Thank you, Madam Chair. The purpose of the Forgiveness of Debt Act, 1996/97 is to authorize the forgiveness of certain debts listed in the schedule to the Act. Pursuant to Section 25(1) of the Financial Administration Act, the forgiveness of debt or obligation to the government exceeding $1,000 must receive Legislative Assembly approval. When a debt is forgiven, no further collection action shall be pursued. There are forgivenesses which are being proposed and this Act will not require a new appropriation. Allowances for downfall accounts were charged to an appropriation at the time it was determined that collection of the debts were considered unlikely. The accounts were recommended for forgiveness are the result of compromise settlements and/or are in the public interest. The cases where a compromise settlement was reached, the following factors were being considered: the possibility of future recoveries, the cost of continued legal actions and the value of the security, for example, do the personal guarantees hold a realizable worth? Thank you, Madam Chair.
John Todd on Committee Motion 46-13(4): To Amend Sub-clause 3(6) Of Bill 7: Municipal Statutes Amending Act
In the Legislative Assembly on March 4th, 1997. See this statement in context.
Committee Motion 46-13(4): To Amend Sub-clause 3(6) Of Bill 7: Municipal Statutes Amending Act
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
March 4th, 1997
Page 1094
John Todd Keewatin Central
See context to find out what was said next.