The Debtor-Creditor Relationship Is Addressed by Both the Bankruptcy and Insolvency

Multiple Choice

The debtor-creditor relationship is addressed by both the Bankruptcy and Insolvency Act and various other statutes.Which of the following statements is TRUE?

A) As a result of sections 91 and 92 of the Constitution,all of those statutes are enacted by the federal government.
B) All of those statutes establish various class action procedures that allow for the resolution of all of the debtor's financial difficulties at one time.
C) The federal Bankruptcy and Insolvency Act is the most important statute dealing with the debtor-creditor relationship of insolvent debtors and applies to all Canadian businesses and individuals.
D) As a general rule,a judge is entitled to resolve a conflict between the Bankruptcy and Insolvency Act and another statute dealing with the debtor-creditor relationship by asking which piece of legislation provides the fairer result in the circumstances.
E) The Companies Creditor's Arrangement Act provides an alternative to bankruptcy for all business debtors.