Most or all creditors who lend to farmers will be familiar with the Farm Debt Mediation Act, S.C. 1997, c. 21 (the “FDMA”) and the need to serve a notice under the FDMA before taking action against a farmer. However, there are some details of how the FDMA operates that may not be as well-known. This piece will highlight some of those details.
“An appeal”, explained one of my law school professors as he stretched out his arms, “is like taking off in a plane. Unless you understand the rules of physics, you won’t get the plane off the ground, no matter what grade of jet fuel is in the tank.”
June 2016 BREXIT A changing legal landscape? 1 INTRODUCTION Yesterday, the UK public voted for the UK to leave the European Union ( EU). This briefing discusses, in outline, the potential timetable for Brexit, the possible shape that Brexit might take and the potential impact Brexit might have on certain areas of law relevant to your business.
Court appointed receivers commonly assume control over all of a debtor’s property. In assuming that control, the receiver may collect various pieces of the debtor’s leased equipment, and include that equipment in a sale of the debtor’s assets. Further, the court order appointing the receiver will typically grant the receiver a priority charge over all such equipment for its fees, including the fees of its counsel, and any borrowings it may make in the course of the receivership.
One of the most vexing commercial insolvency issues is the competition between creditors with security on environmentally troubled property and environmental authorities looking for deep pockets to fix the environmental problems. From a creditor’s point of view, a recent Alberta decision is a potential respite from environmental obligations being imposed on creditors of the owners of environmentally troubled property.
The Court of Appeal has allowed an appeal against a limitation order (providing for the restoration to the register of a dissolved company, C, and the suspension of the limitation period during dissolution) and provided guidance on how judicial discretion should be exercised when making such an order.
Shortly before being placed into administration C entered into a sale and leaseback arrangement. C later went into liquidation; however, the purchase price in respect of the sale was not received before the company was dissolved, over four years later.
Tough trading conditions
Litigation
A referral to the financial list!
In GSO Credit v Barclays Bank plc, the Commercial Court has given guidance on the interpretation of terms in, but not directly defined by, standard Loan Market Association (LMA) documentation which was used in the context of secondary trading of a commitment under a surety bonds facility.
On November 13, 2015, the Supreme Court rendered its decision in Lemare Lake Logging Ltd. v.
Le 23 mai 2014, le juge Jean-François Émond désigne Lemieux Nolet inc. (le «Séquestre») comme séquestre de la débitrice Purgenesis Technologies inc. (la «Débitrice») et lui confère entre autres, les pouvoirs de vendre ou de disposer des actifs de la Débitrice.
Aussitôt, Monsieur Claude Moissan, syndic auprès du Séquestre, identifie les biens ainsi que les acheteurs potentiels.