Bankruptcy Act 1966

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Bankruptcy is a legal process performed by Industry Canada under the Bankruptcy and Insolvency Act by which you may be discharged from most of your debts When you file for bankruptcy the trustee

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Bankruptcy Business structures Sole proprietorship As a sole proprietor you and your business are the same legal entity If you wish to continue in business you will be considered a new legal entity

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Insolvency for business Proposals bankruptcy and arrangements for businesses and how to find help

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A proposal in bankruptcy is not a bankruptcy A proposal is when the insolvent debtor offers to repay in whole or in part the amounts owing to his creditors The amount of debt determines the applicability

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1 Overview The Wage Earner Protection Program WEPP provides for the payment of outstanding eligible wages to individuals whose employer is bankrupt subject to a receivership or other WEPP

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Bankruptcy receivership When businesses or consumers cannot pay their debts they may file for bankruptcy or make a proposal a payment arrangement with their creditors for a percentage of their

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You may be eligible to receive a payment under the Wage Earner Protection Program Act if your employer has filed for bankruptcy is subject to receivership or another WEPP qualifying insolvency

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Payments to the CRA Getting debt relief under special circumstances Financial or extraordinary circumstances can prevent you from paying off your debt There are options that may help you

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2 Eligibility You may be eligible if you meet all of the following your employment has ended your former employer has filed for bankruptcy is subject to a receivership or other WEPP qualifying insolvency