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Insolvency Rising In Canada: CIBC Report

The number of Canadians who can’t pay their debts and are being forced into insolvency is on the rise for the first time since the recession, according to a report by CIBC. The bank says the cumulative number of insolvencies rose by 1.2 per cent in the s ...

Daily Headline - global.abi.org - 05/19/2015 - 20:15 - 0 comments

UK Pensioners To Benefit As Judges Order Insolvent Nortel’s Assets To Be Divided Equally

Former UK employees of Nortel Networks, the insolvent Canadian telecoms firm, could receive up to two thirds of their long-deferred pension claims after the US and Canadian courts ruled that the company’s remaining assets should be equally divided among ...

Daily Headline - global.abi.org - 05/18/2015 - 23:17 - 0 comments

Southern Pacific To 'Hibernate' STP-McKay Oilsands Project

An operationally troubled thermal oilsands project in northern Alberta, built for nearly half a billion dollars, is to be shut down this summer while its insolvent owner tries to find a solution to its money woes, The Calgary Herald reported. Calgary ...

Daily Headline - global.abi.org - 05/14/2015 - 19:27 - 0 comments

Judges Craft Their Own Formula For Nortel's $7.3 Billion In Cash

The Canadian and U.S. judges charged with dividing the $7.3 billion from the liquidation of Nortel Networks rejected proposals from former regional businesses and opted for a pro rata split of the money in long-awaited rulings on Tuesday, Reuters reporte ...

Daily Headline - global.abi.org - 05/12/2015 - 20:57 - 0 comments

U.S. Steel Creditor Protection Extended To Fall

U.S. Steel was able to extend its creditor protection deadline to the fall, although previous court filings suggest the restructuring will go beyond the new September deadline, CBC.ca reported. This is the third extension of U.S. Steel Canada's (USS ...

Daily Headline - global.abi.org - 05/07/2015 - 22:41 - 0 comments

Auto Contracts At Risk If Creditor Claim Isn’t Approved, U.S. Steel Says

U.S. Steel has issued a thinly veiled threat to shut down parts of its Canadian operations if its claim to be owed $2.2 billion by its struggling Canadian arm is not allowed, The Hamilton Spectator reported. In court documents filed this week, the co ...

Daily Headline - global.abi.org - 05/05/2015 - 21:50 - 0 comments

More Seniors, Swamped By Credit Card Debt, File For Insolvency

Swamped by credit card debt, a growing number of seniors and those approaching retirement are filing for insolvency in Ontario, according to a new report released on Monday, The Toronto Star reported. Bankruptcy trustee firm Hoyes, Michalos & Ass ...

Daily Headline - global.abi.org - 05/04/2015 - 21:14 - 0 comments

Target’s Hasty Exit From Canada Leaves Anger Behind

Target’s exodus from Canada has left gaping holes at some of the most prominent shopping centers across the country, the biggest symbol of an exceptional period of retailing turmoil, the International New York Times reported. As Target Canada closed ...

Daily Headline - global.abi.org - 04/21/2015 - 21:01 - 0 comments

Canadian Oil Company To Liquidate Due To Crisis In Yemen

Canadian oil and gas producer Calvalley Petroleum Inc said on Thursday it will liquidate and restructure due to the political crisis in Yemen, where it has almost all of its operations, Reuters reported. The Calgary-based junior has a 50 percent working ...

Daily Headline - global.abi.org - 04/09/2015 - 21:21 - 0 comments

KPMG's Important Information for Banks - February 2015

At KPMG, we are dedicated to providing our clients with insights on today’s critical business issues. To help keep you up to date, we’re pleased to share with you recent studies, white papers, articles, and multimedia content published by KPMG. Read m ...

Resource Article - twallace@abiwor... - 04/06/2015 - 10:40 - 0 comments - 0 attachments

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