The Highly Affected Sectors Credit Availability Program (HASCAP): A further COVID-19 relief measure for businesses
As the COVID-19 pandemic continues to take a toll on the Canadian economy, many continue to need additional financial relief to help them survive the negative impact of the pandemic on their business and their corresponding cash flow. By now […]
Expansion of s. 38 of the BIA assignment of claims
Historically, an assignment of claims pursuant to s. 38 of Bankruptcy and Insolvency Act (the “BIA”)[1] has only been used in the context of an assignment in bankruptcy. For instance, the use of s. 38 of the BIA in the […]
Business interruption insurance and COVID-19: A discussion of future implications
In response to ongoing financial distress caused by COVID-19, many businesses have tried to make claims under their business interruption policies. It remains uncertain whether business interruption losses directly or indirectly caused by the pandemic, such as losses stemming from […]
Asset tracing and corporate intelligence techniques in cryptocurrency investigations
In the first half of 2018, $1.1 billion USD in cryptocurrency was stolen or trafficked online, with the majority of attacks targeting either regular businesses or cryptocurrency exchanges.[1] By 2019, that figure had jumped to $4.4 billion.[2] Despite these staggering […]
Lifting the stay
On July 27, 2020, the Newfoundland and Labrador Supreme Court (the “Court”) released its decision in Great North Data Ltd., (Re),[1] where Justice Handrigan outlined principles for courts to consider when exercising their power under section 69.4 of the Bankruptcy […]
Beware: Recommencement of limitations periods and procedural timelines in Ontario on September 14, 2020
Please beware that on August 20, 2020, the Ontario government (the “Government”) issued a news release providing that the order pertaining to the suspensions of limitations period made under the Emergency Management and Civil Protections Act, R.S.O. 1990, c. E.9 […]
Redemption in a receivership
A recent decision of the Ontario Superior Court of Justice (Commercial List) (the “Court”) in the receivership proceedings of The Clover on Yonge Inc.[1] (the “Clover Project”) has addressed the question of whether a debtor in receivership can avoid a […]
Protection for tenants/borrowers
The Ontario government enacted the Protecting Small Business Act, 2020 (the “PSBA”), effective June 18, 2020, which amended Ontario’s Commercial Tenancies Act (“CTA”) and created greater incentive for commercial landlords to participate in the Canada Emergency Commercial Rent Assistance (“CECRA”) […]
Lender ‘know your client’ diligence—compliance with Canadian sanctions laws
In light of the continuing globalization of trade and international cross border financing arrangements, it is critical to determine if a transaction is prohibited by sanctions laws. Under Canadian and international law, there are a variety of sanctions laws that […]
Ontario Court of Appeal confirms the priority of secured construction lenders’ subsequent advances in face of execution creditors’ notice of writ
Some more good news for secured construction lenders. In a decision rendered April 9, 2020, the Ontario Court of Appeal has confirmed that the priority of subsequent advances by lenders holding a charge of real property will not be defeated […]
