Bankruptcy liquidations are governed by the Bankruptcy and Insolvency Act (BIA). Restructuring proceedings may be initiated under the BIA or the Companies’ Creditors Arrangement Act (CCAA), both of which are federal legislation. The BIA provides for both reorganisations and liquidations of insolvent businesses and individuals. The CCAA provides for only reorganisations or liquidations of corporate entities although the courts frequently authorise significant asset sales in CCAA proceedings.
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