Banking, Bankruptcy & Insolvency
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August 20, 2024
Federal government launches consultation for industrial housing strategy, invites public comment
The federal government is looking for innovative ideas to accelerate innovation and productivity in Canada’s difficult housing market.
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August 19, 2024
FINTRAC updates guidance on reporting suspected sanctions evasion
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has announced that, as of Aug. 19, businesses that are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act are to report transactions suspected to be related to evading sanctions.
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August 13, 2024
Trade Tribunal to mull renewal of anti-dumping measures for copper tubing
The Canadian International Trade Tribunal (CITT) has announced it is initiating an expiry review of its 2019 orders regarding the dumping of circular copper tube on the Canadian market from Brazil, Greece, China, Korea and Mexico.
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August 09, 2024
Canada sanctions Belarusian judges complicit in Lukashenko regime’s jailing of political prisoners
Canada and its allies have imposed asset freezes and immigration bans on certain Belarusian judges and others who facilitate repression and violations of human rights in their country, including jailing hundreds of political prisoners at the behest of President Alexander Lukashenko’s illegitimate regime.
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August 01, 2024
Court approves sale of carwash, finding patent rights in facility were exhausted in earlier sale
The Alberta Court of King’s Bench has approved the sale of a car wash owned by an insolvent company, dismissing a former owner's claim that any new owner must enter into a licensing agreement with it due to patented technology in the facility’s design.
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July 31, 2024
AMPs for securities fraud can be debts released by bankruptcy discharge: SCC
Settling conflicting appellate case law over whether the exemption in s. 178(1)(e) of the federal Bankruptcy and Insolvency Act enables administrative money penalties (AMPs) and disgorgement orders imposed by a provincial securities regulator to survive a bankruptcy discharge, the Supreme Court of Canada ruled 5-2 that $13.5 million in AMPs imposed by the BC Securities Commission on two undischarged bankrupts for fraudulent securities activity is a debt that can be released by a future discharge in bankruptcy. But it ruled unanimously in addition that approximately $5.6 million in related disgorgement orders would survive any discharge from bankruptcy the pair might obtain in future.
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July 26, 2024
SCC’s 9-0 judgment on interpreting historic treaties a big win for First Nations, their counsel say
Live up to the honour of the Crown and its “sacred” treaty promises — or the courts will step in. That might sum up the message from the Supreme Court of Canada to the defendant governments of Ontario and Canada in a multi-billion-dollar lawsuit by Anishinaabe First Nations, who ceded by treaty 174 years ago a huge swath of their traditional Northern Ontario territories only to have successive federal and provincial governments “dishonourably” flout that treaty by barely compensating the cash-strapped Indigenous communities while the Crown and big business reaped billions over the decades from the mineral, timber and other resources of the ceded lands.
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July 23, 2024
Canadian securities regulators stepped up enforcement in 2023-24, driven in part by crypto schemes
Canadian securities regulators commenced 83 enforcement proceedings between July 1, 2023, and June 30, 2024, with 27 cases of selling securities illegally making it the most common offence, according to the Canadian Securities Administrators (CSA) annual year-in-review report.
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July 23, 2024
Appeal court finds insured not covered for failing to notify insurer of securities fraud probe
The Ontario Court of Appeal has dismissed an appeal in which the insured was not able to receive coverage or relief from forfeiture due to his delay in notifying the insurer about circumstances that would reasonably lead to a claim.
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July 17, 2024
Ontario court approves $1.5M settlement for automatic mortgage renewal class action
The Ontario Superior Court has approved a $1.5 million settlement in a class action against a bank concerning allegations that that bank’s practice of automatically renewing mortgages resulted in higher interest rates and financial losses for homeowners.