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.

The insolvency rate (consumer bankruptcies, business bankruptcies and proposals) rose by 5.0% in October, 2007 compared with the same month the previous year.