• Interview with Yvonne Sutton- MNP.ca
    New Canadian Bankruptcy Laws

    I had a nice visit with Yvonne Sutton of Meyers Norris Penny Ltd ( MNP.ca ) about some of the new changes to the Canadian Bankruptcy and Insolvency Act

    Listen Now! Duration: 28 Minutes

    Ms Sutton has 25 years experience as a licensed trustee in bankruptcy and a chartered insolvency & restructuring professional. Her main focus is with the consumer and small business owner.

    I asked Ms Sutton about the fact that bankruptcy is a hard choice for many people who are overwhelmed. I've heard it said that bankrutpcy trustees are like funeral directors in that you don't really ever want to meet one!! :)

    I was reassured with our discussion in that if a person has overwhelmed themself with debt, she'll be able to help you work through the situation with a consumer proposal, bankrupty protection, or maybe just a referral to a money counsellor.

    According to Ms. Sutton, "The bankruptcy legislation is there to help a debtor who has an overwhelming amount of debt get a chance to start over again. To most people this is the choice of last resort, There are few people that actually find this process easy."

    She continues, "There are people who say that the easy way out is to declare bankruptcy, but really it is not."

    I must caution the listener to this bankruptcy podcast that it is a bit technical, but Ms Sutton does explain the new changes to the Canadian Bankruptcy and Insolvency Act and how it may affect you.

    This is a good podcast to listen to if you're thinking about overwhelmed with debt and thinking about declaring bankruptcy, or if you're another bankruptcy professional and are curious about the new canadian bankruptcy legislation.

    According to Ms Sutton: "There is something to help out all of the parties involved in a bankruptcy with this new legislation. The consumer, the trustee, and the creditors."

    Ms Sutton mentioned that there isn't an exact date when the law is going to be in effect. She said that maybe towards fall 2008. This will give the federal regulators enough time to get their software and employees trained and in place.

    canadian bankruptcy trustee
    Meyers Norris Penny Ltd
    Bankruptcy Trustees


 
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2 Comments
On Oct 19, 2008, Monty Loree Said:
Hi Sandra,
Thanks for that input.
I will keep that in mind.. Bankruptcy is a difficult subject to describe as it's very technical due to the amount of law that it has to work with.

I will try to make the next bankruptcy podcasts less technical.
On Mar 12, 2008, Sandra McD Said:
i was interested to listen about bankrupcies, but the way this lady spoke was way above my understanding.
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