C-55 actual wording
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Topic: C-55 actual wording
Posted By: administrator
Subject: C-55 actual wording
Date Posted: 24/November/2005 at 11:26pm
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Here's the actual wording:
(2) Subparagraph 178(1)(g)(ii) of the Act is replaced by the following: (ii) within seven years after the date on which the bankrupt ceased to be a full- or part-time student; or (3) Subsection 178(1.1) of the Act is replaced by the following: Court may order non-application of subsection (1) (1.1) At any time after five years after a bankrupt who has a debt referred to in paragraph (1)(g) ceases to be a full- or part-time student, as the case may be, under the applicable Act or enactment, the court may, on application, order that subsection (1) does not apply to the debt if the court is satisfied that (a) the bankrupt has acted in good faith in connection with the bankrupt’s liabilities under the debt; and (b) the bankrupt has and will continue to experience financial difficulty to such an extent that the bankrupt will be unable to pay the debt. |
Replies:
Posted By: Pretzel
Date Posted: 18/October/2007 at 6:04am
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This parliementary session, the new version of the bill to amend to the BIA regarding student debt is bill c-228. It is deemed accepted at all stages prior to prorogation and is supposed to come into force when it receives royal assent. ------------- "You will not post derogatory remarks or hate messages about any person or organization. You will not post any message that could be percieved as a threat to any person or organization." |
Posted By: SolveStudentDebt
Date Posted: 18/October/2007 at 8:56am
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The thing to look out for now would be changes to the guidelines that are in place regarding the assessment and diagnosis of hardship that the government has in place. The liklihood that the Crown will take the position of a more strict assessment of borrowers would be quite high. Johnny ------------- Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting. http://www.solvestudentdebt.com" rel="nofollow - solvestudentdebt.com |
Posted By: Pretzel
Date Posted: 18/October/2007 at 10:57pm
I would expect a tightening with the hardship criteria as well, especially if it goes down to two years as is stipulated in the first reading. they likely won't make it very easy. Here's hoping the notion of time served will mean something. 
On the other hand, this is likely to pass given the minority status of the tory govt, unless an opposition party starts acting cute about it.
But at this point nothing will suprise us with these people.
Thanks to Alexa Mcdonough for still entertaining a thought about the issue and introducing this new bill. ------------- "You will not post derogatory remarks or hate messages about any person or organization. You will not post any message that could be percieved as a threat to any person or organization." |