On April 12, the U.S. Bankruptcy Court for the District of Massachusetts entered judgment in favor of a national bank, determining that the plaintiff failed to, among other things, “carry his burden to prove that he incurred injury” concerning economic or emotional distress damages as a result of the original lender’s violations.
On April 6, the Small Business Administration (SBA) updated its Paycheck Protection Program (PPP) frequently asked questions to clarify when an applicant or owner is no longer considered to be “presently involved in any bankruptcy” for PPP loan eligibility purposes.
Overview
This bulletin is the first of a Fasken series about the recent decision of the Court of Appeal of Yukon in the ongoing receivership proceedings of Yukon Zinc Corporation (“Yukon Zinc”), indexed as 2021 YKCA 2. The decision addresses several important issues, including: (i) the scope of Section 14.06(7) of the Bankruptcy and Insolvency Act (“BIA”), which creates the Crown’s super priority charge for environmental remediation over the real property of a debtor; and (ii) Crown claims relating to unfurnished security or future costs.
Le 2 décembre 2020, la Cour d’appel du Québec (la « Cour ») a rendu un arrêt important dans l’affaire Syndic de Montréal c’est électrique confirmant la décision du juge de première instance à l’effet que la Ville de Montréal (la « Ville ») ne détenait pas de sûreté sur les sommes détenues dans le compte bancaire de Montréal C’est Électrique (« MCE » ou la « débitrice »).
The year 2020 is drawing to an end and the construction industry is gearing up for what is typically referred to as the builders break over the December holidays. A lot of construction companies will find the 2020 builder’s break to be very different to those of previous years, due to the negative impact that the COVID-19 pandemic has had on the construction industry, and the world at large.
On November 25, the U.S. Court of Appeals vacated summary judgment in favor of defendants in an action alleging the defendants violated the FDCPA by attempting to collect a debt that was discharged in a bankruptcy proceeding and no longer owed.
On August 12, the U.S. District Court for the District of Colorado reversed in part a bankruptcy court judgment, concluding that the OCC’s valid-when-made rule applied but that discovery was needed to determine whether a nonbank entity was the true lender.
On May 8, 2020, the Supreme Court of Canada (the "SCC") released its reasons for the ruling rendered on January 23, 2020, which allowed the appeal by 9354-9186 Québec Inc. and 9354-9178 Québec Inc. (collectively, "Bluberi")[1]. The SCC's ruling set aside the Québec Court of Appeal's (the "Court of Appeal") ruling, thereby restoring the first instance judgment of the Superior Court of Québec ("Superior Court").
On 21 April 2020, just over a week before the anticipated end of the South African national lockdown, President Cyril Ramaphosa announced further economic and social relief measures in response to the COVID-19 epidemic. This comes at a time when South Africa teeters towards a food and humanitarian crisis of “biblical proportions”.
In response to the COVID-19 virus, Canada’s federal government has restricted non-essential travel and closed the US border. Canada’s provincial governments have enacted highly restrictive measures including mandating the closure of facilities providing recreational programs (i.e. gyms), libraries, public and private schools, licensed childcare centres, bars and restaurants, theaters, cinemas and concert venues, and the list goes on. Some provinces have also banned gatherings of more than 5 people and prohibited all non-essential businesses.