Banking, Bankruptcy & Insolvency
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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.
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November 13, 2023
Canada and others aim to implement OECD’s ‘crypto-asset reporting framework’ by 2027
In an effort to stymie the use of crypto-assets to evade taxes in their jurisdictions, Canada and dozens of other countries have signed a formal statement announcing they “intend to work towards swiftly transposing” the international “Crypto-Asset Reporting Framework” (CARF) into their domestic laws and activate automatic information-exchange agreements by 2027.
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November 07, 2023
New SCC Justice Moreau ‘very intelligent, incredibly hard working, fair,’ lawyers say
Criminal and civil litigators in Alberta say Justice Mary Moreau, former leader of their busy superior trial court and newly appointed to a Western seat on the Supreme Court of Canada, established a “stellar” track record as a lawyer, judge and chief justice in her home province.
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November 03, 2023
Moreau CJ was on ‘short list’ of only 2 bilingual SCC candidates, despite feds mandating 3-5 names
The “short list” of candidates the independent advisory board on Supreme Court appointments handed the government last month had only two names on it as the advisory board did not identify enough “qualified and functionally bilingual” candidates to discharge the Liberal government’s mandate obliging the board to provide Prime Minister Justin Trudeau with “at least three to five names” of candidates to fill the Western/Northern vacancy for which Alberta Court of King’s Bench Chief Justice Mary Moreau was picked.
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November 02, 2023
Ottawa says annual growth plan for immigration to ‘plateau’ in 2026 at 500,000 permanent residents
The federal Liberal government says it is sticking to its ambitious immigration targets for the next three years, unveiling plans to welcome 485,000 new permanent residents to Canada in 2024, 500,000 in 2025, and then “plateau” at 500,000 permanent residents in 2026.
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October 31, 2023
Canada imposes sanctions on fuel, weapons suppliers, other enablers of Myanmar’s military regime
Responding to the violence and terror Myanmar’s military regime continues to inflict on that country’s people, Canada has imposed sanctions against 39 individuals and 22 entities that are supporters of the regime which toppled Myanmar’s democratically elected government two and a half years ago
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October 27, 2023
SCC rules on duty of contractual loyalty linked to good faith, remedy of disgorgement of profits
In an important Quebec civil law judgment on remedies and contractual obligations of loyalty and good faith, the Supreme Court of Canada has 6-0 dismissed the appeal of two corporate directors who bought three thriving businesses they ran from the controlling shareholders — only to sell them on at a hefty profit — without ever telling the shareholders that the third-party buyer had wanted to acquire their businesses.
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October 26, 2023
PM’s pick of CJ Moreau for top court means SCC poised to have a female majority for the first time
The Supreme Court of Canada could soon have a majority of women judges for the first time since its creation in 1875, following the historic nomination of Alberta Court of King’s Bench Chief Justice Mary Moreau to fill the top court’s Western/Northern seat vacated last June by Justice Russell Brown.
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October 26, 2023
World watching how Canada redistributes proceeds from seized Russian assets: Ukrainian ambassador
Ukraine’s ambassador to Canada says other countries are “carefully watching” to see how federal authorities and Canadian courts implement an internationally-groundbreaking federal law enabling the proceeds from seized Russian assets in Canada to be directed to rebuilding and compensating war-shattered Ukraine.