The Winding-Up and Restructuring Act: Realigning Insolvency's Orphan to the Modern Law Reform Process

Banking & Finance Law Review, Vol. 24, p. 233, 2008

36 Pages Posted: 3 Dec 2008 Last revised: 12 Dec 2008

See all articles by Bruce L. Welling

Bruce L. Welling

University of Western Ontario

Thomas G. W. Telfer

University of Western Ontario

Date Written: September 1, 2008

Abstract

The Winding-Up and Restructuring Act (WURA) is an important part of Canada's insolvency law structure. Insolvent banks and insurance companies may only be liquidated under WURA and are excluded from the Bankruptcy and Insolvency Act (BIA) and the Companies' Creditors Arrangement Act (CCAA). However, WURA has been neglected and many of its provisions reflect its nineteenth century origins. The most recent round of insolvency reforms in S.C. 2005, c. 47 and S.C. 2007, c. 36 do not make any substantive changes to WURA. BIA and CCAA have been modernized over time; WURA is the orphan of insolvency law reform. The article examines whether WURA should remain a distinct statute and if so, whether it should be limited to financial institutions. The article considers specific areas of reform in relation to pre-bankruptcy transactions, the role of inspectors, preferred claims and Crown priority.

Suggested Citation

Welling, Bruce L. and Telfer, Thomas G. W., The Winding-Up and Restructuring Act: Realigning Insolvency's Orphan to the Modern Law Reform Process (September 1, 2008). Banking & Finance Law Review, Vol. 24, p. 233, 2008, Available at SSRN: https://ssrn.com/abstract=1309703

Bruce L. Welling

University of Western Ontario ( email )

1151 Richmond Street
Suite 2
London, Ontario N6A 5B8
Canada

Thomas G. W. Telfer (Contact Author)

University of Western Ontario ( email )

1151 Richmond Street
Suite 2
London, Ontario N6A 5B8
Canada

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