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November 2016

Corporate restructuring under the BIA and CCAA – Key differences

Two major pieces of legislation govern insolvency and bankruptcy in Canada – the Bankruptcy and Insolvency Act (BIA) and the Companies Creditors Arrangement Act (CCAA). Both allow insolvent corporations to file proposals in an effort to make alternate arrangements for settling outstanding debts. The two statues have many similarities but also a number of differences that can make either one more advantageous than the other in a corporate restructuring.

WEPP - How outstanding wages are handled during bankruptcy

In 2008, the federal government established the Wage Earner Protection Program (WEPP). The provision was designed to protect the rights of workers whose employers have gone into bankruptcy or receivership. The program allows eligible workers to make a claim for outstanding amounts of pay, which are charged against the debtor company's assets or bankruptcy estate

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