Government Amends Insolvency Legislation relating to RRSPs and Student Loans (July 2008)

RRSP Change
Money in a RRSP, RIF or a deferred profit sharing plan will no longer be available for distribution among a bankrupt’s creditors.  Any contributions made in the 12 months before the date of the bankruptcy are subject to a claw back.  Where provincial legislation exempts RRSPs from execution, the provincial legislation will apply.
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Insolvency Legislation Amendments Come into Force (July 2008)

The Government of Canada has finally amended certain portions of the Bankruptcy and Insolvency Act (the “BIA”) as well as introducing the Wage Earner Protection Program Act (the “WEPP”) and has made other amendments to legislation relating to Student Loans and RRSPs etc. The General Rules relevant to the BIA amendments that were brought [...]

An Insolvency Consultant Can Provide You Tips And Techniques To Avoid Bankruptcy

It is not uncommon for people to find that they need to live from one paycheck to the next and often it means that they are so strapped for cash as to not have enough money to live a normal life. One possible solution is consolidating debts though often even this alternative to bankruptcy can [...]

Informal Workouts

An informal workout is a contractual agreement by a company in financial difficulty with all or some of its creditors to compromise its debt. The terms of the agreement are not restricted by any particular law or statute and therefore are only limited by the imagination, expertise, and creativity of the participants and their advisors.
One [...]

Debt Restructuring

Our Reorganization and Debt Restructuring practice assists the financially troubled or under-performing company in tailoring a business solution and in the implementation of that solution. We are “hands-on” in our approach and strive to enhance shareholder value. We work in partnership with you.
This part of our practice has evolved to respond to small and mid-sized [...]