The business leader panel feels that Canada’s bankruptcy laws favour management and owners over creditors. They are concerned about the abuse of the corporate veil for personal gain, and they strongly favour prohibitions against those who repeatedly declare bankruptcy. They nonetheless feel that many bankruptcies are honest actions of business people affected by factors beyond their control, and would not want such people to be harmed by revisions to the law aimed at miscreants. They oppose removing the professional designations of accountants and lawyers just because they are involved in bankruptcy.

These are the principal findings from this week’s web survey, conducted on behalf of the National Post under sponsorship of BDO Dunwoody and the Canadian Chamber of Commerce.

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