Publication

Following the bankruptcy and insolvency reform of 1997, amendments were made to the
Bankruptcy and Insolvency Act ("BIA") and Companies' Creditors Arrangement Act
("CCAA"). An Act to amend the Bankruptcy and Insolvency Act, the Companies'
Creditors Arrangement Act and the Income Tax Act (Bill C-5) also called for a review of
both statutes to be done five years from the date of adoption. The Senate Standing
Committee on Banking, Trade and Commerce (the "Senate Committee") inherited this
onerous task.

In November 2003, the Senate Committee released a report in which it made 53
recommendations, of which 22 specifically touched upon commercial insolvency. On
June 3rd, 2005, the Minister of Industry presented the House of Commons with Bill C-55:
An Act to establish the Wage Earner Protection Program Act, to amend the Bankruptcy
and Insolvency Act and the Companies' Creditors Arrangement Act and to make
consequential amendments to other Acts ("Bill C-55").

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