doing business in Canada 2 | doing business in Canada Canada is one of the world’s premier locations for business investment. Boasting an exceptional wealth of natural resources, a sound financial system and world-class infrastructure, Canada is known for innovation in a wide range of sectors. And with generous research and development incentives, low corporate tax rates, and easy access to major U.S. markets, Canada is a top destination for foreign companies seeking a foothold in North America.

Introduction

The test for an extension of time to serve and file a late Notice of Appeal in Ontario is well-established in the case law:

Thinking of picking up a business from a bankrupt company? While the purchase price may be irresistible, some hidden obligations towards employees may surface. Better pay extra attention during the due diligence.

On October 21, 2014, the Court of Appeal of Quebec rendered an important judgment in the matter of the bankruptcy of Sylvain Girard (500-09-024077-133), which will have a decisive impact in the handling of bankruptcy cases involving the tax authorities, namely the Agence du revenu du Québec (“ARQ”) and the Canada Revenue Agency (“CRA”).

This article has been contributed to the blog by Joshua Hurwitz and Waleed Malik.

Original Newsletter(s) this article was published in: Commercial Litigation Update: October 2014

On August 19, 2014, the Ontario Superior Court of Justice [Commercial List] (Ontario Court) released an important decision regarding the ability of unsecured bondholders to assert a claim for “post-filing” interest in proceedings under the Companies’ Creditors Arrangement Act (Canada) (CCAA). The CCAA is Canada’s principal statute for the restructuring of large insolvent corporations and is similar in effect to Chapter 11 of theUnited States Bankruptcy Code (Bankruptcy Code).

Canadian restructuring and liquidation legislation provides struggling companies and bankruptcy trustees with powerful tools to restructure their affairs and maximize value for stakeholders. For example, in the right circumstances valuable contracts can be assigned, on notice to the counterparties, to buyers prepared to pay well for the rights conferred under the contracts. In such circumstances, the counterparty’s bargained for right to withhold its consent to an assignment can be effectively overridden by court order.

Introduction

This paper aims to present a brief summary of significant legal decisions over the past year, as they relate to and impact Ontario consumer bankruptcy and insolvency practitioners. It is by no means necessarily comprehensive or exhaustive.

Effect of an Order of Discharge on driver’s licenses and outstanding penalties