WURA definition
Examples of WURA in a sentence
There are three main insolvency statues in Canada: (1) the Bankruptcy and Insolvency Act (BIA); (2) the Companies’ Creditors Arrangement Act (CCAA); and (3) the Winding-Up and Restructuring Act (WURA).
The WURA is a liquidation statute designed to deal with, among other things, the formal liquidation of certain regulated entities including financial institutions and insurance companies.
Exchange and the Contracting Party agree that all Eligible Collateral Support and all Collateral shall constitute “financial collateral” as that term is used in the CCAA, the BIA, the WURA, and any successor or like Canadian statutory provisions.
Because the WURA applies to limited types of entities and, consequently, liquidations are far less common than bankruptcies, the jurisprudence is not very well developed.
Furthermore, it was to accord rights not provided for in the ECHR, for example to persons in respect of whom a European arrest warrant has been issued.