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ARTICLE · 22 NOVEMBER 2010

Stay Under the Business Corporations Act (Alberta)

Blake, Cassels & Graydon LLP
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An integral part of insolvency proceedings in Canada is the issuance of a stay of proceedings which prevents creditors from commencing or continuing actions against the debtor.

CanadaInsolvency/Bankruptcy/Re-Structuring
Kelly Bourassa
Kelly Bourassa
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Copyright 2010, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Restructuring & Insolvency, November 2010

An integral part of insolvency proceedings in Canada is the issuance of a stay of proceedings which prevents creditors from commencing or continuing actions against the debtor. This prevents multiple actions, significantly reduces costs, and provides a coherent and streamlined process likely to enhance the value recovered by creditors. In Canada, an insolvent debtor may obtain a stay of proceedings under the Bankruptcy and Insolvency Act (BIA) or the Companies' Creditors Arrangement Act (CCAA). However, this does not prevent a debtor from attempting to obtain a stay under an alternative piece of legislation if it so desires.

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