This approach by the lessors is incorrect, and was a lesson learned to all to register a lease of a term of more than one year.
This article looks at how business owners can know whether their situation merits bankruptcy.
A debtor company seeking to reorganize its financial affairs has two powerful tools by which it can hold creditors at bay and stay collection proceedings while it formulates its reorganization plan.
An article by associates Jeremy Opolosky and Laura Guest, "Wolfridge Farms Ltd.: Farms and Fights over COMI," has been published by the National Insolvency Review.
Borden Ladner Gervais LLP
Does a fine imposed on a debtor by the disciplinary committee of the Chambre de la sécurité financière after the date of the debtor's bankruptcy constitute a provable claim pursuant to...
When an individual or business can no longer keep up with its debt obligations or satisfy its liabilities, it is considered "insolvent".
The Bankruptcy and Insolvency Act (BIA) and the Companies' Creditors Arrangement Act (CCAA) provide clear rules for legal proceedings between creditors and distressed debtors in Canada.
Two major pieces of legislation govern insolvency and bankruptcy in Canada – the Bankruptcy and Insolvency Act (BIA) and the Companies' Creditors Arrangement Act (CCAA).
In receivership, an appointed third party acts on behalf of a secured creditor and is tasked with taking possession of the debtor's assets, selling them and using the proceeds to pay the secured debt.
Borden Ladner Gervais LLP
The Supreme Court of British Columbia made an order that the funds in a Registered Disability Savings Plan (RDSP) could not be seized by the Trustee-in-Bankruptcy of the bankrupt beneficiary to satisfy the claims of creditors.
Each province has its own laws governing issues related to property and commercial matters, but when insolvency or bankruptcy enter the scene, federal law becomes paramount.
The economies of the United States and Canada are closely intertwined. As operations expand across the border, so too do the complexities associated with carrying on business.
McCarthy Tétrault LLP
In a previous post we discussed how the Court of Queen's Bench of Alberta recently authorized a sale transaction after being satisfied with the appropriateness of a sales process...
In 2008, the federal government established the Wage Earner Protection Program. The provision was designed to protect the rights of workers whose employers have gone into bankruptcy or receivership.
Several months ago, we provided a summary of the bankruptcy process.
Mercantile Mergers & Acquisitions Corporation
Debtor in Possession (DIP) financing describes the funding obtained by an insolvent debtor while that debtor is restructuring its business.
The tension between a trustee seeking to facilitate a proposal for the benefit of all creditors and a single creditor being forced to release its rights for the "greater good" was front and center in a recent case before the Supreme Court of British Columbia.
The Alberta Court of Appeal last week heard an appeal of a precedent setting decision allowing for bankrupt oil and gas companies to walk away from unproductive wells and leave the cleanup costs to the province.
In our last post, we discussed various acts that may be deemed as offences under the Bankruptcy and Insolvency Act (BIA).
The Canadian bankruptcy regime was designed with two key purposes in mind – provide options to ‘honest but unfortunate' debtors struggling with an unmanageable financial load and create an orderly means for creditors to recover amounts owed them.