Bankruptcy and Insolvency Act (BIA)

What is the Bankruptcy and Insolvency Act (BIA)?

Bankruptcy and Insolvency Act (BIA) Definition: The Bankruptcy and Insolvency Act (BIA) is a statute that regulates how bankruptcy is conducted in Canada. This law includes bankruptcy and insolvency procedures that involve commercial proposals, businesses, consumers, and receiverships across Canada.

All these matters are handled by the Office of the Superintendent of Bankruptcy, which is the federal agency that’s responsible for overseeing bankruptcy proceedings, to ensure they are handled and administered in a fair manner for all parties involved.

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