{"id":9342,"date":"2020-05-25T19:00:48","date_gmt":"2020-05-25T23:00:48","guid":{"rendered":"http:\/\/www.irasmithinc.com\/blog\/?p=9342"},"modified":"2020-05-25T17:07:48","modified_gmt":"2020-05-25T21:07:48","slug":"debt-relief-canada-covid","status":"publish","type":"post","link":"https:\/\/irasmithinc.com\/blog\/debt-relief-canada-covid\/","title":{"rendered":"HOW TO USE DEBT RELIEF CANADA COVID TO ACHIEVE THE BENEFIT OF MORE TIME"},"content":{"rendered":"<p style=\"text-align: center;\"><span style=\"color: #993300;\"><b><a href=\"https:\/\/www.google.com\/maps\/place\/Ira+Smith+Trustee+%26+Receiver+Inc.\/@43.808316,-79.5366937,17z\/data=!3m1!4b1!4m5!3m4!1s0x882b2f0ae005a70f:0x7fde3a2e744a0e1c!8m2!3d43.808316!4d-79.534505\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-9348\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2020\/05\/debt-relief-canada-covid.jpg\" alt=\"debt relief canada covid\" width=\"1280\" height=\"720\" title=\"\" srcset=\"https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/05\/debt-relief-canada-covid.jpg 1280w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/05\/debt-relief-canada-covid-300x169.jpg 300w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/05\/debt-relief-canada-covid-1024x576.jpg 1024w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/05\/debt-relief-canada-covid-768x432.jpg 768w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/05\/debt-relief-canada-covid-500x281.jpg 500w, https:\/\/irasmithinc.com\/blog\/wp-content\/uploads\/2020\/05\/debt-relief-canada-covid-1200x675-cropped.jpg 1200w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><\/a>The <\/b><a style=\"color: #993300;\" href=\"https:\/\/www.irasmithinc.com\/\"><b>Ira Smith Team<\/b><\/a><b> is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.<\/b><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #993300;\"><b>Stay healthy, well balanced and safe and secure everyone.<\/b><\/span><\/p>\n<p style=\"text-align: center;\"><strong>If you wish to listen to the audio version of this debt relief Canada COVID Brandon&#8217;s Blog, please scroll to the bottom and click play on the podcast<\/strong><\/p>\n<h2 id='debt-relief-canada-covid-introduction'  id=\"boomdevs_1\"><span style=\"color: #00ccff;\"><b>Debt relief Canada COVID introduction<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">I have written before many blogs about <\/span>debt relief in Canada and <b>debt relief Canada COVID<\/b><span style=\"font-weight: 400;\">.\u00a0 I have written about:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Personal insolvency &#8211;\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/debt-problems-8-mistakes-to-avoid-when-you-are-having-money-problems\/\"><span style=\"font-weight: 400;\">Debt settlement<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/consumer-proposals-in-ontario\/\"><span style=\"font-weight: 400;\">Consumer Proposal<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Division I Proposal<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/bankruptcy-in-canada-personal-bankruptcy\/\"><span style=\"font-weight: 400;\">Bankruptcy<\/span><\/a><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Corporate insolvency<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bankruptcy protection <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/insolvency-trustee-toronto\/\"><span style=\"font-weight: 400;\">restructuring<\/span><\/a><span style=\"font-weight: 400;\">, both under the <\/span><i><span style=\"font-weight: 400;\">Companies\u2019 Creditors Arrangement Act<\/span><\/i><span style=\"font-weight: 400;\"> (Canada) and the <\/span><i><span style=\"font-weight: 400;\">Bankruptcy and Insolvency Act<\/span><\/i><span style=\"font-weight: 400;\"> (Canada)<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/redwater-alberta-news-1-7-billion-cleanup-orphan-wells\/\"><span style=\"font-weight: 400;\">Receivership<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Liquidation<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/divorce-debt-equalization-bankruptcy\/\"><span style=\"font-weight: 400;\">Bankruptcy<\/span><\/a><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Debt relief Canada COVID specific:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/canada-emergency-wage-subsidy\/\"><span style=\"font-weight: 400;\">Personal insolvency<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/canada-emergency-wage-subsidy\/\"><span style=\"font-weight: 400;\">Corporate insolvency<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Office of the Superintendent of Bankruptcy (OSB) going to court in every province to get<\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/office-superintendent-bankruptcy-canada\/\"><span style=\"font-weight: 400;\"> timelines extended<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Now the federal government has drafted legislation to guarantee that Canadians, as well as Canadian companies, have the ability to meet governing time frames and target dates found in federal statutes.