SUMMARY

This enactment amends the Acts referred to in the title. Notable among the provisions affecting the Bankruptcy and Insolvency Act are amendments relating to

- procedures in consumer bankruptcies and proposals;

- landlord compensation where leases are disclaimed in reorganizations;

- liability of directors and stays of action against directors during reorganizations;

- protection of trustees and receivers against personal liability for pre-appointment environmental damage and other claims;

- workers' compensation board claims;

- dischargeability of student loan debts;

- the licensing and regulation of trustees and their liability in relation to certain activities;

- the requirement that bankrupts pay part of their income to the bankruptcy estate;

- securities firm bankruptcies and international insolvencies; and

- Parliamentary review of the Act.

Notable among the provisions affecting the Companies' Creditors Arrangement Act are amendments relating to

- procedure and other matters governing applications for court sanctioning of compromises or arrangements, the relationship of the Act with the Bankruptcy and Insolvency Act in connection with applications and the appointment of monitors where stay orders are granted;

- international insolvencies;

- Crown claims and the application of the Act to Her Majesty; and

- regulation-making and Parliamentary review of the Act.