Comparative Consumer Insolvency Regimes: A Canadian by Jacob S Ziegel

By Jacob S Ziegel

All sleek criminal platforms inside of complex economies needs to deal with the query of ways to reply to the desires of bancrupt shoppers whose burden of debt significantly exceeds their capability to pay off inside an inexpensive timeframe. This learn surveys relatively the insolvency regimes presently in position or more likely to be followed within the foreseeable destiny in Canada, the U.S., Australia, England and Wales, Scotland, Scandinavia and a consultant crew of Western nations at the continent of Europe. smooth criminal structures have easy possible choices in offering reduction for over-committed shoppers. the 1st, which comprises limiting the enforcement of person creditor treatments is a technique with which this examine isn't really involved. the place the patron is heavily bancrupt and owes cash to many collectors, a distinct procedure is needed - a collective option to debtor's difficulties - and this, the answer supplied through sleek insolvency structures, is the point of interest of this research.

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In theory at any rate, Canadian bankruptcies are creditor driven and the judicial role is minimised. At the apex of the administrative hierarchy sits the 30 This author was one of the dissenters. The Task Force’s draft recommendations were considered in a discussion paper prepared by the Policy Sector of Industry Canada in May 2002. This was followed by a series of public consultations across Canada in the spring of 2002 to receive feedback on the discussion paper, including the Task Force’s draft recommendations.

Modern legal systems have two basic alternatives in providing relief for overcommitted consumers. One alternative is to impose restrictions on the enforcement of individual creditor remedies, for example, by exempting from seizure household furnishings, tools of the trade, and other essential items required by the debtor for the support of the debtor and the debtor’s family and the gaining of a livelihood, by restricting the percentage of the debtor’s salary that may be garnisheed and by prohibiting wage assignments.

The specific exemptions and exemption levels recommended in the Report are:69 66 The availability of the exemption is a strong incentive to insolvent debtors to convert liquid assets to an insurance annuity shortly before declaring bankruptcy. This has been held to be a voidable settlement but is nevertheless protected as provincially exempt property under BIA, s 67(1)(b). See Ramgotra (Trustee of) v North American Life Assurance Co (1996) 132 DLR (4th) 193 (SCC). 67 RRSPs enjoy a privileged tax treatment but can be collapsed before maturity, in which case they become fully taxable.

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