Banking, Bankruptcy & Insolvency
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December 04, 2023
Court approves $1.1M priority charge tied to loan for immediate investment in insolvent company
The Supreme Court of Nova Scotia has approved a $1.1-million debtor-in-possession (DIP) priority charge on a company undergoing bankruptcy proceedings to allow for immediate investment aimed at enhancing the value of the company’s assets.
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December 01, 2023
LSO votes to keep, enhance its certified specialist designation
The Law Society of Ontario has narrowly voted to keep its Certified Specialist Program and have lawyers who hold such a designation complete additional professional development training.
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November 30, 2023
Dunton Rainville welcomes three lawyers
Dunton Rainville announced that three lawyers have joined the firm.
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November 29, 2023
Ottawa tables legislation implementing competition reforms, key measures in fall economic statement
The federal government will boost to three years from one year the time Canada’s competition watchdog has to review past mergers, according to the notice of ways and means motion tabled in the House of Commons, ahead of imminent omnibus legislation to propose implementing key measures from the 2023 fall economic statement and from last spring’s federal budget.
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November 27, 2023
Court exempts legal advisers from reporting clients’ tax affairs until Charter challenge determined
Legal advisers across Canada, including Quebec notaries and Ontario paralegals, do not have to comply with constitutionally-impugned Income Tax Act (ITA) mandatory reporting obligations with respect to clients’ tax avoidance, following the Federation of Law Societies of Canada’s (FLSC) success in obtaining a nationwide interlocutory court injunction until its Charter challenge to last June’s ITA amendments is determined.
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November 23, 2023
PBO: Proposed extension to partial CEBA loan forgiveness deadline to cost $907 million
A proposed extension of the deadline for the repayment of interest-free loans granted to small business and not-for-profits during the COVID-19 pandemic will cost $907 million, according to a legislative costing note issued by the Office of the Parliamentary Budget Officer (PBO).
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November 21, 2023
Competition law overhaul, tax changes, money-laundering reforms feature in Ottawa’s economic update
The minority Liberal government’s fall economic statement signals impending omnibus legislation that will propose, among other measures: enacting a long-awaited major overhaul of Canada’s competition laws; creating a Criminal Code offence aimed at “third-party” money launderers; and boosting search, seizure and restraint powers, including for crypto-assets.
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November 20, 2023
OSFI opens consultations on disclosure of crypto-asset exposures
The Office of the Superintendent of Financial Institutions (OSFI) has launched a consultation on the public disclosure of crypto-asset exposures by federally regulated financial institutions in Canada, as announced in Budget 2023.
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November 17, 2023
Quebec tribunal can decide claim B.C. defendants hurt Quebecers in ‘pump and dump’ stock scheme: SCC
In a decision that bolsters cross‑border securities regulation across Canada, the Supreme Court of Canada has affirmed that Quebec’s Financial Markets Administrative Tribunal (FMAT) does have jurisdiction to decide allegations by Quebec’s financial-sector regulator that four out-of-province defendants participated in an illegal securities manipulation scheme with ties to Quebec that harmed investors in that province.
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November 16, 2023
Ontario Court of Appeal upholds decision limiting scope of CPL-related litigation settlement
The Ontario Court of Appeal has upheld a decision rejecting a borrower’s argument that a release of actions related to a certificate of pending litigation (CPL) on the borrower’s property also settled the borrower’s liability under an earlier judgment.