Response to Public Consultation
The Office of the Superintendent of Bankruptcy (OSB) held an open consultation "Regulatory Modernization of the Bankruptcy and Insolvency Act under Bill S-6", seeking comments and suggestions from stakeholders to determine by which method(s) the notice of an ordinary bankruptcy should be published, should Bill S-6 pass. The consultation closed on , and all submissions were carefully reviewed.
The majority of submissions expressed a preference that the notice of an ordinary bankruptcy be published on the OSB's website. Following a review of operational constraints, publishing the notices on the OSB website is not currently feasible. The second most preferred method to publish the notice of an ordinary bankruptcy was in digital newspapers. The OSB will be moving forward with this recommendation but, in the future, will continue to consider alternative technical solutions that better meet the goals of the notice provision.
Should Bill S-6 pass, the OSB will issue a Directive to outline the publishing method, and further logistics, of the notice of an ordinary bankruptcy. Stakeholders will have additional opportunities to make submissions on the draft Directive when it becomes available.