Section 267 — Bankruptcy and Insolvency Act: Purpose

The purpose of this Part is to provide mechanisms for dealing with cases of cross-border insolvencies and to promote cooperation between the courts and other competent authorities in Canada with those of foreign jurisdictions in cases of cross-border insolvencies; greater legal certainty for trade and investment; the fair and efficient administration of cross-border insolvencies that protects the interests of creditors and other interested persons, and those of debtors; the protection and the maximization of the value of debtors’ property; and the rescue of financially troubled businesses to protect investment and preserve employment.