When will the new bankruptcy law which will exempt RRSP’s come into effect?
New Law
Posted on Wednesday, November 29, 2006
posted by Questions @ 2:40 pm
1 Expert Comment:
At December 5, 2006 |
12:30 pm
, Barton Goth, GCO Inc. Bankruptcy Trustees Said...
The new laws (formally Bill C-55, now c-47) was passed by the House of Commons on November 21, 2005, and by the Senate on November 25, 2005. However, in their haste to push this legislation thought prior to the last federal election, they dispensed with Committee hearings and have approved legislation that has some questionable practical implications. As a result the enacting of this legislation has been put on hold. While we both believe that the majority of changes within the legislation are positive and expect this legislation to be enacted subsequent to some legislative refining, the question is when. The latest direction we have received from our professional association (Canadian Association of Insolvency and Restructuring Professionals) is that it highly unlikely that these changes will be proclaimed prior to 2007.
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