Thank you, Mr. Chairman. The purpose of the Write-off of Assets and Debts Act, 2004-2005, is to authorize the write-off of debts listed in the schedule to the act. Pursuant to section 24 of the Financial Administration Act, the write-off of assets or debts exceeding $20,000 must receive Legislative Assembly approval.

Pursuant to section 82 of the Financial Administration Act, the write-off of debts owed to a public agency exceeding $20,000 must receive Legislative Assembly approval.

The write-off of debts owed to the Workers' Compensation Board exceeding $50,000 must receive Legislative Assembly approval.

The write-off being proposed in this act will not require a new appropriation. The write-off will be charged against allowances for bad debts, which were established in the department budget at the time it was determined that collection of the debt would be unlikely.

I wish to emphasize that the write-off of a debt does not relieve a debtor of the liability for repayment or mean that the government will not continue to attempt to collect the outstanding amount.

Through continued reviews by my staff, future recovery of the debt may still be achieved. In addition, in the case of debts owed by companies, we track the principals of each firm for future credit reference.

Mr. Chairman, I or the appropriate official would be prepared to answer questions on the proposed write-off at the appropriate time. Thank you.