\u00a0 Some key target dates for debt relief Canada COVID found in the <\/span><a href=\"https:\/\/laws-lois.justice.gc.ca\/eng\/acts\/b-3\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BIA<\/span><\/a><span style=\"font-weight: 400;\"> and other statutes, such as the <\/span><a href=\"https:\/\/laws-lois.justice.gc.ca\/eng\/acts\/L-2\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Canada Labour Code<\/span><\/a><span style=\"font-weight: 400;\">, given the COVID-19 pandemic and the courts essentially being shut down and only hearing emergency matters.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this Brandon\u2019s Blog, I discuss the proposed <\/span><i><span style=\"font-weight: 400;\">Time Limits and Other Periods Act (COVID-19)<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 The purpose of this proposed statute will aid debt relief Canada COVID.<\/span><\/p>\n<h2 id='canadian-department-of-justice-concerns'  id=\"boomdevs_2\"><span style=\"color: #00ccff;\"><b>Canadian Department of Justice concerns<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">On May 19, 2020, the Canadian Department of Justice unveiled draft legislation.\u00a0 The government has posted it online and is allowing 10 days for any comments to be submitted on the proposed <\/span><i><span style=\"font-weight: 400;\">Time Limits and Other Periods Act (COVID-19)<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0 The federal government is concerned about debt relief Canada COVID and all other issues federal legislation deals with.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As I previously wrote, the OSB, went to court in each province to get certain deadlines suspended so that debt relief in Canada would not suffer.\u00a0 The OSB ensured that the system would work for debt relief Canada COVID.\u00a0 The federal government believes that so many Canadians, as well as Canadian companies, could be impacted in other federal statutes not designed for financial restructuring or debt settlement.\u00a0 The government is concerned that they may encounter possible legal jeopardy if, due to the COVID-19 pandemic, they fall short to meet target dates.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Consequently, the Government of Canada published draft legislation, which outlines prospective remedies that the Federal government might apply to deal with these essential problems. The draft legislative proposal for dealing with debt relief Canada COVID is online for 10 days. Interested stakeholders are invited to share their comments by May 29.<\/span><\/p>\n<h2 id='what-the-draft-legislation-is-designed-to-do'  id=\"boomdevs_3\"><span style=\"color: #00ccff;\"><b>What the draft legislation is designed to do<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.canada.ca\/en\/department-justice\/news\/2020\/05\/government-of-canada-shares-legislative-proposal-to-address-issues-relating-to-legislative-time-limits-and-deadlines.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">draft legal proposal<\/span><\/a><span style=\"font-weight: 400;\"> is designed to suspend specific time frames as well as enable government ministers to prolong or put on hold other time limits consisted of in government regulations to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ensure that Canadians, as well as Canadian companies, are able to satisfy governing time frames and deadlines found in federal statutes, such as some key due dates found in the BIA for debt relief Canada COVID and under the Canada Labour Code during the coronavirus pandemic.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Protect Canadians&#8217; rights and access to justice in the context of civil proceedings before the courts, by making sure that people and companies are protected to assert their rights and not miss a time limit or deadline during the COVID-19 pandemic.