Mr. Speaker, in response to (a), in respect to the insolvency provisions of Bill C-12, An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act, the Wage Earner Protection Program Act and chapter 47 of the Statutes of Canada, 2005, the act, there are numerous steps that need to be completed to issue an order of the governor in council for the sections of this act to come into force.
First, the necessary regulations must be in place. In this regard, the Office of the Superintendent of Bankruptcy, OSB, must consult with stakeholders in order to draft regulations for the Bankruptcy and Insolvency Act, BIA, and the Companies’ Creditors Arrangement Act, CCAA. The OSB will need to prepare a regulatory package which includes the triage questionnaire, the regulatory impact analysis statement, the draft regulations, a communications plan, a supplementary note, a notice of pre-publication, a letter of transmittal addressed to the Assistant Clerk of the Privy Council, and a draft ministerial recommendation. Once the regulatory package has been approved by the Department of Justice and the Minister of Industry, it has to be approved by the Privy Council Office and Treasury Board, TB. The regulations need to be pre-published in part I of the Canada Gazette for a period of 30 days. The OSB will then need to update the regulatory package and include a draft order in council. Once the package has received approval, the regulations will need to be approved by the governor in council, registered, published in part II of the Canada Gazette.
In addition to preparing regulations under the BIA and CCAA, the OSB will need to amend forms and directives under the BIA, update their computer systems, and offer information to trustees in bankruptcy who are responsible for the day to day operations of the BIA. For the issuance of an order of the governor in council for the sections of this act to come into force, Industry Canada will also have to prepare an order in council package. After approval at the TB meeting, the order in council will need to be sent to the Governor General for signature. The order in council will be effective on the date set forth in the document.
In response to (b), certain transitional provisions of Bill C-12 came into force upon royal assent on December 14, 2007. However, most of chapter 47, as amended by Bill C-12, will come into force on a day or days fixed by the governor in council, which is expected to be within six to 12 months of royal assent of Bill C-12.
The OSB, which is responsible for regulations under the BIA and CCAA, requires this time to prepare regulations, revise certain directives, and revise forms and prepare new ones. In addition, the OSB needs to update their computer systems to implement the legislative reform. The OSB will also need to develop a new computer system to fulfill its role as depository for CCAA filings and to assist in the superintendent’s new role to oversee the conduct of monitors. Furthermore, the OSB will need to train their staff and offer information to trustees in bankruptcy who are responsible for the day to day operations of the BIA.