Restructuring in Canada vs U.S.
Hi all,
I'm interviewing for a FT off-cycle restructuring banking gig based in Toronto, Canada. I understand U.S. restructuring in terms of what the process is for chapter 7 and 11 (12,13)... but is it the same in Canada, in terms of the general idea of a specific chapter. For example, chapter 7 US is the liquidation/dissolution of a company's assets to pay debtors, providing the company a chance to "restart" fresh, with some debtors having their debt converted into an equity claim of the company (via restructuring). Is it the same in Canada?
So you're interviewing for a job in restructuring in Canada and you haven't done the slightest bit of research on restructuring in Canada? It's not like this is an esoteric subject; Canada has a very well established insolvency regime. Googling simple things like "Canadian Restructuring," "Canadian Insolvency" and "Canadian Bankruptcy" yield lots of relevant, instructive links.
Also, you don't even seem to understand the insolvency regime of the United States, so don't say you do. Your explanation of Chapter 7 is wrong. This is basic stuff, man. But hey, at least you claim to know Chapter 12 of the Bankruptcy Code, which is great...if you're a farmer or fisherman.
There are two main types - CBCA and CCAA. CBCA is more of a plan of arrangement type restructuring and is generally speaking more of a consensual process. CCAA is more akin to chapter 11
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