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.canada.ca\/en\/department-justice\/news\/2020\/05\/government-of-canada-shares-legislative-proposal-to-address-issues-relating-to-legislative-time-limits-and-deadlines.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">draft legislation<\/span><\/a><span style=\"font-weight: 400;\"> includes stipulations to make certain that short-term extensions or suspensions cannot be made after September 30, 2020, and could be retroactive to March 13, 2020 when the COVID-19 pandemic officially began.<\/span><\/p>\n<h2 id='what-the-draft-legislation-says'  id=\"boomdevs_4\"><span style=\"color: #00ccff;\"><b>What the draft legislation says<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As already mentioned, the draft relief is designed to protect Canadians under federal statutes designed for debt relief Canada COVID and other federal laws.\u00a0 So here are the highlights of what the draft <\/span><a href=\"https:\/\/www.justice.gc.ca\/eng\/csj-sjc\/pl\/lp-pl\/tlopa-ldap\/lp-pl.html\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Time Limits and Other Periods Act (COVID-19)<\/span><\/i><\/a> <span style=\"font-weight: 400;\">currently proposes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Section 3 defines a time frame.\u00a0 It says such time periods that are either suspended or prolonged under this Act, then, during the period that the suspension or extension holds, every mention in any Act of Parliament to that time restriction or duration is to be read as referring to the time limit or period as it is suspended or expanded.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Section 4 states that the Act does not refer to any time frame or any other duration related to the investigation of an offence or a proceeding arising from an offence.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sections 6 and 7 deal with time limits related to proceedings.\u00a0 The proposed legislation purports to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Put on hold, as of March 13, 2020 as well as until September 13, 2020, or an earlier day set by the Governor in Council, certain time frame certain proceedings, aside from proceedings from offences, before the courts.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Allow courts to adjust the suspension within particular limits and take measures regarding the results of a failure to satisfy a put on a hold time limit.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Allow the Governor in Council to waive such suspensions in particular scenarios.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Permit ministers, in respect of defined regulations, to put on hold or prolong time limits and also prolong other durations for no greater than six months, as well as to offer such suspensions or extensions retroactive to March 13, 2020.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A time frame might be put on hold or extended and also a time duration might be expanded for a total maximum period of 6 months.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">permit ministers in the case defined in the previous point to give specified persons, bodies or tribunals some adaptability in applying these suspensions or expansions.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Prevent these powers from being exercised after September 30, 2020.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This draft Act would certainly permit the Governor in Council to restrict or enforce conditions on the powers provided to ministers.\u00a0 Having a federally mandated &#8220;time out&#8221; will certainly aid debt relief Canada COVID.<\/span><\/p>\n<h2 id='summary'  id=\"boomdevs_5\"><span style=\"color: #00ccff;\"><b>Summary<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It appears that the federal government realizes that there are many federal laws where time periods must be met.\u00a0 During the coronavirus emergency shutdown of the courts, it may not be possible to meet all the deadlines.\u00a0 So, this omnibus proposed legislation aims to suspend or expand time frames to September 13, 2020.\u00a0 The hope is that it will allow for more orderly conduct for debt relief Canada COVID under the BIA and for other purposes different federal legislation allows.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\">Ira Smith Team<\/span><\/a><span style=\"font-weight: 400;\"> family hopes that you and your family members are remaining secure, healthy and well-balanced. Our hearts go out to every person that has been affected either via misfortune or inconvenience.