Amendments to the Bankruptcy and Insolvency Act and the Companies’ Creditor Arrangement Act will come into force on September 18

Extensive changes to the Bankruptcy and Insolvency Act (“BIA”) and the Companies’ Creditor Arrangement Act (“CCAA”) will come into force on September 18, 2009.  Among the many significant changes, there will be modifications to the CCAA which will impose additional duties on the Superintendent of Bankruptcy.  A national team has been created by the Office of the Superintendent of Bankruptcy (“OSB”) to carry out the functions mandated by the CCAA.
Among other significant changes, a public record will be created which will track all CCAA proceedings that are filed on or after September 18, 2009.  This will be a record of certain prescribed information that will be maintained by the OSB for a 10 year period.  This information will be available through a website created by the OSB.  Additional information regarding the proceedings will be available through a website created by the monitor for the proceedings.

In addition, the OSB will be responsible for receiving, tracking and investigating the conduct of monitors pursuant to the CCAA.  Further, the Superintendent may apply to the court to have the appointment or conduct of a monitor under the CCAA reviewed.

Additional information with respect to the amendments can be found through the OSB’s website at: http://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02261.html.