In a moment, I'll outline how this framework works to mitigate the effects of shocks, facilitate the adjustment process, and promote sound economic performance. But first, let me discuss some of the major global forces that have been affecting the Canadian economy.
This avenue, as well as a streamlined bankruptcy procedure (in which the debtor’s property would be seized by creditors), means that banks will have to act more pro-actively and liberally in respect of those who cannot realistically pay, if they are to avoid the costs and inefficiencies of having to respond to PIA proposals or bankruptcy cases.