Final answer:
The main difference between the BIA and CCAA proposals is the process by which they are used. The BIA involves filing for bankruptcy, while the CCAA allows large corporations to restructure their debts without going through the formal bankruptcy process.
Step-by-step explanation:
The main difference between the BIA (Bankruptcy and Insolvency Act) and CCAA (Companies' Creditors Arrangement Act) proposals is the process by which they are used.
Under the BIA, the proposal is a formal legal process that involves filing for bankruptcy. It is typically used by individuals and businesses to restructure their debts and financial obligations.
On the other hand, the CCAA is a court-supervised process that allows large corporations and businesses to restructure their debts and financial affairs without going through the formal bankruptcy process. It provides a more flexible and informal approach to debt restructuring.