Bankruptcy and Insolvency Act (Canada)

The Bankruptcy and Insolvency Act (Canada) is a law that provides a legal process for individuals and businesses unable to pay their debts. It helps them either reorganize their finances or liquidate assets to pay creditors fairly. The Act sets out rules for filing bankruptcy, proposals to creditors, and the roles of trustees and courts. Its goal is to give financially distressed parties a structured way to resolve debts while ensuring creditors are treated equitably. Overall, it aims to balance debt relief with fair treatment to all parties involved in insolvency situations.