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Brief
The Winding-up and Restructuring Act is a Canadian law that governs the winding-up and restructuring of companies. The Act defines key terms such as "company," "insolvency," and "winding-up order." A company is deemed insolvent if it is unable to pay its debts, has acknowledged insolvency, or has made certain conveyances or assignments of property.
A court may make a winding-up order in various circumstances, including where the company's capital stock is impaired, it is insolvent, or the Superintendent has taken control of the financial institution. An application for a winding-up order can be made by the company, shareholders, creditors, or the Attorney General of Canada.
The Act applies to corporations incorporated under federal or provincial authority and certain financial institutions, such as banks and insurance companies. However, it does not apply to building societies without capital stock or railway or telegraph companies. The provisions of this Part are subject to other parts of the Act, specifically Parts II and III.
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