Date of Award


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Prof. Thomas G.W. Telfer


This thesis examines the Companies ’ Creditors Arrangement Act (CCAA), the statute of choice in Canada for large, corporate restructurings. Specifically, this thesis asks whether it is appropriate to effect liquidations under the CCAA. The use of the CCAA to effect liquidations is controversial and raises fundamental questions about the purposes of restructuring. This thesis addresses the issue of liquidating CCAAs by examining the history, purpose and place of the CCAA within Canada’s bankruptcy and insolvency regime. This analysis seeks to clarify the underlying policy objectives of the CCAA, taking into account modem restructuring theory, jurisprudence, and the 2009 amendments to the CCAA dealing with the court approval of asset sale plans. This analysis concludes by suggesting that counsel and the courts must consider carefully the “public interest” purpose of the CCAA that is often engaged in liquidations under the Act.



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