When Filing for Bankruptcy in Canada :: essays research papers

This received a 27/28 in my OAC jurisprudence class so, meet a blast.....WHEN FILING FOR BANKRUPTCY IN CANADAThe practice of law some sequences seems to pervade all aspects of ourlives and an involvement with loser and insolvencylaw has be to be almost undeflectable for businesspeople in Canada during the 1990s. In simplest term, corporate and individual bankruptcy law provides a set of rules to close out chaos among the creditors of an insolvent corporation or individual. The legislation is a Byzantine in part because those creditors fall into so many categories-secured creditors, unsecured creditors, regimen creditors, and so on-each with its own special rights and interests in the bankruptcy process.     Canadas federal bankruptcy statute, the Bankruptcy and Insolvency Act, also deals with corporate receivership. A receivership is not the akin as a bankruptcy. By the same token, a receiver is not the same as a trustee in a bankruptcy. However, the two systems spend a penny a lot in common and a receivership of an individual or a corporation usually occurs at the same time as a bankruptcy.Corporations that have become insolvent can try to avoid bankruptcy and receivership by reorganizing their finances. The Bankruptcy and Insolvency Act deals with reorganizations and another federal statute, the Companies Creditors governing body Act, may offer relief to some corporations. Some of Canadas biggest news stories of the prehistoric few years have concerned the attempts of major Canadiancompanies such as Olympia & York, Algoma Steel, Grafton Fraser, Woodwards, Westar Mining, and Birks, to complete reorganizations. But the most well up known companies were both Air Canada and Canadian Airlines.     Air Canada, Canadian Airlines, and get together Airlines are all commercialized passenger air carriers. Beyond that, they have only a few similarities. All are old commercial carriers that were facing bankruptcy together until the Canadian Postal Service pass air travel for Canadian Mail in 1925. There, they reached a tear down of divergence that continues today.AIR CANADATime Magazines November 17, 1958 cover sported a diagonal streamer across one corner reading "Jets Across Canada." (Goutierez, 1997). At the time of the articles publication, "Air Canada had earned a reputation as an industry leader, and this, conjugate with the high-profile leadership of Mr. C.R., made Air Canadas imminent transcontinental jet receipts the catalyst for an exciting new era. Time wrote that although Pan Am had already flown jets across the Atlantic, C.R. Smith and Air Canada would usher in the Jet Age for most Canadians with the installation of