- Regulation Amending the Bankruptcy and Insolvency General Rules
- Regulations Amending the Bankruptcy and Insolvency General Rules, the Companies' Creditors Arrangement Regulations, the Eligible Financial Contract Regulations, and the Eligible Financial Contract General Rules
Regulation Amending the Bankruptcy and Insolvency General Rules
Enabling act(s)
Bankruptcy and Insolvency Act, subsection 209 (1)
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). This consultation concluded in June 2021.
As a result of the feedback received, the OSB proposes to modernize and streamline certain regulations through amendments to the Bankruptcy and Insolvency General Rules in the areas of:
- Modernization and Innovation
- Licensing Modernization
- Consumer Protection
- Accessibility to the Insolvency System
The OSB is proposing to modernize some of the frameworks that apply to Licensed Insolvency Trustees (LIT) and to improve accessibility to the insolvency system via technology. The aim of proposed changes is to increase efficiency and accountability and to reduce administrative burden and overall costs.
Changes will include:
- General language updates in both official languages, e.g., gender neutral language;
- Additional definitions to the "Interpretation" section of the Bankruptcy and Insolvency General Rules;
- Administrative changes (e.g., methods of notification and examination; collection, retention and disposition of records; secure communication; accessibility; official language interpretation);
Procedural changes (e.g., complaint process; procedural fairness; consistency for civil and common law interpretation and decisions).
Regulatory cooperation efforts (domestic and international)
This work 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
This initiative is in response to the 90-day consultation in 2021. Additionally, the government will launch a 30-day public consultation regarding proposed amendments to the Bankruptcy and Insolvency General Rules later in 2023-24 through the Canada Gazette, Part I. Information will be posted on the Canada Gazette website.
Further information
Office of the Superintendent of Bankruptcy Website
Bankruptcy and Insolvency General Rules
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
New initiative
Regulations Amending the Bankruptcy and Insolvency General Rules, the Companies' Creditors Arrangement Regulations, the Eligible Financial Contract Regulations, and the Eligible Financial Contract General Rules
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 Companies' Creditors Arrangement Regulations, the Eligible Financial Contract Regulations, and the Eligible Financial Contract General Rules.
The OSB is proposing to modernize some of the frameworks that apply to debtors and industry professionals, thereby improving accessibility to the insolvency system. The proposed changes seek to increase efficiency and accountability and to reduce administrative burden and overall costs.
Changes will include:
- General language updates in both official languages (e.g., gender neutral language)
Changes may include:
- Additional definitions to the "Interpretation" sections of the Companies' Creditors Arrangement Regulations and the Eligible Financial Contract Regulations;
- Administrative changes (e.g., use of technology; greater transparency of proceedings);
- Introduction of a levy to defray oversight expenses by the Superintendent per the 2009 amendments to the CCAA;
- Modification of the trustees' fees under the Bankruptcy and Insolvency General Rules which have not been reviewed since 1998;
- Amendments to forms.
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 aside from the introduction of a levy to defray the expenses of the Superintendent of Bankruptcy incurred in performing their functions under the CCAA (as per paragraph 23(1)(f.1) of the CCAA) or for requests for CCAA records (as per subsection 26(1) of the CCAA), and from the modification of trustee's fees under sections 128 and 129 of the Bankruptcy and Insolvency General Rules.
Consultations
This initiative is in response to the 90-day consultation in 2021. Additionally, the government will launch a 30-day public consultation regarding proposed amendments to the Bankruptcy and Insolvency General Rules, the Companies' Creditors Arrangement Regulations, the Eligible Financial Contract Regulations, and the Eligible Financial Contract General Rules later in 2023-24 through the Canada Gazette, Part I. Information will be posted on the Canada Gazette website.
Further information
Office of the Superintendent of Bankruptcy Website
Bankruptcy and Insolvency General Rules
Companies' Creditors Arrangement Act
Companies' Creditors Arrangement Regulations
Eligible Financial Contract General Rules
Eligible Financial Contract Regulations
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
New initiative
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: