Insolvency practitioners weigh in on changes to legislation

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In recent submissions to the Office of the Superintendent of Bankruptcy, the Canadian Bar Association’s Insolvency Law Section commented on the Office’s ongoing review of Canada’s two main insolvency statutes, the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act

Among other suggestions, these submissions confirm the continuing rise in the acceptance of the pronoun “their” to replace the gender-specific terms “his” and “her”. 

Another trend emerging from the submissions is increased use of electronic registrations, transmissions and storage, to take better advantage of the efficiencies and benefits offered by such technology. 

The law underpinning insolvency in Canada is constantly evolving, and knowledgeable advice is critical to the best decisions-making when facing insolvency, whether yours or someone else’s!

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