On March 20, Florida Governor Rick Scott signed Senate Bill 220 into law. The bill is designed to limit the ability of defendants in foreclosure proceedings to keep contesting the foreclosure after agreeing, in bankruptcy, to surrender the property to their lenders.

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

Some think that when you file for bankruptcy, you sell your proverbial soul to the devil.

While this view isn’t necessarily true, it does imply that bankruptcy is not an easy choice. It could mean short term relief, but it could also affect your self-image, reputation, and even future credit negatively. The experts at Allstate Law Center add that before making this choice, you should consider all factors and options.

Filing for bankruptcy is one of the most challenging experiences you can ever have. In fact, the things that happen before bankruptcy – calls from debt collectors, receiving garnishments, and the fear of losing your investments including your home and your car – can drive anyone to physical and mental exhaustion.

This week, the United States Supreme Court issued its decision in Midland Funding, LLC v. Johnson, 581 U.S. ___ (2017), holding that a debt collector does not violate the Fair Debt Collection Practices Act (FDCPA) by filing an “obviously time-barred” proof of claim in a bankruptcy proceeding. This case should stem the tide of FDCPA lawsuits against debt collectors for efforts to collect potentially time-barred debts in bankruptcy proceedings.

On May 15, 2017, the United States Supreme Court issued its decision in Midland Funding, LLC v. Johnson, 581 U.S. ___ (2017) in which it held that filing an “obviously time-barred” proof of claim in a bankruptcy proceeding does not violate the Fair Debt Collection Practices Act (FDCPA).

The Alberta Court of Appeal has dismissed the appeal brought by the Alberta Energy Regulator and the Orphan Well Association from the decision of the Court of Queen’s Bench of Alberta in Re Redwater Energy Corporation. A majority of the panel held that the provisions of the provincial legislation governing certain actions of licensees of oil and gas assets do not apply to receivers and trustees in bankruptcy of insolvent companies, given the paramountcy of the Bankruptcy and Insolvency Act over provincial legislation where the governing provisions conflict.

Given the substantial amount of capital invested in Canadian businesses by American investors a considerable number of trust indenture documents are governed by US law and are “qualified” under the Trust Indenture Act of 1939 (the “TIA”).

As we reported in our March 2017 bulletin "And then there were none; Ontario has repealed the Bulk Sales Act", the Bulk Sales Act (Ontario) (the “BSA”) was repealed as a result of the coming into force of Schedule 3 of Bill 27, the Burden Reduction Act, 2017.

When a lender makes an interest bearing loan to a borrower for a fixed term, the contract may provide that the borrower cannot repay the principal sum before maturity. This is often referred to as a “no call” provision. The intent of this provision is to protect the lender’s expected return on its investment during the term of the contract. Otherwise, the lender could be faced with the loss of interest payments that the borrower would have otherwise paid to the lender.