The Newfoundland and Labrador Court of Appeal recently confirmed that accounting/auditing firms may take on several mandates in respect of companies that may or do become insolvent inWabush Hotel Limited v Business Development Bank of Canada, 2017 NLCA 35 (“Wabush Hotel”), which was released on May 25, 2017.
This case provides additional comfort to such firms that previous consulting or review engagement work will not prohibit them from acting in a receivership role in later insolvency proceedings.
Background
As joint owners of a business, what do you do when the business relationship falls apart? And what if one owner undermines the business in the process?
In Smith v Hillier,3 Justice Paquette dealt with the situation that arises when a business relationship turns sour and the only two shareholders are at a standoff.
Background
Introduction
On February 13, 2013, the Nova Scotia Department of Labour and Advanced Education announced temporary solvency relief for private sector defined benefit pension plans that can be viewedhere. The measures allow employers up to 15 years to fund solvency deficiencies reported between January 3, 2011 and January 2, 2014, rather than the usual five year period.
“Insolvency can trigger catastrophic consequences”.
So begins the epic decision released this morning by the Supreme Court of Canada in Sun Indalex Finance, LLC v United Steelworkers, 2013 SCC 6 – a case that considers the impact of insolvency on the employee beneficiaries to a pension plan.