A Systems Approach to Comparing US and Canadian Reorganization of Financially Distressed Companies

Abstract

Abstract In this chapter we compare the systems for court supervised reorganization of financially distressed companies in Canada and in the United States.1 Though Canada shares a common language and heritage with the United States, it has rejected many legal doctrines thought to be fundamental to the operation of the US system of bankruptcy reorganization, such as cram down, the estate, the debtor in possession, and the debtor’s option to assume or reject executory contracts. We expected that such differences in doctrine would be reflected in differences in the manner in which the systems in the two countries functioned. Instead, we found striking similarities in function.

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