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Regulation Amending the Bankruptcy and Insolvency General Rules, and the Companies' Creditors Arrangement Regulations

Enabling act(s)

Bankruptcy and Insolvency Act, subsection 209(1)

Companies' Creditors Arrangement Act, subsections 62(a) and (b)

Description

The Office of the Superintendent of Bankruptcy (OSB) undertook a 90-day public consultation on all directives and regulations that fall under the Bankruptcy and Insolvency Act (BIA) and the Companies' Creditors Arrangement Act (CCAA). The consultation concluded in June 2021.

As a result of the feedback received, the OSB proposes to modernize and streamline regulations through amendments to the Bankruptcy and Insolvency General Rules (the Rules) and the Companies' Creditors Arrangement Regulations (the Regulations).

The main objective of the proposed regulatory amendments is to make the Canadian insolvency system more efficient, modern and accessible. The amendments will allow modern means of communication and remove outdated requirements. They will update fees for Licensed Insolvency Trustees (LITs), adjust the eligibility threshold for summary administration bankruptcies and consumer proposals and index those thresholds to inflation. The amendments will help to ensure the long term viability of LIT businesses, encourage more LITs to join and remain in the profession and enhance choice and access for insolvency system stakeholders, including improved accessibility for consumers to the streamlined proceedings for bankruptcies and proposals. Finally, consistency between the French and the English versions, regions, stakeholders and proceedings would be achieved.

Regulatory cooperation efforts (domestic and international)

The proposal is unrelated to a work plan or commitment under a formal regulatory cooperation forum.

Potential impacts on Canadians, including businesses

The proposed regulatory amendments have been estimated to provide a net benefit for Canadians of almost $277 million over a 20-year period ($26 million annualized). Increasing the tariff of fees for LITs is necessary since the last increase occurred in 1992 and will be welcomed by many although it will have an impact on other players, including creditors. However, all stakeholders – LITs, debtors and creditors alike – will benefit from a system that continues to function effectively.

Consultations

The proposed regulatory amendments are the result of diligent public and targeted consultations, including the OSB's 2021 Comprehensive Review of Directives and Regulations (CRDR) consultation, feedback received since 2017, and inconsistencies raised by the courts. A notification of the CRDR consultation was published on the OSB's website and an e-mail notification was sent to key stakeholders including LITs, insolvency groups such as the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) and the Insolvency Institute of Canada (IIC), the Canadian Bar Association (CBA), and credit associations. The OSB received approximately 32 submissions from stakeholders proposing approximately 373 amendments to the Rules and to the Regulations. Targeted consultations have followed with CAIRP, which represents approximately 95 percent of LITs, with IIC and with creditor and debtor representatives.

The government held a 30-day public consultation regarding proposed amendments to the Rules and the Regulations through the Canada Gazette, Part I from November 29 to December 29, 2025.

Further information

Departmental contact information

Marijo Charland Henderson
Acting National Manager, Policy and Regulatory Affairs
Office of the Superintendent of Bankruptcy
osbregulatoryaffairs-affairesreglementairesbsf@ised-isde.gc.ca

Date the regulatory initiative was first included in the Forward Regulatory Plan

2023

Regulation Amending the Companies' Creditors Arrangement Regulations

Enabling act(s)

Companies' Creditors Arrangement Act, subsections 62(a) and (b)

Description

The Office of the Superintendent of Bankruptcy (OSB) undertook a 90-day public consultation on all directives and regulations that fall under the Bankruptcy and Insolvency Act (BIA) and the Companies' Creditors Arrangement Act (CCAA). The consultation concluded in June 2021.

As a result of the feedback received, the OSB proposes to modernize and streamline regulations through amendments to the Companies' Creditors Arrangement Regulations (the Regulations).

This regulatory amendment package will include the following changes:

  • Implementation of the CCAA levy;
  • Amendments to CCAA forms;
  • General language updates in both official languages (e.g., gender neutral language);

Regulatory cooperation efforts (domestic and international)

The proposal is unrelated to a work plan or commitment under a formal regulatory cooperation forum.

Potential impacts on Canadians, including businesses

Implementing the CCAA levy is necessary to reflect Parliament's intention to defray the expenses of supervision over CCAA matters by the Superintendent and has been estimated to provide a net benefit for Canadians.

Changes to the forms involve enhanced data collection of information that CCAA monitors generally already collect as part of CCAA proceedings but would add requirements for the information to be submitted to the OSB in an electronic format allowing the data to efficiently be processed and analyzed. Although these amendments represent a small net cost, all stakeholders will benefit from enhanced data analysis in support of a well-functioning insolvency system.

Consultations

The proposed regulatory amendments are the result of diligent public and targeted consultations, including the OSB's 2021 Comprehensive Review of Directives and Regulations (CRDR) consultation, feedback received since 2017, and inconsistencies raised by the courts. A notification of the CRDR consultation was published on the OSB's website and an e-mail notification was sent to key stakeholders including Licensed Insolvency Trustees (LITs), insolvency groups such as the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) and the Insolvency Institute of Canada (IIC), the Canadian Bar Association (CBA), and credit associations. The OSB received approximately 32 submissions from stakeholders proposing approximately 373 amendments to the Rules and to the Regulations. Targeted consultations have followed with IIC, creditor and debtor representatives and with CAIRP, which represents approximately 95 percent of LITs.

