Blog


mai

28

2014
Canada’s Companies’ Creditors Arrangement Act

Canada’s Companies’ Creditors Arrangement Act

The Companies’ Creditors Arrangement Act (CCAA) is a federal law that allows financially distressed companies an opportunity to restructure or reorganize their business rather than liquidate. Thus, the CCAA presents an opportunity for the company to avoid bankruptcy and allows creditors to receive some, or all, of the amounts owed to them by the company. Corporate restructuring is also available under Canada’s Bankruptcy and Insolvency…

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mai

22

2014
A History of Bankruptcy

A History of Bankruptcy

Bankruptcy or insolvency is the legal status of a person or an organization that cannot repay the debt it owes to its lenders (creditors). Bankruptcy law is the legal remedy available for the recovery of debt. The concept of debt forgiveness can be traced back to the Old Testament. There it is stated that every seventh year debts shall be eliminated. Those Israelites who had…

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mai

16

2014
Ted LeRoy Trucking

Ted LeRoy Trucking

Following the enactment of the Wage Earner Protection Program Act (WEPPA) a conflict arose in respect to the interpretation of the term “wages” under the WEPPA and the Bankruptcy and Insolvency Act (BIA). This was reported in the case of Ted Leroy Trucking Ltd. v. Century Services Inc., 2010 BCCA 223 (CanLII). Ted LeRoy Trucking Ltd. (TLT) obtained a stay of insolvency proceedings under the…

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avril

30

2014
Consumer Proposals – Rejected Proposal

Consumer Proposals – Rejected Proposal

(Schryburt (Re), 2011 ONSC 880 (CanLII) With the introduction of consumer proposals in Canada and Quebec in 1982 a new avenue for insolvent and indebted persons to resolve his or her financial difficulties opened up. There are of course many different reasons that individuals become indebted and therefore every particular case will by definition also has its own solution. Licensed Insolvency Trustees are financial experts…

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avril

16

2014
Insolvency and Gambling in Canada

Insolvency and Gambling in Canada

Gambling is the wagering of money or something of value on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods. Many popular games played in modern casinos originate from Europe and China. Games such as craps, baccarat and black jack originate from different parts of Europe. Today, gambling is a major international commercial activity, with the legal…

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avril

01

2014
Canada’s Bankruptcy and Insolvency Act

Canada’s Bankruptcy and Insolvency Act

Canada’s Bankruptcy and Insolvency Act (BIA) provides a legislative framework for the liquidation of the assets of an insolvent individual, corporation or partnership, and the distribution of the proceeds in a fair and orderly way among the creditors. The BIA is composed of 14 parts that define acts of bankruptcy and outline the right and obligations of the debtors (those who owe monies), the creditors…

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mars

21

2014
Canadian Federal Bankruptcy Law and Quebec Civil Law

Canadian Federal Bankruptcy Law and Quebec Civil Law

Quebec’s legal system was established when New France was founded under the rein of Louis XIV in 1663. Quebec adopted the custom of Paris (Coutume de Paris) as its main authority of law. This means that Quebec has a civil law system and that the courts are administered under an inquisitorial system. All other Canadian provinces adhere to the English legal tradition of common Law….

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févr.

06

2014
The ABCs Of Bankruptcy

The ABCs Of Bankruptcy

Canadian Bankruptcy ABC Personal bankruptcy is a legal proceeding administered under and governed by the Bankruptcy and Insolvency Act (BIA). In Canada, only Licensed Insolvency Trustees can perform and administer a bankruptcy proceeding. Their job is to help people through the process so that they can obtain relief from creditors (people or companies that they owe money to) and get a fresh start in life….

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