The federal Bankruptcy and Insolvency Act is not intended to
A) reorganize and preserve the debtor's business.
B) release debtor from obligations and give him a fresh start.
C) provide an equitable distribution to creditors.
D) establish uniform proceedings throughout the country.
E) be a model for provincial bankruptcy legislation.

Question

Quizplus · Accepted Answer

The federal Bankruptcy and Insolvency Act is not intended to be a model for provincial bankruptcy legislation. The Act applies only to federally licensed insolvency trustees and is therefore not binding on provinces when they develop their own bankruptcy legislation.

The Federal Bankruptcy and Insolvency Act Is Not Intended to