The government will launch a 30-day public consultation regarding proposed amendments to the Regulations in the spring of 2026 through the Canada Gazette, Part I. Information will be posted on the Canada Gazette website.

Further information

Departmental contact information

Marijo Charland Henderson
Acting National Manager, Policy and Regulatory Affairs
Office of the Superintendent of Bankruptcy
osbregulatoryaffairs-affairesreglementairesbsf@ised-isde.gc.ca

Date the regulatory initiative was first included in the Forward Regulatory Plan

2023

Regulations Amending the Bankruptcy and Insolvency General Rules and the Companies' Creditors Arrangement Regulations relating to Bill C-59, An Act to implement certain provisions of the fall economic statement tabled in Parliament on November 21, 2023 and certain provisions of the budget tabled in Parliament on March 28, 2023

Enabling act(s)

Bankruptcy and Insolvency Act, subsection 209(1)

Companies' Creditors Arrangement Act, subsections 62(a) and (b)

Description

Parliament passed Bill C-59: An Act to implement certain provisions of the fall economic statement tabled in Parliament on November 21, 2023 and certain provisions of the budget tabled in Parliament on March 28, 2023(Bill C-59). This Bill amends Canada's two main insolvency laws, the Bankruptcy and Insolvency Act (BIA) and the Companies' Creditors Arrangement Act (CCAA), so that certain public post-secondary educational institutions (PSEIs) are excluded from their application. However, Bill C-59 requires that these institutions be identified in regulations. The purpose of the proposed regulatory amendments is therefore to list the PSEIs that will be excluded from these laws, giving effect to Parliament's intent.

Regulatory cooperation efforts (domestic and international)

The proposal is unrelated to a work plan or commitment under a formal regulatory cooperation forum.

Potential impacts on Canadians, including businesses

The proposal is not anticipated to have significant associated costs for Canadians or businesses.

Consultations

Consultations were held with provinces and territories in 2024. Additional consultations will be held during the winter of 2026.

The government will launch a 30-day public consultation regarding proposed amendments to the Bankruptcy and Insolvency General Rules and the Companies' Creditors Arrangement Regulations during the Fall of 2026 through the Canada Gazette, Part I. Information will be posted on the Canada Gazette website.

Further information

Departmental contact information

Marijo Charland Henderson
A/National Manager, Policy and Regulatory Affairs
Office of the Superintendent of Bankruptcy
osbregulatoryaffairs-affairesreglementairesbsf@ised-isde.gc.ca

Date the regulatory initiative was first included in the Forward Regulatory Plan

2026

Regulations Amending the Bankruptcy and Insolvency General Rules and the Companies' Creditors Arrangement Regulations relating to Bill C-280, An Act to amend the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act (deemed trust – perishable fruits and vegetables)

Enabling act(s)

Bankruptcy and Insolvency Act, subsection 209(1)

Companies' Creditors Arrangement Act, subsections 62(a) and (b)

Description

Parliament enacted Bill C-280, An Act to amend the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act (deemed trust – perishable fruits and vegetables). The amendments resulting from Bill C-280 provide that the perishable fruits and vegetables sold by a supplier to a purchaser, as well as the proceeds of sale of those fruits and vegetables, are to be held in trust by the purchaser for the supplier in the event that the purchaser has not fully paid for the fruits and vegetables and becomes bankrupt or subject to a receivership under the Bankruptcy and Insolvency Act (BIA), or applies to the court to sanction a compromise or arrangement under the Companies' Creditors Arrangement Act (CCAA). Considering that Bill C-280 requires that a notice be given for the vendor to benefit from the new deemed trust and that this notice is to be given in the form and manner prescribed by regulations, the objective of this proposal is to prescribe the form and manner within the regulatory framework of both the BIA and the CCAA to give effect to Parliament's intent.

Regulatory cooperation efforts (domestic and international)

The proposal is unrelated to a work plan or commitment under a formal regulatory cooperation forum.

Potential impacts on Canadians, including businesses

The proposal is not anticipated to have significant associated costs for Canadians or businesses.

Consultations

The government will launch a 30-day public consultation regarding proposed amendments to the Bankruptcy and Insolvency General Rules and the Companies' Creditors Arrangement Regulations during the Fall of 2026 through the Canada Gazette, Part I. Information will be posted on the Canada Gazette website.

Further information

Departmental contact information

Marijo Charland Henderson
A/National Manager, Policy and Regulatory Affairs
Office of the Superintendent of Bankruptcy
osbregulatoryaffairs-affairesreglementairesbsf@ised-isde.gc.ca

Date the regulatory initiative was first included in the Forward Regulatory Plan

2026

Consult ISED's acts and regulations web page for:

  • a list of acts and regulations administered by ISED
  • further information on ISED's implementation of government-wide regulatory management initiatives

Consult the following for links to the Cabinet Directive on Regulation and supporting policies and guidance, and for information on government-wide regulatory initiatives implemented by departments and agencies across the Government of Canada:

To learn about upcoming or ongoing consultations on proposed federal regulations, visit:

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