Industry Canada sought public input on the state and future of Canada's insolvency legislation through early 2014. Interested parties can review the issues in the agency's discussion paper on the statutory review of the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act.
Readers will know that the new Canada Not-for-Profit Corporations Act came into effect in 2011, bringing the regulation of not-for-profits into line with modern corporate legislation. This carries with it the onus to apply for continuance under the new Act by October 2014, or be dissolved.
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