National Insolvency Review, February 2017
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.
In a recent judgment, the High Court has provided further guidance on the correct approach to an assessment of an application under s115A of the Personal Insolvency Acts.
Les délais sont d’une importance primordiale dans le cadre de procédures judiciaires. Le défaut de les respecter peut impliquer le rejet d’une action.
Dans l’affaire 9190-0753 Québec Inc. (Syndic de), 2016 QCCS 1983 (29-04-2016), le juge Stephen W. Hamilton a décidé de l’application de certains délais du Code de procédure civile (ou C.p.c.) en complément de la Loi sur la faillite et l’insolvabilité (ci-après « Loi ») et des Règles générales sur la faillite et l’insolvabilité (ci-après « Règles »).
Les faits
Les délais sont d’une importance primordiale dans le cadre de procédures juridiciaires. Le défaut de les respecter peut impliquer le rejet d’une action.
Dans l’affaire 9190-0753 Québec Inc. (Syndic de), 2016 QCCS 1983 (29-04-2016) le juge Stephen W. Hamilton décide de l’application de certains délais du Code de procédure civile (ou C.p.c.) en complément des Règles générales sur la faillite et l’insolvabilité (ci-après « Règles »).
Les faits
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.”
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.
Infrastructure & Economic Development
This briefing sets out some of the key points of the 2016 Programme for
Government, which includes a wide range of policy proposals in areas
such as infrastructure and economic development, public administration,
constitutional change, financial services, taxation and employment law and
industrial relations.
It is expected that the Government’s Legislation Programme will be
published soon, setting out the legislation that the new Government will
promote in order to give effect to the Programme for Government.
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.
In a significant recent judgment, the High Court has set aside an extension of a protective certificate issued to a debtor under the Personal Insolvency Act 2012 on the grounds of material and culpable non-disclosure by a personal insolvency practitioner.