Bankruptcy Law

Bankruptcy Laws in Canada

The goals of personal bankruptcy are the same in Canada as they are in most developed countries: offer legal protection to individuals that cannot afford to repay their debts.

There are, of course, many complex layers to personal bankruptcy, insolvency and consumer proposal in Canada. For more details on bankruptcy in Canada read our definition of Bankruptcy.

About Canadian Bankruptcy Law

Bankruptcy in Canada is governed by federal law and admistered by the Office of the Superintendent of Bankruptcy. Canadian bankruptcy law is outlined in the Bankruptcy and Insolvency Act.

Bankruptcy and Insolvency Act

The Bankruptcy and Insolvency Act of Canada (BIA) is a federal act outlining individual and business bankruptcy law in Canada. The BIA applies to businesses and individuals. This website only focuses on personal bankruptcy law in Canada.

The bankruptcy and insolvency act defines the key players in the bankruptcy process and details bankruptcy law in Canada. Together the BIA, the Superintendent of Bankruptcy and Canadian bankruptcy law ensure bankruptcy in Canada is administered both fairly and properly.

Superintendent of Bankruptcy

The office of the superintendent of bankruptcy in Canada governs and coordinates Canadian bankruptcy law. The superintendent of bankruptcy exists to uphold bankruptcy law and process while ensuring they are administered responsibly.

A secondary and equally important duty of the office of the superintendent of bankruptcy is to make sure bankruptcy information is easily understood and available to those that need it.

Canada’s New Bankruptcy Laws for 2009

On September 18th 2009 new Canadian bankruptcy laws begun being enforced. For a detailed breakdown of the new bankruptcy amendments in Canada read our New Bankruptcy Laws post.

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