Sentences with phrase «bia clearly»

The SCC decided the provincial legislation and the federal BIA clearly conflict — and can't operate concurrently: one provides for the release of all claims provable in bankruptcy, while the other disregards this release and allows for the use of a debt enforcement mechanism to exclude a discharge in bankruptcy.

Finally, section 72 (1) of the BIA clearly states that Parliament explicitly recognizes the continued operation of provincial law, except to the extent it is inconsistent with the BIA.

Not exact matches

The issue here is that while the priorities of deemed trusts in relation to secured creditors under the BIA might be clearly set out, it is not the case under the CCAA, another federal statute.

While the BIA provision clearly lays out the treatment of deemed trusts in favour of the Crown, issues can arise with deemed trusts that arise in favour of parties other than the Crown, such as those arising under pension legislation.

After reviewing the structure and policy behind the BIA, including the fact that there are some legislated exemptions to its application, the Court found that the proper interpretation of the BIA involves accepting the principle that every debt is encompassed by the bankruptcy, and — upon discharge — the bankrupt is released from all of them unless an exemption or exclusion clearly applies.