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is Bill C-55 coming inforce at June 30th?

i Wonder when Bill C-55 will be coming in force.
Also when it takes effect, are they going to give a grace period for people to file according to the old law?

Thanks

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One Response to “is Bill C-55 coming inforce at June 30th?”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

The time-frame for Bill C-55 is a huge question mark (and for reference they have now renamed it to Bill C-47). As it stands there is a great deal of work to the bill that needs to be done in order to make it functional, and the latest word is that this process has not even begun. As a result the best thing I can provide is the direction that my association has given Trustee’s and that is to not expect it to come into effect until at least 2007 at the very earliest, and the tone of the comments made it sound like they would not be surprised if it was substantially longer than that. As for a grace period, the way the legislation reads right now there is not, but that is something that will hopefully be explored as they are fixing some of the practical problems with the Bill itself.