Rescue! The Companies' Creditors Arrangement Act, 2nd ed

The Companies' Creditor Arrangement Act (CCAA) is an extraordinary statute, enabling insolvent companies and other forms of business enterprise to restructure to survive. It has been used in every major Canadian restructuring in the past quarter century. The going-forward solution to a firm's financial distress depends on the reasons for insolvency, the firm's capital structure, viability of its business plan, effectiveness of its directors and officers, and the availability of capital to refinance or purchase the business. Insolvency law is an indispensable component of commercial economies and regulates governance of the insolvent company during the key period of decision-making regarding its future. Insolvency law also plays a broad social and economic role in overall economic planning, preservation of employment, pensions and credit relationships, and the public interest in economic activity that the survival of companies generates. Globalization pressures can make these determinations complex because the decision is often layered with whether there is a national interest in preserving particular types of economic activity within Canada. This book offers a comprehensive analysis of current and expected developments in this area of law.