This new edition explains recent changes to the law on a range of issues — preferences and transfers at undervalue, the disclaimer of executory contracts, employee protection, the provision of debtor-in-possession financing in restructuring proceedings, and cross-border insolvencies — and provides in-depth analysis of the underlying policy implications of the changes. In the tradition of the ground-breaking first edition, the second edition provides an overview of the key issues in contemporary Canadian bankruptcy law and an appreciation of the actual operation of the Canadian bankruptcy system.