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Banking, Bankruptcy & Insolvency

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Friday, May 08, 2020 @ 12:39 PM

Federal Court of Appeal sides with Loblaw over taxation of Barbados bank

The Federal Court of Appeal has ruled it was an error for the federal government and a lower court to conclude Canadian supermarket giant Loblaw had to pay taxes on a bank its financial subsidiary once owned. The appeal in Loblaw Financial Holdings Inc. v. Canada 2020 FCA 79 deals with whether the foreign accrual property (FAPI) provisions in the Income Tax Act (ITA) apply to Loblaw Financial’s former Barbados subsidiary Glenhuron Bank Limited (GBL). ... [read more]

Wednesday, April 29, 2020 @ 12:50 PM

Director of dissolved company found liable for outstanding debts

The Alberta Court of Appeal has ruled a dissolved company must still the pay the debt it owes to a company with which it once had a joint venture agreement. “In every case in which a corporation is accused of oppressive conduct, there is a person or persons responsible for directing that conduct,” wrote Justices Myra Bielby and Jolaine Antonio in the majority reasons. ... [read more]

Friday, April 03, 2020 @ 10:48 AM

B.C. Supreme Court updates procedures on insolvency matters

The B.C. Supreme Court has updated its procedures for insolvency matters in light of the COVID-19 pandemic. ... [read more]

Thursday, March 26, 2020 @ 2:46 PM

Ontario court clarifies when provincial trusts will be upheld in insolvency proceedings Jeremy Sacks

Ontario contractors have often been out of luck to collect monies owed to them during insolvency proceedings, despite provincial legislation that ensures that doesn’t happen. Under subsection 9(1) of Ontario’s Construction Act, when an owner sells a property and trade contractors have not been paid for their work, the net proceeds from the sale — following payment to discharge any existing mortgage — flow into a trust fund for the contractors. ... [read more]

Wednesday, February 26, 2020 @ 12:17 PM

Langlois adds to Montreal business law group

Langlois lawyers announced that Eugénie Lefebvre has joined its business law group in Montreal. ... [read more]

Monday, February 24, 2020 @ 9:52 AM

Banking associate joins Torkin Manes

Torkin Manes announced that Emer Kelly has joined the firm as an associate in its banking and financial services group. ... [read more]

Friday, February 21, 2020 @ 1:15 PM

Tyr LLP adds banking associate

Tyr LLP announced that Judith Manger has joined the firm as an associate. ... [read more]

Thursday, February 20, 2020 @ 3:28 PM

Dealing with orphan oil and gas wells both a political and legal problem, experts say Alastair Lucas, University of Calgary

A potential crisis looms over Alberta’s energy sector, which is largely separate from the fallout if major projects such as Trans Mountain expansion do not go forward. ... [read more]

Thursday, January 30, 2020 @ 12:42 PM

Evolution of corporate purpose post-2019 Arrowroutes

The identification of what a corporation’s purpose is one that has recently been shifting, in both judicial decisions as well as within the business community. In the non-legal sphere, an example of this shift can be seen in the 2019 release of the Business Roundtable’s statement of principles on corporate governance. ... [read more]

Thursday, January 30, 2020 @ 9:37 AM

Bankruptcy law doesn’t exist to protect debtors’ fraudulent conduct, judge rules

A judge has determined a securities penalty imposed against an Alberta man still has to be paid despite his emerging from bankruptcy, a decision the lawyer for the provincial securities commission is calling a first in Canada. The decision in Alberta Securities Commission v. Hennig 2020 ABQB 48 has its genesis in a June 2008 ruling by a panel of the Alberta Securities Commission (ASC) ... [read more]