If you are served with a demand letter from your lender, you don’t have to fold up your tent and give in. If, like most companies, you feel that if you had more time, you could improve the situation (to the benefit of the Bank and the company), there are options. Here are 5 things that you can consider which will make it more likely that the Bank will either agree, or be forced to agree, to give you some more time to come up with a better solution.
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Here are this week’s Court of Appeal Summaries. Civil topics covered included MVA, SABs, family law, vexatious litigants, employment law, simplified procedure and another chapter in the Indian Residential Schools settlement.The RJM56 Investments Inc v Kurnik decision highlights the importance of litigators not treating the tax implications of a settlement as an afterthought and of obtaining tax advice before completing a settlement.
Have a great weekend!
John Polyzogopoulos
Blaney McMurtry LLP
A director who breaches the obligations and duties imposed on him by his office may be liable to compensate the company for breach of duty, may incur personal liability for the company’s debts, may also face criminal or civil penalties and may be disqualified from acting as a director. The position of the company director has never been the subject of more scrutiny than it is today.
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CR&B Alert
Commercial Restructuring & Bankruptcy News
OCTOBER 2016, ISSUE 3
In This Issue:
Delaware and New York at Odds over Reclamation Claims--2
Second Circuit Sets Out Standard for Determining Scope of Free and Clear Provision in Sale Order Under Section 363(F)--2
Good Faith Filing Requirement Alive and Well in Involuntary Bankruptcy Cases--4
Unpaid Compensation Payable Exclusively in Stock Constitutes Equity, Not an Unsecured Claim--5
The IECA has released its Master Netting Agreement, a state-of-the-art solution ensuring credit exposures are managed and netted under a single, integrated framework that is flexible and easy to implement.
There were four substantive civil decision released this week. The first, Sturino v. Crown Capital Corporation is a priority dispute in the receivership context. The second, Iroquois Falls Power Corporation v. Ontario Electricity Financial Corporation involved a motion to stay a Superior Court order pending the determination of a leave application to appeal to the Supreme Court of Canada (the stay was denied). The third, Silva v.
Recovery and resolution scenarios are still of importance for European institutions. Banks perform functions which are critical for economic activity to take place. They collect funds (deposits and other forms of debt) from private persons and businesses, provide loans for households and businesses, allow savings to be allocated for investment and manage payment systems that are crucial for various sectors of the economy and society as a whole.