It's generally accepted, as a result of Canadian case law, that corporate directors have a duty to ensure their company does not carry on business after it becomes insolvent.
Trading while insolvent
CCAA under siege in 2018
The Companies Creditors Arrangement Act is something of a legal juggernaut, with the power to sweep all before it in the cause of restructuring insolvent companies and returning them to profitable operations.
DIP priority - who's on first?
Canada's insolvency laws have, perhaps, one characteristic in common with democracy.
CCAA stays - Putting the freeze on creditors
When a court protects a company from its creditors under the Creditors Arrangement Act (CCAA), it's telling creditors, "Nobody move, you're frozen."
