Thank you, Madam Chair. The Standing Committee on Government Operations has considered Bill 9, Forgiveness of Debts Act, 1996/97. Bill 9 includes forgiveness of nine debts which are negotiated settlements. It is our understanding the committee has limited discretion to change any of the negotiated settlements. These debts are the ones which cause us the most concern. In a number of cases, there appeared to be inadequate analysis by the lender on the potential of the viability of the proposed business venture. In one case, the loan recipient received funds from the GNWT without ever putting in the equity they had committed to. This seems to be a fundamental breach of the loan process. We recognize these debts are a number of years old. We hope the government and, in particular, the business development fund administrators are now more carefully determining which loan applications should be approved. We look forward to the completion of the Business Credit Corporation review which should address our concerns. The items which are presented in the public interest could be reconsidered. However, the committee is supportive of the reasons of forgiveness in each of these cases. Madam Chair, the Standing Committee on Government Operations has completed its review of Bill 9 and we hope in the future we can see fewer cases of forgiveness where the loans should not have been given in the first place. Thank you.
Michael Miltenberger 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
See context to find out what was said next.