First Nations And Insolvency In Canada: A Shifting Landscape

Article by Colin Brousson and Emelie Kozak*

1. INTRODUCTION

The upcoming ten years will be an exciting period for First Nations in terms of economic development, with First Nations across Canada more poised than ever to exercise their increasing economic and political clout. First Nations are now sitting at the table where governments negotiate large resource transactions and, as a result of the First Nations fiscal management regime, recently obtained excellent credit ratings. Thus, First Nations should have better access to borrow less expensive money. Just to use one resource-based example, it has been estimated that the liquefied natural gas (LNG) industry could add as much as $1 trillion in cumulative gross domestic product before 2050. Further, First Nations have seen some recent success in the Supreme Court of Canada, including the first declaration of Aboriginal title in Canada.¹ Included within this decision is a thorough discussion of the rights