Bill C-47: Amending the criminal interest rate in Canada
On April 20, 2023, following a consultation in 2022, the Government of Canada tabled Bill C-47, the Budget Implementation Act (the “Bill”). The Bill includes, amongst many other things, amendments to the criminal interest rate provision under section 347 of […]
Bill C-228 and defined benefit pension plans
The Canadian Parliament has enacted significant changes to federal insolvency legislation, elevating the priority that must be provided to fund the deficit of a defined benefit pension plan when distributing debtor assets. Bill C-228, the Pension Protection Act (the “Act”), […]
Insurance protection for secured lenders
Insurance certificates often provide that a debtor’s secured lenders are an “additional insured” and/or a “loss payee” on the debtor’s insurance policies without the statement that the lender is a “mortgagee” with a “standard mortgage clause.” These key words need […]
A sigh of relief for agents in syndicated financings
Agents in syndicated loan transactions have received some much needed relief in respect of potential erroneous payments made by them to the lenders in their syndicate. Erroneous payments provisions became commonplace in many credit agreements in 2021 as a by-product […]
