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Bill C-55 Actual Wording

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    Posted: 25/November/2005 at 3:28am
(2) Subparagraph 178(1)(g)(ii) of the Act is replaced by the following:
     
(ii) within seven years after the date on which the bankrupt ceased to be a full- or part-time student; or


(3) Subsection 178(1.1) of the Act is replaced by the following:
     
Court may order non-application of subsection (1)
(1.1) At any time after five years after a bankrupt who has a debt referred to in paragraph (1)(g) ceases to be a full- or part-time student, as the case may be, under the applicable Act or enactment, the court may, on application, order that subsection (1) does not apply to the debt if the court is satisfied that
(a) the bankrupt has acted in good faith in connection with the bankruptís liabilities under the debt; and
(b) the bankrupt has and will continue to experience financial difficulty to such an extent that the bankrupt will be unable to pay the debt.
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