Canadian Bankruptcy and Insolvency Act

The Canadian Bankruptcy and Insolvency Act (BIA) is a federal law that provides a legal process for individuals and businesses in financial trouble to settle debts, either by restructuring or liquidation. It sets out rules for declaring bankruptcy, administering assets, and distributing payments fairly among creditors. The goal is to give debtors a fresh start while ensuring creditors receive fair treatment, all within a structured legal framework. The Act also establishes roles like bankruptcy trustees and governs procedures for resolving insolvencies efficiently and transparently.