Federal Bill C-63, which received first reading on October 27, 2017, will amend the eligible financial contracts (EFC) stay safe-harbour where a Canadian financial institution is subject to a resolution procedure under the Canada Deposit Insurance Corporation Act(CDIC Act). The amendments will clarify that the limits that apply to relying on the safe-harbour based on insolvency or deteriorated financial condition are limited to two business days unless effective resolution actions have been taken.

On September 11, 2017, the Quebec Superior Court released a decision in the Wabush Companies’ Creditors Arrangement Act (CCAA) proceedings that may affect how pension plan liabilities are dealt with in insolvency proceedings in Quebec and the rest of Canada. The Court made four significant findings, each of which is discussed in detail below:

On September 11, 2017, the Quebec Superior Court released a decision in the Wabush Companies’ Creditors Arrangement Act (CCAA) proceedings that may affect how pension plan liabilities are dealt with in insolvency proceedings in Quebec and the rest of Canada. The Court made four significant findings, each of which is discussed in detail below:

In 2016-0628741I7, CRA headquarters was asked by a CRA tax services office whether s. 143.4 would apply in respect of a debt-restructuring plan (the Plan) at a point in time before the unpaid interest owing by the taxpayer was actually settled (forgiven) under the Plan steps.  CRA headquarters answered yes.  The takeaway: this view can potentially result in income in the course of debt restructuring before the debt is actually settled.  Here are the main points:

The Alberta Court of Queen's Bench recently reviewed the law regarding priority of operator’s liens and emphasized the heavy evidentiary burden to be satisfied by a creditor asserting a possessory lien in Cansearch Resources Ltd v Regent Resources Ltd, 2017 ABQB 535.

Cansearch’s Operator’s Lien and the Bank’s Security

This blog’s most recent post considered the Supreme Court of Nova Scotia’s June 2017 decision of Rosedale Farms Limited, Hassett Holdings Inc., Resurgam Resources (Re) (“Rosedale”) where the Cou

In a recent decision[1], the British Columbia Supreme Court (the “Court”) determined that purported secured loans made by a shareholder were properly characterized as equity contributions to the subject company and therefore subordinate to the claims of the company’s creditors.

Good evening.

Below are the summaries of this week’s civil decisions of the Court of Appeal for Ontario.

APPLICATIONS FOR LEAVE TO APPEAL DISMISSED

37656

Norris Barens v. Her Majesty the Queen (B.C.)

Canadian Charter of Rights and Freedoms – Constitutional law – Mobility rights

The applicant was convicted of driving without a licence contrary to s. 24(1) of the Motor Vehicle Act, R.S.B.C. 1996, c. 318.

The Owners, Strata Plan VR 1966[1] marks the first time the BC Supreme Court has rejected an application to wind-up a strata corporation pursuant to Bill 40 under the Strata Property Act