New Bankruptcy Laws

November 28th, 2005 by Questions

I filed for bankruptcy on Nov. 25th, 2005 based on recommendations from a number of sources and as a result of new laws that were being debated in Parliment. As it happens, the new bankruptcy law (Bill C-55) received Royal Assent at 4:57PM on Nov. 25th.
I was told that the new laws won’t go into affect until June, 2006. Is this true? What if my filing was before 4:57 of that day?


One Response to “New Bankruptcy Laws”

, A licensed trustee said:

You are correct that Bill C-55 received Royal Assent on November 25, 2005. However, we do not expect the law to come into force until June, 2006; the exact date is not yet known. We also do not know what transitional provisions will be inacted (for people who went bankrupt before the rules change, but who are not discharged before the rules change).

While I do not yet know the answer to your question, I suspect that because you went bankrupt before June, 2006, your bankruptcy will be administered under the old rules.

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