Current status: Closed
This consultation took place from April 24 to June 5, 2026.
Background
The purpose of the consultation was to seek views on proposed legislative amendments to Canada's insolvency and federal corporate governance frameworks. These changes were intended to streamline processes, better enable the use of digital and communications technologies, shorten approval timelines, eliminate duplication and reduce costs overall for both businesses and government.
Focus of this consultation
ISED sought comments on proposed legislative amendments to address inefficiencies identified by stakeholders over the past years and advance the objectives of the Red Tape Review. The proposed changes would apply to six of Canada's business law frameworks:
- Canada Business Corporations Act (CBCA)
- Canada Not-for-profit Corporations Act (CNCA)
- Canada Cooperatives Act (CCA)
- Boards of Trade Act (BOTA)
- Bankruptcy and Insolvency Act (BIA)
- Companies' Creditors Arrangement Act (CCAA)
Participants were also invited to propose additional changes to these statutes, provided that they fell within the scope of reducing administrative burden.
Who is the focus of this consultation
We sought views from:
- Governance organizations
- Law firms
- Business associations
- National community organizations
- Chambers of Commerce
- Businesses
- Insolvency practitioners and experts
- Lenders
- Labour
- Provinces and territories
- Indigenous Peoples
- Non-governmental organizations
- General public
Contact us
Should you have any questions about this consultation, please send them by email to mfpbconsultations-consultationsdgpcm@ised-isde.gc.ca.