On December 10, 2016, the Forfeited Corporate Property Act, 2015 ("FCPA") came into force in Ontario. The FCPA has the effect of amending the Ontario Business Corporations Act ("OBCA") and the Corporations Act. There are also similar amendments made to the Ontario Not-for-Profit Corporations Act ("ONPCA"), but they have not yet come into force. The legislation effects changes to forfeiture of corporate real estate and corporate record-keeping requirements.

In the recently released Judgment in Bank of Montreal v. Peri Formwork Systems Inc.¹, the British Columbia Court of Appeal was called upon to decide whether a Monitor, under the Companies’ Creditors Arrangement Act (“CCAA”)², or a Receiver, under the Builders Lien Act ³, could borrow monies to complete a development project in priority to claims of builder’s liens registered against the project.