The Consumer Affairs funded report on credit counsellors was issued on November 20, 2006. The report raises concerns about poorly trained credit counsellors and the conflict of interest “non profit” credit counsellors have because they are funded by credit grantors.
The Minister of Labour, Jean-Pierre Blackburn introduced a ways and means motion on December 11, 2006, to introduce 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.
Many trustees are now refusing to process proposals where the CRA debt is significant enough that a NO vote by CRA will cause the proposal to fail.
The latest bankruptcy statistics for October, 2006 were released on the internet by Industry Canada on December 1, 2006.