Banking, Bankruptcy & Insolvency
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February 08, 2024
Barring intervener counsel from pleading in person at SCC ‘improves access to justice’: CJ Wagner
The Supreme Court of Canada’s controversial policy of restricting intervener counsel to virtual appearances, rather than giving them the same hybrid option as party counsel to appear in person before the judges, “offers substantial savings, especially to those farthest from Ottawa” and “as such levels the playing field and improves access to justice,” Chief Justice of Canada Richard Wagner told the Canadian Bar Association (CBA).
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February 08, 2024
CHBA: Whole systems approach, shift to factory-built construction needed to meet housing needs
Canada needs significant policy changes and a shift to factory-built construction to address high prices and inadequate supply of homes, according to a report by the Canadian Home Builders’ Association (CHBA), released on Feb. 8.
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February 06, 2024
Sanctions aim at Hamas leadership; Ottawa says first time ‘non-state actors’ targeted
The federal government says it has imposed dealings and immigration bans “effective immediately” against 11 people who “hold senior positions within Hamas or its affiliates and were integral to the planning, funding and execution of the Oct. 7 terrorist attacks against Israel” last year.
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January 23, 2024
Ontario Court of Appeal finds forbearance agreement amounts don’t carry mortgage priority
The Ontario Court of Appeal has upheld a finding that a forbearance agreement and associated payments owed to a first mortgagee did not carry the first mortgagees’ priority to the second mortgage.
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January 18, 2024
Appeal allowed in gold and silver market-fixing class action alleging conspiracy by banks
The Ontario Court of Appeal has allowed an appeal where plaintiffs moved to amend their pleadings in class actions brought against various financial institutions, claiming the institutions were involved in conspiracy to fix the market and gold and silver trading prices.
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January 11, 2024
No reprieve for small businesses as CEBA repayment deadline approaches: CFIB
The Canadian Federation of Independent Businesses (CFIB) has said that as there is one week left until the Jan. 18 deadline for the Canada Emergency Business Account (CEBA) repayment, it is “highly unlikely” that the federal government will allow small businesses extended time to repay their loan to keep the $20,000 forgivable portion.
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January 10, 2024
Supreme Court of Canada judge fell and injured his ribs, but top court says he remains on the job
Supreme Court of Canada Justice Nicholas Kasirer has had a fall that injured his ribs and kept him from participating in a Toronto legal conference where he was scheduled to speak, but the top court told Law360 Canada the Quebec jurist is continuing to “fulfil his duties at the court and there has been no impact on his work.”
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January 10, 2024
Manitoba regulator outlaws video ID of clients involved in financial dealings
As part of ongoing efforts to protect its members from being used in money laundering schemes, the Law Society of Manitoba has made it so lawyers can no longer use video conferencing to verify the ID of clients involved in financial transactions.
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December 22, 2023
Feds approve RBC acquisition of HSBC, say strict terms will protect workers
Deputy Prime Minister and Minister of Finance Chrystia Freeland has approved the sale of HSBC Bank Canada (HSBC) to Royal Bank of Canada (RBC), pursuant to authorities under the Bank Act. The Department of Finance said that the sale is subject to strict terms and conditions imposed on RBC.
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December 18, 2023
Court refuses leave to appeal appointment of receiver, finding debtors’ grounds of appeal weak
The Ontario Court of Appeal has denied three corporate debtors leave to appeal a decision appointing a receiver over their assets, finding that their grounds of appeal lacked merit and that they had not raised any issue of general importance.