Banking, Bankruptcy & Insolvency
-
September 10, 2024
Federal government announces public consultation as it eyes surtaxes on more Chinese goods
Amid rising trade tensions with China, Canada has launched another public consultation as a potential precursor to imposing additional surtaxes on Chinese goods.
-
September 09, 2024
Court overturns summary dismissal of claim concerning stolen funds used to purchase Bitcoin
The Saskatchewan Court of Appeal has set aside the summary dismissal of claims related to the sale of Bitcoin using fraudulently obtained funds, finding that the lower court erred in rejecting evidence relevant to when the seller learned about the origin of the funds.
-
September 06, 2024
Securities regulators from across North America to gather in Vancouver starting Sunday
Securities regulators from across North America will gather in Vancouver this weekend and into early next week to discuss current issues affecting the industry, including emerging regulatory issues related to artificial intelligence (AI).
-
September 03, 2024
Toronto financial services firm faces possible class action over disclosure statements
A proposed shareholder class action has been launched against Toronto-based specialty financing firm Chesswood Group Ltd. subject to disclosure rules under the Ontario Securities Act.
-
September 03, 2024
3 judges of Ontario superior court announced
Minister of Justice and Attorney General of Canada Arif Virani announced that Bhavneet K. Bhangu, Jasminka Kalajdzic and Jane O. Dietrich have been appointed judges of the Superior Court of Ontario, an Aug. 29 news release stated.
-
September 03, 2024
Regulator revokes builder’s licence for unauthorized home sales, financial mismanagement
Ontario’s home construction regulator has revoked the licence of Mariman Homes, a Hamilton-based construction company that entered into agreements to sell 108 homes without authorization and enrolment in Tarion’s warranty program, according to a release.
-
August 30, 2024
Study finds auto loans and high mortgage rates continue to fuel insolvencies
Total Canadian household debt has reached a record high of $2.41 trillion, with $626.6 billion — or 26 per cent of it — made up of unsecured debt such as auto loans, credit card debt and instalment loans, according to a new report by Bankruptcy Canada, a national network of licensed insolvency trustee firms.
-
August 29, 2024
Ontario court upholds regulator’s policy of publishing allegations before tribunal hearings
The Financial Services Regulatory Authority (FSRA) of Ontario’s policy of publishing documents related to enforcement proceedings prior to a hearing before a tribunal is reasonable, the Ontario Superior Court has held.
-
August 27, 2024
Alberta Court of Appeal grants leave in marshalling case involving $20M promissory note
In what it described as a significant appeal for the "development of the equitable doctrine of marshaling," the Alberta Court of Appeal has granted leave in a bankruptcy case involving a lender's bid to partially recover a $20 million promissory note.
-
August 23, 2024
Court: PC Bank can claim tax credits for payments to Loblaws on points redemptions
Loblaw’s financial services arm can claim notional input tax credits (NITCs) for redemption payments made to Loblaws when consumers use their credit card points to make purchases, the Federal Court of Appeal has held.