Good evening.

Below are summaries of the civil decisions released by the Court of Appeal for Ontario this week.

Two priority issues arise between creditors of a common debtor:

The Defendant was a dentist who had executed a personal guarantee on July 7, 2011 in favour of the Plaintiff (the "Bank") in order to secure payment of the indebtedness of the Defendant's professional corporation. The Bank made a demand for payment on the guarantee, and subsequently brought an action against the Defendant (the "First Action").The Bank was successful on a motion for summary judgment and judgment was granted against the Defendant.

As we summarized in a recent Financial Services & Insolvency Communiqué, Saskatchewan has introduced Bill 151 (the Bill) which amends The Personal Property Security Act, 1993 (Saskatchewan) (the PPSA or the Act).

As we summarized in a recent Financial Services & Insolvency Communiqué, Saskatchewan has introduced Bill 151 (the Bill) which amends The Personal Property Security Act, 1993 (Saskatchewan) (the PPSA or the Act).

In Callidus Capital Corporation v. Her Majesty the Queen,[1] the Supreme Court of Canada overturned a troubling 2017 decision of the Federal Court of Appeal. The Supreme Court held unanimously that the bankruptcy of a debtor extinguishes the deemed trust for unremitted GST and HST created in favour of the Crown (“CRA”) by section 222 of the Excise Tax Act (“ETA”).

• Draft regulations implementing Canada’s “bail-in” solvency support regime for banks came into effect on September 23, 2018.
• The bail-in regime essentially requires that banks maintain “embedded contingent capital” in the form of bonds that convert automatically to equity in the event that the issuing bank has ceased or is about to cease to be viable.
• Key to the regime is the concept of “total loss-absorbing capacity”, or TLAC, which is the amount of embedded contingent capital that a bank will now be required to maintain (on a consolidated basis).
• As discussed b

• Le règlement mettant en œuvre le régime de « recapitalisation interne (émission) » au soutien de la solvabilité des banques au Canada est entré en vigueur le 23 septembre 2018.
• Ce régime de recapitalisation interne exige essentiellement des banques qu’elles maintiennent des « fonds propres d’urgence intégrés » sous forme d’obligations pouvant être automatiquement converties en actions si jamais elles cessent d’être viables ou sont sur le point de ne plus l’être.
• La clé du régime est le concept de capacité totale d’absorption des pertes

• On November 8, 2018, the Supreme Court of Canada (“SCC”) reversed the Federal Court of Appeal decision in Callidus Capital Corporation v.

• Dans son arrêt du 8 novembre 2018, la Cour suprême du Canada a infirmé la décision de la Cour d’appel fédérale (Callidus Capital Corporation c.