Law Publications
Title
The Winding-Up and Restructuring Act: Realigning Insolvency Law’s Orphan to the Modern Insolvency Law Process
Document Type
Article
Publication Date
2008
Volume
24
Issue
1
Journal
Banking & Finance Law Review
First Page
235
Last Page
270
Abstract
The Winding-Up and Restructuring Act (WURA) is an important pan of Canada's insolvency law structure. Insolvent banks and insurance companies may only be liquidated under WURA and are excluded from the Bankruptcy and Insolvency Act (BIA) and the Companies' Creditors Arrangement Act (CCAA). However, WURA has been neglected and many of its provisions reflect its nineteenth century origins. The most recent round of insolvency reforms in S.C. 2005, c. 47 and S.C. 2007, c. 36 do not make any substantive changes to WURA. BIA and CCAA have been modernized over time; WURA is the orphan of insolvency law reform.
The article examines whether WURA should remain a distinct statute and if so, whether it should be limited to financial institutions. The article considers specific areas of reform in relation to pre-bankruptcy transactions, the role of inspectors, preferred claims and Crown priority.
Citation of this paper:
Thomas Telfer & Bruce Welling, “The Winding-Up and Restructuring Act: Realigning Insolvency Law’s Orphan to the Modern Insolvency Law Process” (2008) 24 Banking & Finance Law Review 235-270.
