Roderick J. Wood

The scope of insolvency law is vast, impacting nearly every area of private law. Once insolvency proceedings are initiated, rights established in other legal fields can no longer be enforced through ordinary civil processes but must be addressed through specialized insolvency proceedings, often altering the nature of those rights. From the Canadian blood supply system and national airlines to the recovery of victims of mass torts, Bankruptcy and Insolvency Law illustrates how insolvency law influences the fate of individuals, businesses, and entire communities. The third edition offers an in-depth examination of the full spectrum of Canadian bankruptcy and insolvency systems, exploring their structure, objectives, and guiding principles. This edition provides an analysis of the most recent developments in insolvency law such as the new duty of good faith, reverse vesting orders, litigation funding, and the judicial power to make orders in national receivership proceedings. It also introduces a new chapter on the future of Canadian insolvency law, highlighting the challenges in the current system and the need for reform. Bankruptcy and Insolvency Law demonstrates how insolvency law shapes not only legal outcomes but also the very foundation of our economic and social systems.

This book examines the legal framework that governs bankruptcy and insolvency law in Canada. It is organized in a way that illuminates the structure of insolvency law, its aims and objectives, and its foundational principles. This edition takes into account the recent caselaw on the extensive 2009 amendments to the federal insolvency statutes, and examines several new Supreme Court of Canada decisions. Additionally, new topics, such as the anti-deprivation principle in bankruptcy law and the use of arrangements by insolvent corporations, are introduced. The book will appeal to judges, seasoned insolvency lawyers, and insolvency professionals as well as to students and others new to the field. The new edition of this book takes account of the numerous judicial decisions that have interpreted the 2009 amendments to the federal insolvency statutes; discusses the major Supreme Court of Canada decisions on insolvency law rendered over the past five years, including Century Services Inc v Canada (Attorney General) (the exercise of judicial authority under the CCAA); Schreyer v Schreyer (matrimonial property law and bankruptcy); Newfoundland and Labrador v AbitibiBowater Inc (environmental remediation claims); and Sun Indalex Finance, LLC v United Steelworkers (pension rights and fiduciary obligations); and contains new sections on important topics including the anti-deprivation rule of bankruptcy law; roll-ups, stalking horse bids, credit bids and third party releases in restructuring proceedings; and the use of Canada Business Corporations Act arrangements by insolvent corporations.