Monique Sassi and Jeremy Bornstein co-authored the article “Amendments to the BIA and CCAA: Changes in Effect as of November 1, 2019,” was published in the Spring/Summer 2020 issue of Rebuilding Success – the official magazine of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP).
Write Monique and Jeremy:
“On November 1, 2019 certain amendments to the Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA) came into force in respect of proceedings commenced under the BIA or CCAA on or after November 1, 2019. The stated purpose of the Amendments was to, among other things, (i) facilitate increased participation for pensioners and employee groups at the outset of insolvency proceedings; and (ii) create a more equitable process to protect the interests of parties to insolvency proceedings that are at a power or informational disadvantage compared to other, mainly institutional stakeholders. Certain of the Amendments are stated to be a direct response to concerns about retirement security and aim to ‘better protect workplace pensions in the event of a corporate insolvency’ and make insolvency proceedings more transparent, fair and accessible for employees and pensioners. The Amendments also seek to preserve the usage rights of licensees of intellectual property in all BIA and CCAA proceedings.”