In 2005, Parliament passed a comprehensive package of reforms to
Canadian insolvency and restructuring laws. The purpose of these
amendments was to provide additional protections for employees,
codify existing case law and practice, bolster the proposal process
and conform Canadian laws concerning cross-border insolvencies to
international practice.
The 2005 amendments were not immediately proclaimed in force in
order to allow time to fine tune some of the provisions. As a
result, extensive amendments to the amendments were enacted in
2007; however, the reform package was still not proclaimed in
force. In July 2008, a limited number of the provisions - dealing
mainly with employee protections - took effect. Finally, the
balance of the amendments will be proclaimed in force effective
September 18, 2009.
