Bankruptcy and Insolvency Act

Marginal note:Act to apply

• 66 (1) All the provisions of this Act, except Division II of this Part, in so far as they are applicable, apply, with such modifications as the circumstances require, to proposals made under this Division.

• Marginal note:Effect of Companies' Creditors Arrangement Act

  (2) Notwithstanding the Companies' Creditors Arrangement Act,

  • (a) proceedings commenced under that Act shall not be dealt with or continued under this Act; and

  • (b) proceedings shall not be commenced under Part III of this Act in respect of a company if a compromise or arrangement has been proposed in respect of the company under the Companies' Creditors Arrangement Act and the compromise or arrangement has not been agreed to by the creditors or sanctioned by the court under that Act.