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Court grants pandemic relief to debtors

June 18, 2021

first_img Virtual meetings to continue post-pandemic in B.C. The court-ordered relief includes allowing debtors to miss an additional three payments under consumer proposals between March 13 and Dec. 31, 2020, before they are considered in default.The Office of the Superintendent of Bankruptcy (OSB) said that applications for similar relief are scheduled to be heard by courts in other provinces and territories in the next couple of days.The ruling follows the recent announcement that the Canada Revenue Agency (CRA) won’t force debtors that are facing financial hardship due to the pandemic into bankruptcy. Businessman drowning in the sea and asks for help 123RF Finance Department reports preliminary deficit of $314B for last fiscal year Keywords Pandemics,  Debt,  Bankruptcy Related news Share this article and your comments with peers on social media James Langton Consumer debt driven by new mortgages, but credit card debt at six-year low An Ontario court has granted a motion from the federal Superintendent of Bankruptcy to provide debtors with greater flexibility to meet their repayment obligations under insolvency proposals.Following a motion from the superintendent, the Ontario Superior Court of Justice issued an order that will give residents of Ontario who have filed for insolvency more latitude to meet their repayment requirements during the Covid-19 pandemic. Facebook LinkedIn Twitterlast_img

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