Currently, neither the Bankruptcy and Insolvency Act nor the Companies’ Creditors Arrangement Act defines “director.” However, pending legislative amendments to the Bankruptcy and Insolvency Act (BIA) and Companies’ Creditors Arrangement Act (CCAA) will include an expansive definition of “director” that includes any person “occupying the position of director,” regardless of his or her formal title.
Canada, Insolvency & Restructuring, Osler Hoskin & Harcourt LLP, Bankruptcy, Shareholder, Board of directors, Liability (financial accounting), Secured creditor, Companies' Creditors Arrangement Act 1933 (Canada), Corporations Act 2001 (Australia), Bankruptcy and Insolvency Act 1985 (Canada)