Banking, Bankruptcy & Insolvency
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June 16, 2023
Appeals court upholds General Security Agreement priority of debtor’s payments over other creditors
The Ontario Court of Appeal has upheld a decision finding the holder of a General Security Agreement (GSA) had priority over other creditors regarding payments owed to the debtor and subject to garnishment.
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June 13, 2023
Court grants partial document production in case of two related hay operation actions
The British Columbia Supreme Court has allowed an application for certain documents to be produced pertaining to two actions concerning the operation of a Vanderhoof, B.C. hay operation for export to China where the managers were removed from their position.
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June 12, 2023
SCC’s Russell Brown quits amidst judicial council conduct investigation; opens up Western vacancy
Alberta’s Justice Russell Brown has quit the Supreme Court of Canada in the midst of a Canadian Judicial Council (CJC) investigation into a widely publicized misconduct allegation against him related to a late-night physical altercation involving an American complainant — opening up a Western vacancy on the nine-member top court, which has been shorthanded since last February.
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June 09, 2023
SCC’s LeBel left his mark on diverse areas of law during three decades on bench
Among Canada’s most multi-talented and prolific jurists, Louis LeBel, who died on June 8 at age 83, leaves a rich bijural legacy of important Supreme Court of Canada judgments in the areas of criminal, administrative, labour, family, bankruptcy, tax and private international law.
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June 07, 2023
Bankers’ association granted intervener status in appeals concerning secured lending
The Alberta Court of Appeal has allowed the Canadian Bankers’ Association (CBA) to intervene in appeals that will be jointly heard regarding a $2-million attachment order for proceeds from the sale of lands. The court found that the CBA had interest due to the case’s broader implications of secured lending in Canada.
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June 05, 2023
CJC panel led by top Quebec judge reviewing complaint about SCC’s Brown but no decision date yet
Canada’s legal community has been waiting for more than four months to see whether the cloud hanging over the Supreme Court of Canada and Justice Russell Brown will be lifted by the Canadian Judicial Council (CJC), once the disciplinary body for federally appointed judges pronounces on the formal complaint, of an undisclosed nature, made about Justice Brown last January.
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June 01, 2023
Ottawa imposes broad dealings bans on ‘Russian collaborators’ in Moldova
In step with the United States, the United Kingdom and the European Union, Canada has sanctioned seven individuals and one political party in Moldova, under the Special Economic Measures (Moldova) Regulations created last month in response to foreign collaboration in Russia’s continuing war of aggression against Ukraine.
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May 29, 2023
Nova Scotia Appeal Court to take its act on the road
As part of an ongoing push towards greater transparency, a plan is in the works to have Nova Scotia’s Court of Appeal sit in other parts of the province, said Chief Justice Michael Wood during the judiciary’s first-ever state of the courts address. The inaugural event, held on May 28, featured speeches by Chief Justice Wood, who is also chief of the Appeal Court, Supreme Court Chief Justice Deborah Smith and Provincial Court Chief Justice Pamela Williams.
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May 29, 2023
Court nullifies $740K consent judgments, citing process abuse, fraudulent preference
The Superior Court of Ontario has set aside two consent judgments secured by a law firm, ruling that its tactics in obtaining the judgments against a client experiencing financial decline constituted an abuse of process. The judge also found that the two consent judgments amounted to fraudulent preference to a creditor from an insolvent debtor.
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May 26, 2023
Supreme Court of Canada upholds taxman’s GAAR crackdown on offensive corporate loss trading
Applying the Income Tax Act’s general anti-avoidance rule, the Supreme Court of Canada has ruled 7-1 that a corporate taxpayer engaged in abusive tax avoidance when it tried to monetize millions in unclaimed non-capital losses and tax credits, by carrying them over for use by a different business, via investment transactions that skirted the ITA’s s. 111(5) restriction on non-capital loss carryovers.