Proceedings of the Standing Senate Committee on
Banking, Trade and
Commerce
Issue 13 - Minutes of Proceedings
OTTAWA, Thursday, October 31, 1996
(24)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 11:05 a.m. in room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.
Members of the committee present: The Honourable Senators Angus, Hervieux-Payette, P.C., Kelleher, P.C., Kirby, Meighen, Oliver and Perreault, P.C. (7)
In attendance: From the Research Branch of the Library of Parliament, Mr. Gerald Goldstein, Director, Economics Division and Ms. Margaret Smith, Research Officer, Law and Government.
Also present: The official reporters of the Senate.
WITNESSES:
From the Canadian Bar Association:
Mr. Russell W. Lusk, President;
Ms Alison Manzer, Chair, Committee on Financial Institution Legislative Reform; and
Mr. John D.V. Hoyles, Executive Director.
From the Canadian Institute of Chartered Accountants:
Mr. Michael H. Rayner, President;
Mr. William Broadhurst, Chair, Legal Liability Task Force; and
Mr. Ron Gage, Past Chairman.
Pursuant to the Order of Reference adopted by the Senate on Thursday, March 21, 1996, the committee resumed its examination into the state of the financial system in Canada and in particular the question of professional liability.
Messrs Hoyles and Lusk and Ms Manzer made opening statements and then answered questions.
Messrs Rayner, Broadhurst and Gage made opening statements and then answered questions.
It was agreed -- THAT a subcommittee of the full committee would travel to London, England, during the week of November 18th, on a fact-finding mission to hear from Professor Burrows, the author of a feasibility study on the question of joint and several liability, as well as from underwriters and brokers from the international insurance markets.
At 12:25 p.m. the committee adjourned to the call of the Chair.
ATTEST:
OTTAWA, Monday, November 4, 1996
(25)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day at 5:05 p.m. in room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.
Members of the committee present: The Honourable Senators Angus, Hervieux-Payette, P.C., Kenny, Kirby and Meighen. (5)
In attendance: From the Research Branch of the Library of Parliament, Mr. Gerald Goldstein, Director, Economics Division and Ms Margaret Smith, Research Officer, Law and Government.
Also present: The official reporters of the Senate.
WITNESSES:
From the Department of Industry:
Mr. David Tobin, Director General, Corporate Governance Branch;
Mr. Marc Mayrand, Superintendent of Bankruptcy;
Mr. Jacques Hains, Director, Corporate Law Policy Directorate;
Mr. Gordon Marantz, Legal Advisor to the Department; and
Mr. Max Mendelsohn, Legal Advisor to the Department.
Pursuant to the Order of Reference adopted by the Senate on Thursday, October 31, 1996, the committee considered Bill C-5, An Act to amend the Bankruptcy and Insolvency Act, the Companies' Creditors Arrangement Act and the Income Tax Act.
Mr. David Tobin made an opening statement and then along with the other witnesses answered questions.
At 7:45 p.m. the committee adjourned to the call of the Chair.
ATTEST:
Paul Benoit
Clerk of the Committee