The recent decision in Re Cooke, 2018 SKQB 329, is a reminder that it is only creditors of the bankrupt who have standing in bankruptcy proceedings.
The federal Wage Earner Protection Program Act (WEPPA) provides funds for employees who go unpaid as a result of their employer's bankruptcy. or receivership This program is administered with the help of the trustee in bankruptcy or receiver (as the case may be).
When a debtor makes a proposal under the Bankruptcy and Insolvency Act ("BIA"), the terms of that proposal must be put to creditors for a vote. If accepted, the proposal will then be submitted to the court for approval and then performed by the debtor; if rejected, the debtor will be deemed bankrupt.
By some measures, Canadian households show higher debt levels than the US peak which preceded the Great Recession.