Banking, Bankruptcy & Insolvency
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April 25, 2024
Canada imposes more sanctions on Iran after Iran’s missile and drone attacks on Israel this month
Canada has imposed dealings bans and entry prohibitions against Iran and two senior Iranian military members under the Special Economic Measures (Iran) Regulations, following Iran’s recent missile and drone attacks on Israel.
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April 23, 2024
N.S. gets new justice minister amid comments controversy
Nova Scotia has a new justice minister following the sudden resignation of Brad Johns, who stepped down after making controversial comments about domestic violence.
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April 22, 2024
SCC’s spring session features weighty constitutional & admin law appeals but case volume is light
Constitutional and administrative law cases dominate at the Supreme Court of Canada this spring, with the handful of appeals to be heard involving class actions, standard of review, the honour of the Crown and the right to vote.
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April 16, 2024
Legal aid funding, auto theft crack down and redistribution of judgeships feature in federal budget
Funding for legal aid to reduce court delays; redistributing “unused” Alberta unified family court posts to other superior courts; and creating new offences and harsher penalties for auto theft are among dozens of justice-related measures proposed in the latest federal budget, which the minority Liberal government says aims to enhance the affordability of shelter, groceries, internet and other necessities for Canadians.
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April 16, 2024
Budget 2024 tax initiatives to play a key role in Ottawa’s effort to boost housing, economy
In a sweeping 2024 budget that targets increased housing, lower living costs, small-business support and greater economic growth, Prime Minister Justin Trudeau’s Liberal government is also taking tax measures to help offset a projected $40 billion deficit for 2023-24 and a rising federal debt estimated to reach $1.37 trillion by 2029.
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April 12, 2024
Court approves reverse vesting order sale of businesses in receivership despite Crown objections
The B.C. Supreme Court has approved the sale of two insolvent businesses through a reverse vesting order (RVO) to allow the buyer to acquire them free and clear of their liabilities, finding that the RVO structure left no stakeholder worse off than they would be otherwise.
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April 11, 2024
Ottawa unveils affordability measures to aid ‘first-time’ homebuyers, mortgage-strapped owners
The Trudeau government is proposing measures aimed at assisting “first-time” buyers to save for a home as well as helping cash-strapped owners hang on to their mortgaged homes.
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April 10, 2024
Ontario Court of Appeal orders borrower to pay $326,500 balance of lender fee despite failed loan
The Ontario Court of Appeal has ruled that a commercial developer must pay $326,500 in lender fees for a failed loan transaction, overturning a lower court decision that the lender was not entitled to the amount since it was payable under an unenforceable penalty clause.
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April 05, 2024
SCC rules ‘fraud exception’ bars Canadian bank from making payment demanded under letter of credit
Elaborating on the “fraud exception” to a bank’s obligation to pay on demand under a letter of credit, the Supreme Court of Canada has affirmed 7-2 that a Canadian bank was required to refuse payment to a letter of credit beneficiary due to a third party’s fraudulent behaviour, which was also attributable to the beneficiary.
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April 03, 2024
Federal Court: Unsecured creditors must pay deemed trust proceeds to Crown
An unsecured creditor who received proceeds from the sale of property subject to a deemed trust under the Income Tax Act (ITA) is required to pay those proceeds to the Crown, the Federal Court has found.