Posted on 03 March 2009
Ottawa (March 3, 2009) – Today, during Question Period, Senator Yoine Goldstein asked the Government why amendments to the Bankruptcy and Insolvency Act passed in December 2007 have yet to be implemented.
“These amendments are critical for small and medium businesses struggling to weather this recession,” said Senator Goldstein. “What is the Government waiting for?”
Bill C-12, An Act to amend the Bankruptcy and Insolvency Act, the Companies' Creditors Arrangement Act, the Wage Earner Protection Program Act and chapter 47 of the Statutes of Canada, 2005, received royal assent on December 14, 2007. While careful consideration must be taken when drafting regulations, Bill C-12’s regulations are complete and have been widely circulated.
“Further delays only worsen the outlook for those who need these changes to help them get back on their feet,” said the Senator. “Bankruptcy legislation allows businesses whose investments don’t bear fruit to start over in a fair manner and resume their participation in the economy.”
In 2003, Senator Goldstein served as Special Advisor to the Senate Standing Committee on Banking, Trade and Commerce in connection with its report on amendments to Canadian bankruptcy and insolvency legislation, and in 2001 and 2002 as Chair of the Federal Personal Insolvency Task Force. His knowledge of insolvency law is recognized throughout Canada and worldwide, and he has published extensively on that topic. Senator Goldstein is the only Canadian lawyer to have been elected a Fellow of both the American College of Bankruptcy and the American College of Trial Lawyers.
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