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As we promised in our first article in this series, we will now
discuss the advantages available to municipalities if it is
determined that they can rely upon Canada s insolvency
legislation to restructure their affairs.
If applicable, the Bankruptcy and Insolvency Act (BIA) or the
Companies Creditors Arrangement Act (CCAA) - federal
legislation that governs the restructuring of larger or complex
corporate entities - could provide municipalities with much needed
flexibility to restructure their affairs and recover from the
financial difficulties caused by the pandemic.
A northern Ontario university is filing for creditor protection amid “unprecedented” financial challenges, as the province warned it may introduce legislation granting it greater oversight of every university s finances.