1E9Ct5D

esult, in a bankruptcy orinsolvency proceeding, bothfederal and provincial statutesmay need to be considered.Federal LegislationFederal legislation governing bankruptcyand insolvency proceedings include:The Bankruptcy and Insolvency Act(“BIA”) and the General Rules madethereunder: The BIA establishesCanada’s bankruptcy regime. Itcontains the rules and methods bywhich individuals, corporations andother persons may liquidate orreorganize.The Companies’ CreditorsArrangement Act (“CCAA”): Theprimary aim of the CCAA is to allowfinancially distressed businesses tomake a plan of compromise orarrangement with their creditors. TheCCAA sets out a framework forcorporations with debts totaling over$5 million to work with their creditorsto reorganize or sell the business.The Wage Earner ProtectionProgram Act (“WEPPA”): TheWEPPA provides compensation forremuneration owing to employees inthe case of the bankruptcy orreceivership of their employer.The Winding-up and RestructuringAct (“WURA”): The WURA primarilyapplies to the wind up of regulatedbodies (e.g., banks, insurancecompanies and trust corporations).Provincial LegislationProvincial legislation which may impactbankruptcy and insolvency proceedingsincludes:The Personal Property Security Act(“PPSA”): Each of the Atlanticprovinces has enacted PPSAlegislation that sets out how tocreate and perfect valid securityinterests, how to determine prioritiesamong creditors and how to enforcesecurity interests. The PPSAlegislation is similar to the variousUniform Commercial Codes in effectin many jurisdictions in the UnitedStates.The Judicature Act and Rules ofCourt: Each of the Atlantic Provinceshas enacted a Judicature Act andRules of Court which set out therequirements for drafting materialsand appearing before the courtunless superseded by rulescontained in the applicable federalstatute or BIA rules.COURT JURISDICTIONIn Canada, there is no separate bankruptcycourt. Pursuant to both the CCAA and BIA,authority to hear matters related tobankruptcy and insolvency is vested in thesuperior courts of each of the provinces.The judges of these courts are federallyappointed and exercise general jurisdiction.Commercial Reorganization and Insolvency Law 124