Canadian bankruptcy law

Canadian bankruptcy law provides a structured process for individuals and businesses unable to meet their debt obligations. It allows debtors to either propose a repayment plan or have their assets managed or liquidated under the supervision of the Bankruptcy and Insolvency Act. The goal is fair distribution of assets to creditors while offering honest debtors a chance to regain financial stability. Bankruptcy generally involves trustee oversight, debt discharge after satisfying certain conditions, and protections against legal actions by creditors during the process. It balances debt relief with creditor rights within a regulated legal framework.