Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 19 - Minutes of Proceedings

OTTAWA, Thursday, May 8, 2003
(30)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day at 11:05 a.m., in room 505, Victoria Building, the Chair, the Honourable Senator Kolber, presiding.

Members of the committee present: The Honourable Senators Biron, Hervieux-Payette, P.C., Kelleher, P.C., Kolber, Kroft, Moore, Oliver and Setlakwe (8).

In attendance: From the Parliamentary Research Branch, Library of Parliament: Ms. June Dewetering, Acting Principal, Economic Division and Mr. Yoine Goldstein, Counsel to the Committee.

Pursuant to the Order of Reference adopted by the Senate on Tuesday, October 29, 2002, the committee continued its examination on the administration and operation of the Bankruptcy and Insolvency Act and the Companies' Creditors Arrangement Act.

WITNESSES:

From The Insolvency Institute of Canada and The Canadian Association of Insolvency and Restructuring Professionals:

On Commercial Insolvency Reform:

Mr. Larry Prentice, CAIRP Chair; Trustee in bankruptcy, CIRP (Chartered Insolvency and Restructuring Professionals) and CA-CIRP (CA specialist in insolvency and restructuring);

Mr. Jean-Yves Fortin, President, IIC, Lawyer;

Mr. Andy Kent, IIC Board member, Lawyer.

On Personal Insolvency Reform:

Mr. William Courage, Vice-Chair, CAIRP, Trustee in bankruptcy, CIRP (Chartered Insolvency and Restructuring Professionals) and CA-CIRP (CA specialist in insolvency and restructuring);

Mr. Alan Spergel, Co-Chair, CAIRP, Personal Insolvency Practice Committee, Trustee in bankruptcy, CIRP (Chartered Insolvency and Restructuring Professionals) and CA-CIRP (CA specialist in insolvency and restructuring);

Mr. Stéphane LeBlond, Vice-Chair, CAIRP Personal Insolvency Practice Committee, Trustee in bankruptcy, CIRP (Chartered Insolvency and Restructuring Professionals) and CA;

Mr. George Lomas, Member, IIC Personal Insolvency Committee, Trustee in bankruptcy, FCA, FCIRP (Chartered Insolvency and Restructuring Professionals) and CA-CIRP (CA specialist in insolvency and restructuring).

Mr. Prentice, Mr. Fortin and Mr. Kent made a statement and, with Mr. LeBlond, answered questions.

At 12:15 p.m., the committee suspended its sitting.

At 12:30 p.m., the committee resumed its sitting.

Mr. Courage, Mr. LeBlond, Mr. Lomas and Mr. Spergel made a statement and answered questions.

At 1:20 p.m., the committee adjourned to the call of the Chair.

ATTEST:

Denis Robert

Clerk of the Committee