Q: We've heard about the expiration of the “grandfather clause” (in French, clause grand-père) in the Cape Town Convention, whereby pre-existing rights and interests or their priorities in a State before the effective date of the Cape Town Convention in that State shall not be affected by the Cape Town Convention. We would like to know more details about:
1. Which article in the Cape Town Convention prescribes this rule?
2. Is this rule applicable in Canada?
Q: What is the difference between a general assignment of rents and leases and a specific assignment of rents and leases, and when should I include them in my term sheet for a commercial real estate financing of an Ontario property?
As a result of their “open” nature, the various Personal Property Registry systems in Canada are occasionally the subject of abuse. For example, in the midst of a litigation proceeding, it may be inappropriately suggested that to prevent an adversary from transferring or dealing with their assets, a financing statement should be registered in order to annoy the other party or to scare off any potential transferees.
On April 24, 2017, in Orphan Well Association v.Grant Thornton Limited, the Alberta Court of Appeal (Court) upheld Chief Justice N.
While Canada’s legal system will be familiar to many foreign investors and companies, the Canadian legal system and laws have a number of unique aspects that might surprise you. Understanding these unique aspects of Canadian law is critical to your business success in Canada. Gowling WLG understands the challenges of establishing and conducting business in this country. With offices in major cities across Canada, we provide effective counsel and insightful business solutions that help our clients access the full potential of the Canadian marketplace.
On March 9, 2017, the Supreme Court of Canada granted leave to appeal from the Ontario Court of Appeal’s ruling that there was no jurisdiction to grant equitable subordination under Canada’s Company Creditors and Arrangement Act (“CCAA“) which is often compared to Chapter 11 proceedings in the U.S.
When a financing statement is registered to perfect a security interest in collateral, it is the responsibility of the secured party to monitor the registration to ensure that a new financing statement is filed if the goods move jurisdictions. A recent decision by the Ontario Superior Court of Justice1 emphasizes this point.
Facts
This month we review the court's view on open ended suspension of discharge from bankruptcy and the difficulty of 'substituting' a defendant in proceedings where the relevant limitation period has expired:
Suspension of discharge from bankruptcy should not be open ended
The High Court has held that only in the most serious cases of non-co-operation should a discharge from bankruptcy be suspended otherwise than on a specified period or condition basis.
In Caetano v Quality Meat Packers, 2017 ONSC 1199, Justice Belobaba of the Ontario Superior Court recently had opportunity to consider whether two representative proceedings commenced on behalf of two separate groups of employees against an insolvent employer ought to be struck because, despite the actions having been commenced within the applicable two year limitation period, the plaintiffs in those two actions had failed to obtain the necessary representation orders within the two year period.
La Cour du Banc de la Reine de l’Alberta (la « Cour ») a clarifié la façon dont seront traitées les demandes en cas d’abus dans le cadre de procédures en vertu de la Loi sur les arrangements avec les créanciers des compagnies (la « LACC »). Dans sa décision récente concernant l’affaire Lightstream Resources Ltd.