation. The Companies' Creditors Arrangement Regulations also support the Superintendent's new mandate under the CCAA. Specifically, the Superintendent: is required to keep a public record of filings under the CCAA; may apply to the court to review the appointment or the conduct of a monitor; must keep a record of all complaints regarding the conduct of the monitor; and may make any inquiry or investigation regarding the monitor's conduct.
Many of the Superintendent's Directives and BIA Forms were also updated and modernized in keeping with the new provisions in the legislation as well as with a view toward streamlining the administration of insolvency estates where possible without compromising the integrity of the insolvency system.
Several publications required updating in keeping with the new provisions and will be re-published in September. These include "Dealing with Debt", "All About Bankruptcy Mediation", and the "Inspectors' Handbook".
The new legislative and regulatory amendments may be consulted at the following:
Coming into Force of c.47 and c.36 (Order in Council)
Companies' Creditors Arrangement Regulations (SOR/2009-219)
Bankruptcy and Insolvency General Rules (SOR/2009-218)
The OSB has also prepared some information regarding its new mandate in CCAA matters.
Finally, I would like to take this opportunity to thank everyone who has been involved with this project over the past few years, dedicating valuable time reviewing documents and processes and providing helpful and insightful comments.
Superintendent of Bankruptcy
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