GREY:IVITF - Post by User
Comment by
CommodityCowboyon Apr 07, 2020 9:47am
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Post# 30886157
RE:RE:loan might be available???
RE:RE:loan might be available??? Q: Is a company that has filed for protection from its creditors under the Companies' Creditor Arrangement Act ("CCAA") in receivership or bankruptcy?
A: In a word, no. A company (also referred to as the "Debtor") that has filed under the CCAA for protection from its creditors is not in receivership or bankruptcy. Rather, it has filed under the CCAA in order to devise a plan of restructuring and compromise for its creditors that avoids the company going into receivership or bankruptcy, with a view to keeping the Debtor company operating, increasing the amount that may ultimately be paid to creditors and preserving the Debtor's employees' jobs.