Bankruptcy and Insolvency Act

The Bankruptcy and Insolvency Act (BIA) is a Canadian law that provides a legal framework for individuals and businesses facing financial difficulties. It outlines the processes for declaring bankruptcy and restructuring debts. When someone is unable to pay their debts, they can file for bankruptcy, which can help eliminate certain debts and provide a fresh start. The Act also includes provisions for consumers and businesses to negotiate repayment plans to manage their debts. Overall, the BIA aims to balance the rights of debtors and creditors while promoting fair treatment in financial distress situations.