Will you be better or worse off under the New Bankruptcy Laws?NEWS FLASH, DECEMBER 14, 2007- It was announced today that Bill C-12 - an Act to amend the Bankruptcy and Insolvency Act, the Companies' Creditors Arrangement Act, the Wage Earner Protection Program Act and Chapter 47 of the Statutes of Canada, 2005 has received Royal Assent. Our best estimate is that the changes will come into force in about 12 months from December 14, 2007. Some people intending to file bankruptcy will be better off under the new laws and others will fare worse. The following chart compares the changes:
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