Reinventing Bankruptcy Law: A History of the Companies’ Creditors Arrangement Act
Reinventing Bankruptcy Law explodes conventional wisdom about the history of the Companies’ Creditors Arrangement Act and in its place offers the first historical account of Canada’s premier corporate restructuring statute. The book adopts a novel research approach that combines legal history, socio-legal theory, ideas from political science, and doctrinal legal analysis. Meticulously researched and multi-disciplinary, Reinventing Bankruptcy Law provides a comprehensive and concise history of CCAA law over the course of the twentieth century, framing developments within broader changes in Canadian institutions including federalism, judicial review, and statutory interpretation.
Examining the influence of private parties and commercial practices on lawmaking, Virginia Torrie argues that CCAA law was shaped by the commercial needs of powerful creditors to restructure corporate borrowers, providing a compelling thesis about the dynamics of legal change in the context of corporate restructuring. Torrie exposes the errors in recent case law to devastating effect and argues that courts and the legislature have switched roles – leading to the conclusion that contemporary CCAA courts function like a modern day Court of Chancery. This book is essential reading for the Canadian insolvency community as well as those interested in Canadian institutions, legal history, and the dynamics of change.
- World Rights
- Page Count: 240 pages
- Dimensions: 6.0in x 1.0in x 9.0in
Author InformationVirginia Torrie is an assistant professor in the Faculty of Law at the University of Manitoba, and serves as Editor-in-Chief of the Banking and Finance Law Review.
Table of contents
Figures and Tables
1. Historical Institutionalism and the Recursivity of Law
Part One: 1920s–1950s
2. Corporate Restructuring as a Bondholder Remedy
3. Enshrining a Bondholder Remedy in Federal Legislation
4. Constitutional References and Changing Conceptions of Federalism: 1934–1937
5. Efforts to Repeal the Companies’ Creditors Arrangement Act: 1938–1953
Part Two: 1970s–2000s
6. New Lenders, New Forms of Lending, and Stalled Bankruptcy Reforms: 1970s–1980s
7. Purposive Interpretation and Proactive Judging: 1980s–1990s
8. Judicial Sanction of “Tactical Devices”
9. Formalizing a Modern “Debtor-in-Possession” Restructuring Narrative
Subjects and Courses