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House Bill

Bill C-309

44th Parl. 1st Sess.
December 01, 2022
An Act to amend the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act (public institutions)
  • Bill C-309 is a proposed law that would change the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act. The purpose of the bill is to exempt certain public institutions from these acts. Public institutions that receive government operating grants and are subject to federal or provincial policy directives and operating procedures related to governance, accountability, finance, and administration would be excluded from the application of these acts. This means that these public institutions would not have to follow the bankruptcy and insolvency rules that other companies and organizations are required to follow.
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SteelmanSpren in Favour

  • A steelman argument in favor of Bill C-309, An Act to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (public institutions), could be: This bill seeks to exclude certain public institutions from the application of the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act. The purpose of this amendment is to recognize the unique nature of public institutions that receive government operating grants and are subject to federal or provincial policy directives and operating procedures related to governance, accountability, finance, and administration. By excluding these public institutions from these acts, it acknowledges that they operate under a different set of regulations and oversight compared to private corporations. Public institutions have additional obligations and responsibilities towards the government and the public they serve. They often have a mandate to provide public

SteelmanSpren Against

  • Steelman argument opposing Bill C-309: One argument against Bill C-309 is that it creates a double standard by excluding public institutions from bankruptcy and insolvency laws. These laws are in place to provide a fair and orderly process for all parties involved in insolvency proceedings, regardless of whether they are public or private entities. By exempting public institutions, it could be argued that they are being given preferential treatment, which undermines the principles of equality and fairness in the legal system. Furthermore, excluding public institutions from bankruptcy and insolvency laws could result in a lack of accountability and transparency. These laws are designed to ensure that all stakeholders, including creditors and taxpayers, have a say and are protected in the event of insolvency. By exempting public institutions, it could be argued that they are able to avoid public scrutiny and accountability for their fin
House First Reading
  • Dec. 1, 2022, 10 a.m.
  • In Progress
  • Read