Preface to the second edition

AuthorRoderick J. Wood
to the Second Edition
Canadian ba nkruptcy and insolvency law continues to evolve at a rapid
pace. However, there has been a signif‌icant shift in the type of legal
change that has predominated. When the f‌irst edition of thi s book was
published in 2009, a sweeping set of amendments had been enacted
in 2005 and 2007 but had not yet come into force. The f‌irst edition
incorporated these statutory changes in the anticipation that they
would soon be proclaimed into force, and this was indeed how events
unfolded. Although Industry Canada completed a statutory review in
2014, the next step in the process will involve a parliamentary commit-
tee review and report. As a cons equence, no legislative amendments are
on the immediate horizon. The recent developments in the law h ave
therefore had their source prima rily in the decisions of the courts. Over
the past six years since the publication of the f‌irst edition, numerous
judicial decisions have inter preted the new legislative provisions and
have greatly enhanced our understanding of how these provisions will
operate in actual legal context.
In addition to the work of interpreting new and untested legi slative
provisions, there has been signif‌icant judicia l development of principle
and doctrine. The Supreme Court of Canada ha s been at the forefront
of this process. In 2010, the Court rendered its important decision in
Century Services Inc v Canada (AG)1 that explored the exercise of judi-
cial authority under the Companies’ Creditors Arrangement Act (CCAA).

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