Banking, Bankruptcy & Insolvency
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September 07, 2023
Ottawa names Quebec Court of Appeal judge to lead public inquiry into ‘foreign interference’
The Liberal government has established a “Public Inquiry into Foreign Interference in Federal Electoral Processes and Democratic Institutions,” following all-party agreement to the new commission of inquiry’s terms of reference and its commissioner.
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September 07, 2023
Ontario Court of Appeal sets aside summary dismissal of claim against bankruptcy trustee
The Ontario Court of Appeal has set aside the summary dismissal of an action against the former trustee of a bankruptcy proceeding, finding that a motion judge erred by failing to consider a limitation period defence within the bankruptcy context.
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September 05, 2023
Canadian legal market AI survey shows high awareness of tech, ‘significant’ ethical concerns
Generative artificial intelligence (GAI) tools, such as ChatGPT, have been a hot topic for the legal profession over the past year, with courts, associations and law schools grappling with the implications of the technology. A new report, issued by LexisNexis Canada, noted that a vast majority of the Canadian legal market had “significant” concerns about the ethical implications of generative AI and over half of the profession, as well as students, believe it will “change law schools and the way law is taught and studied.”
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September 01, 2023
Manitoba lawyer takes over helm of CBA
The Canadian Bar Association (CBA) on Sept. 1 announced that John Stefaniuk of Winnipeg has begun his year-long tenure as the 95th president of the 127-year-old association of more than 38,000 lawyers, notaries, law professors and law students across Canada.
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August 30, 2023
B.C. court allows reverse vesting order for purchase of $72-million property
The British Columbia Supreme Court has granted a reverse vesting order (RVO) in a receivership case on a property worth $72 million for the purchaser to avoid a tax liability of $3.5 million.
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August 30, 2023
Court: Creditor security subordinate to environmental obligations in gravel business’ insolvency
An Alberta court has held that the security interest of a creditor of an insolvent gravel pit operator was subordinate to the company’s liability to complete environmental reclamation work under orders issued by Alberta Environment and Protected Areas (AEPA).
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August 29, 2023
Ransomware ‘disruptive’ and pervasive in Canada: report
Ransomware from abroad is “one of the most devastating types of cybercrime” Canada is facing, with businesses and professional services being among the hardest hit.
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August 25, 2023
Canada imposes dealings prohibitions, asset freezes on participants in Russia’s nuclear sector
Ottawa has imposed sanctions against four people and 29 entities that the federal government says “have direct ties to Russia’s military-industrial complex, as well as to its financial and nuclear sectors.”
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August 24, 2023
Ottawa ‘saves’ millions by making tardy judicial appointments; average delay 11 months in 2023
The Trudeau government has taken an average of 11 months to fill dozens of empty spots on the bench so far this year, discloses a Law360 Canada examination of 435 judicial vacancies, which reveals as well that Ottawa “saves” the federal treasury tens of millions of dollars annually, on average, by not making timely judicial appointments.
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August 22, 2023
Ontario Court of Appeal denies creditor’s late redemption bid for property in receivership
The Ontario Court of Appeal has upheld the dismissal of a creditor’s motion opposing the sale of a property in receivership, finding that the creditor did not have an absolute right to redeem the first mortgage during a court-approved sale process.