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Bill C-55 Rammed through House...

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    Posted: 22/November/2005 at 10:49pm

Bill C-55 was adopted by the House Monday afternoon, November 21, 2005, under a special House Order. The Bill will move to the Senate on Tuesday, November 22, 2005. The intention is to have the Senate complete its examination by the end of the week to enable the Bill to receive Royal Assent before the non confidence vote in the House, expected on Monday, November 28, 2005.

Ramming the bill through like this means that numerous representations made for amendments to the bill are being ignored. One of the submissions that is being ignored is the one by the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). The CAIRP would have put forth representations that:

Student Loans are still to harsh. The bill, which reduces from 10 years to 7 years the time a student has to wait until his or her debt can be erased, is still too draconian. The CAIRP would have urged that cases of hardship should be dealt with at the bankrupt's discharge hearing, with the court being given express authority under the BIA to grant full or partial relief.

“Under the BIA , student loans are among the few debts that are not erased by bankruptcy,” said Alan Spergel, Vice Chair of CAIRP. “The only others are court-ordered fines for personal injury and wrongful death as well as spousal support orders. It is completely unfair to place former students on the same footing as O.J. Simpson and deadbeat dads.”
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