Banking, Bankruptcy & Insolvency
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May 01, 2023
Court rejects insolvent company’s $9.2M lawsuit transfer proposal
An Alberta court has rejected a proposal to transfer a lawsuit from an insolvent company claiming damages of $9.2 million to a litigation trustee, finding insufficient evidence to show that the company could not pursue the litigation on its own.
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May 01, 2023
Canada launches consultation on better protecting public interest in post-secondary insolvencies
Canada has launched consultations on how to protect the public interest in cases of public post-secondary educational institutions’ insolvency, the federal government has announced.
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April 21, 2023
OSFI releases new framework for strengthening finance-sector cyber resilience
The Office of the Superintendent of Financial Institutions (OSFI) has released a new framework to help the financial sector identify areas of vulnerability to sophisticated cyber-attacks.
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April 19, 2023
Ottawa outlines likely impacts of PSAC strike on immigration, tax, other federal services
Ottawa says most citizenship, immigration and passport services will be “partially or fully disrupted” by the withdrawal of services of federal public servants, as will services provided by the Canada Revenue Agency (CRA), with expected delays in processing income tax returns and longer wait times at CRA contact centres.
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April 19, 2023
Federal government needs to take action on ‘greenwashing,’ environmental group says
In light of a recent report naming a Canadian bank as the world’s top financier of fossil fuels, an environmental law organization is adding its voice to those calling for Ottawa to bring in legislation to combat the phenomenon known as greenwashing.
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April 17, 2023
OSFI launches consultations on regulation of stablecoins in Canada
The Office of the Superintendent of Financial Institutions (OSFI) launched initial consultations on international recommendations related to fiat-referenced crypto-assets arrangements and activities, on April 17.
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April 17, 2023
Ontario court overturns $1.5M summary judgment in fraudulent scheme case
An Ontario court has overturned a $1.5 million summary judgment that found the defendants (appellants) liable for the torts of knowing assistance and knowing receipt in relation to a fraudulent scheme involving the sale of vehicles from a used car dealership. The court held that the motion judge had erroneously inferred liability in rejecting the defendants' evidence.
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April 12, 2023
Federal Court of Appeal judge weighs into SCC judges’ debate over ‘improper’ interventions
A Federal Court of Appeal judge’s dismissal of a joint motion to intervene by two industry groups ventures into a recent debate amongst the judges of the Supreme Court of Canada about what constitutes an “improper intervention” in a case.
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April 03, 2023
Changes needed in management of Alberta oil and gas liabilities: auditor general
Alberta’s auditor general has recommended that the province’s energy regulator take steps to improve its liability management system for non-oil sands oil and gas Infrastructure.
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April 03, 2023
Steps need to be taken to help Quebec women lawyers be on more equal footing: experts and report
An overhaul of the legal business paradigm coupled with more women attaining positions of power and greater transparency over remuneration are key towards helping women achieve more parity and to stem their exodus from the legal profession, urges a report and legal pundits.