Overview
1.1 Where would you place your jurisdiction on the spectrum of debtor- to creditor-friendly jurisdictions?
Canada is a relatively debtor-friendly jurisdiction. Canadian insolvency legislation provides creditors and other stakeholders with broad rights, remedies and protections within a framework that enables financially distressed debtors to remain in possession of their assets and restructure their affairs under court supervision. Canadian courts have consistently interpreted the primary policy objective of Canadian insolvency legislation as facilitating restructurings where possible to avoid the significant social and economic consequences of bankruptcy or liquidation.
Insolvency is a matter of federal jurisdiction in…