BIA (Bankruptcy and Insolvency Act)

The Bankruptcy and Insolvency Act (BIA) is a Canadian law that governs the process when individuals or businesses cannot pay their debts. It sets out the rules for filing for bankruptcy or seeking other forms of debt relief, such as a proposal to creditors. The BIA aims to help debtors eliminate or reorganize their debts while providing fair treatment to creditors. The Act outlines how assets are managed, debts are settled, and how individuals can regain financial stability, ensuring that the process is transparent and equitable.