Statement made on 03 March 2009 by Senator Yoine Goldstein (retired)
Hon. Yoine Goldstein:
Honourable senators, in 2003 the Standing Senate Committee on Banking, Trade and Commerce did what most people consider to be an outstanding study on bankruptcy and insolvency. Many of the senators sitting here today were very involved in that study, as I was at the time — not as a senator but as a consultant to the committee.
Many of the recommendations of that study were embodied in Bill C-55 that passed both chambers. An amending bill was passed quickly in both chambers as well because of the obvious urgency of getting bankruptcy and insolvency legislation in place for the 21st century.
I have inquired a number of times — not here but elsewhere — as to why most of that legislation has still not been proclaimed by this government and was told that the government was waiting for regulations to be put in place. The regulations are available. They have been widely circulated, widely approved, and the government still has not moved.
Honourable senators, these amendments are critical for small and medium businesses who are struggling to weather the economic downturn. What is the government waiting for and why does this government not care about Canadians?
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