Ontario Barrister and Solicitor Practice Exam

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What does BIA stand for?

  1. Banking Industry Act

  2. Business Improvement Area

  3. Bankruptcy and Insolvency Act

  4. Building Information Administration

The correct answer is: Bankruptcy and Insolvency Act

BIA stands for Bankruptcy and Insolvency Act. This is a piece of legislation in Canada that regulates bankruptcy and insolvency proceedings. Option A, Banking Industry Act, is incorrect because it refers to legislation that governs the banking industry, not bankruptcy and insolvency. Option B, Business Improvement Area, is incorrect because it is a term used to describe a specific type of urban planning initiative. Option D, Building Information Administration, is incorrect because it is a made-up phrase and does not refer to any established organization or concept.

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