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In its March 2010 Budget, the Government of Canada signalled plans to create a legislative framework to enable credit unions to incorporate and continue their operations as federal entities.

On November 25, federal legislation was passed that, when proclaimed into force, will make significant amendments to the Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA), and create a new Wage Earner Protection Program Act.