The United States and Canada enjoy a close and extensive relationship that is unique in the world. The two nations share the world's largest and most comprehensive trading relationship, with bilateral trade exceeding $565 bilion in 2008.

On March 22, 2010, the Superior Court of Quebec approved a plan of arrangement under the Canada Business Corporations Act that allowed a corporation, MEGA Brands Inc., to achieve a worldwide restructuring of its business under a corporate statute, rather than a more typical insolvency and restructuring statute like the Companies Creditors’ Arrangement Act.

FEATURE: (citation: Stephanie A.F. Grace, “Commercial Proposals” under Canada’s Bankruptcy and Insolvency Act, XXIX ABI Journal 5, 42-43, 52-53, June 2010) - Stephanie A.F. Grace

On April 20, 2005, Chapter 15 of the U.S. Bankruptcy Code, governing cross-border insolvencies, came into force as part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.