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We all must help each other to stop the spread of the coronavirus. Social distancing and self-quarantining are sacrifices that are not optional. Families are literally separated from each other. We look forward to the time when life can return to something near to typical and we can all be together once again.<\/span><\/p>\n<p><a href=\"https:\/\/www.irasmithinc.com\/\"><span style=\"font-weight: 400;\">Ira Smith Trustee &amp; Receiver Inc.<\/span><\/a><span style=\"font-weight: 400;\"> has constantly used clean, safe and secure ways in our professional firm and we continue to do so.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Revenue and cash flow shortages are critical issues facing entrepreneurs and their companies and businesses. This is especially true these days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If anyone needs our <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/bankruptcy-blog-review\/\"><span style=\"font-weight: 400;\">assistance for debt relief Canada COVID<\/span><\/a><span style=\"font-weight: 400;\">, or you just need some answers for questions that are bothering you, feel confident that Ira or Brandon can still assist you. Telephone consultations and\/or virtual conferences are readily available for anyone feeling the need to discuss their personal or company situation.<\/span><\/p>\n<h2 id='the-ira-smith-team-is-absolutely-operational-and-ira-in-addition-to-brandon-smith-is-readily-available-for-a-telephone-consultation-or-video-meeting'  id=\"boomdevs_6\" style=\"text-align: center;\"><span style=\"color: #993300;\"><b>The <\/b><a style=\"color: #993300;\" href=\"https:\/\/www.irasmithinc.com\/\"><b>Ira Smith Team<\/b><\/a><b> is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.<\/b><\/span><\/h2>\n<h2 id='stay-healthy-well-balanced-and-safe-and-secure-everyone'  id=\"boomdevs_7\" style=\"text-align: center;\"><span style=\"color: #993300;\"><b>Stay healthy, well balanced and safe and secure everyone.<\/b><\/span><\/h2>\n<p>You may also be interested in:<\/p>\n<p><a href=\"http:\/\/www.irasmithinc.com\/blog\/personal-bankruptcy-canada-faq\/\">PERSONAL BANKRUPTCY CANADA FAQ: VIDEO \u2013 PERSONAL BANKRUPTCY FAQ CANADA<\/a><a href=\"http:\/\/www.irasmithinc.com\/blog\/debt-reduction-program-stop-being-in-debt\/\">DEBT REDUCTION PROGRAM: MY TOP 10 STEPS ANYONE CAN START IMMEDIATELY TO STOP BEING IN DEBT VIDEO<\/a><a href=\"http:\/\/www.irasmithinc.com\/blog\/debt-reduction-program-stop-being-in-debt\/\">DEBT REDUCTION PROGRAM: MY TOP 10 STEPS ANYONE CAN START IMMEDIATELY TO STOP BEING IN DEBT VIDEO<\/a><a href=\"http:\/\/www.irasmithinc.com\/blog\/debt-reduction-program-stop-being-in-debt\/\">DEBT REDUCTION PROGRAM: MY TOP 10 STEPS ANYONE CAN START IMMEDIATELY TO STOP BEING IN DEBT VIDEO<\/a><\/p>\n<p>[monkeytools msnip=&#8221;https:\/\/monkeyplayr.com\/playr.php?u=5173&amp;p=22250&#8243;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ira Smith Team is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting. Stay healthy, well balanced and safe and secure everyone. If you wish to listen to the audio version of this debt relief Canada COVID Brandon&#8217;s Blog, please scroll to the bottom [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[5,16,274,576,362,6,680,21,4258,2974,7,94,863,465,1163,688,66],"class_list":["post-9342","post","type-post","status-publish","format-standard","hentry","category-brandon-blog-post","tag-bankruptcy","tag-bankruptcy-and-insolvency-act","tag-bia","tag-ccaa","tag-companies-creditors-arrangement-act","tag-consumer-proposal","tag-corporate-insolvency","tag-debt-relief","tag-debt-relief-canada-covid","tag-debt-relief-in-canada","tag-debt-settlement","tag-insolvency","tag-ira-smith-trustee","tag-office-of-the-superintendent-of-bankruptcy","tag-osb","tag-personal-insolvency","tag-restructuring"],"_links":{"self":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/9342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/comments?post=9342"}],"version-history":[{"count":5,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/9342\/revisions"}],"predecessor-version":[{"id":9353,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/9342\/revisions\/9353"}],"wp:attachment":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/media?parent=9342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/categories?post=9342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/tags?post=9342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}