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| Timothy Dunn |
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| Stephen Skorbinski |
As we promised in our first article in this series, we will now discuss the advantages available to municipalities if it is determined that they can rely upon Canadas insolvency legislation to restructure their affairs.
If applicable, the Bankruptcy and Insolvency Act (BIA) or the Companies’ Creditors Arrangement Act (CCAA) federal legislation that governs the restructuring of larger or complex corporate entities could provide municipalities with much needed flexibility to restructure their affairs and recover from the financial difficulties caused by the pandemic.
It is important to note that bankruptcy often confused with the concept of insolvency is a legal status carrying with it specif…
Read the full article at: https://www.thelawyersdaily.ca/business/articles/23894/the-pandemic-and-municipal-insolvency-part-two