NOMA Conference September 27, 2012 BANKRUPTCY AND RECEIVERSHIP: IMPACTS ON YOUR COMMUNITY. Frank Fabiano, CA, CIRP Partner at Grant Thornton Limited
|
|
- Lillian Andrews
- 5 years ago
- Views:
Transcription
1 NOMA Conference September 27, 2012 BANKRUPTCY AND RECEIVERSHIP: IMPACTS ON YOUR COMMUNITY Frank Fabiano, CA, CIRP Partner at Grant Thornton Limited
2 BANKRUPTCY AND RECEIVERSHIP: IMPACTS ON YOUR COMMUNITY Agenda Insolvency Options - What Are They? Options Under The Municipal Act Potential Situations That Occur Can a Municipality Go Bankrupt? Conclusion Questions
3 Insolvency Options What Are They? Bankruptcy A legal process governed by the Bankruptcy and Insolvency Act; the state of being bankrupt or the fact of becoming bankrupt, voluntarily or involuntarily Receivership (Private or Court Appointed) A secured creditor or a court may appoint a receiver to take possession or control of all, or substantially all, of the inventory, accounts receivable or other property of an insolvent person or bankrupt that was acquired for or used in relation to a business carried on by the insolvent person or bankrupt
4 Insolvency Options What Are They? (Continued) Proposal (Division I or Division II) An offer to creditors to settle one's debts under other than existing terms. May be an informal contractual arrangement, or a formal proposal under a federal statute - the Bankruptcy and Insolvency Act, Companies' Creditors Arrangement Act, Winding-up and Restructuring Act
5 Insolvency Options What Are They? (Continued) Companies' Creditors Arrangement Act (CCAA) The federal statute regulating commercial reorganizations, which facilitates compromises and arrangements between companies and their creditors Only invoked by companies having at least $5 million in debt; alternative statute to the Bankruptcy and Insolvency Act
6 Insolvency Options What Are They? (Continued) Notice of Intention to File a Proposal The legal document filed with the Official Receiver that provides an insolvent debtor protection from his creditors, and begins the process under the Bankruptcy and Insolvency Act whereby the debtor makes a proposal to his creditors or becomes bankrupt
7 Options Under The Municipal Act 1. Tax sale and registration on real property where property taxes are outstanding for more than three years 2. Sale of personal property located on property where property taxes are outstanding 3. Property taxes and water arrears form secured claim against property with outstanding arrears 4. Environmental concerns sometimes may discourage township from taking possession
8 Potential Situations That Can Occur Tax Registrations Ability to tax register a property after 3 years of outstanding tax arrears Have to wait for one year after tax registration prior to having ability for tax sale Need to monitor closely otherwise will get out of hand Regular policing sends out the right message to other residents to pay their property taxes Need to assess in advance which properties should or should not tax register due to environmental problems
9 Potential Situations That Can Occur Sale of Personal Property Under the Municipal Act, personal property located on the property with the outstanding tax arrears can be seized by the township The personal property must be owned by the owner or the corporation operating on the property As well, the township must sell the personal property first, prior to any tax registration, otherwise they will lose the ability to do so Can do yourself or get assistance
10 Potential Situations That Can Occur Pre-Packed Receivership Assisting a township with the transfer of a shutdown plant, with outstanding property taxes, to a new owner New owner already chosen but receiver used to transfer plant over a period of a week Receiver is able to give new owner clear title to the property thus shedding the unsecured debt Allows property to move forward and to continue to earn property tax revenue
11 Potential Situations That Can Occur Bankruptcy or Receivership Occurs The Bankruptcy and Insolvency Act is complex and overlaps with various other government acts i.e. HST, Income tax When a major industry falls in your community with outstanding property taxes, the debtor is often looking for a tax break Townships may require a consultant to help them understand their options under the different scenarios
12 Potential Situations That Can Occur Residents Go Bankrupt and Walk from their Homes This is something that has occurred too often over the last five years Even secured creditors have walked away from houses that they had under security Trustees examine all houses to see if worth selling for creditors otherwise walks as well Townships are left holding the bag!
13 Can a Municipality Go Bankrupt? Recent bankruptcy filings in three California cities have people wondering whether this will happen in Canada It has occurred in the United States due to the depressed housing market We have never seen this happen in Canada to-date nor do we think it will ever happen here We have mastered the art of doing what we can with what we have Unfortunately, this has meant systematically investing less than we should in infrastructure
14 BANKRUPTCY AND RECEIVERSHIP: IMPACTS ON YOUR COMMUNITY Conclusion Tax registrations, tax sales, receiverships and bankruptcies help to move properties forward and into the hands of new owners This improves property tax revenue and cleans up the community of derelict buildings
15 BANKRUPTCY AND RECEIVERSHIP: IMPACTS ON YOUR COMMUNITY ANY QUESTIONS???
ADVANCED ACCOUNTING. Comprehensive Revaluation of Assets and Liabilities
ADVANCED ACCOUNTING Comprehensive Revaluation of Assets and Liabilities Presented by: Endra M. Sagoro Economic Faculty Yogyakarta State University 1 Comprehensive Revaluation of Assets and Liabilities
More informationRestructuring and Insolvency Doing Business In Canada
Restructuring and Insolvency Doing Business In Canada Restructuring and insolvency law in Canada is primarily governed by two pieces of federal legislation: the Companies Creditors Arrangement Act (the
More informationA Step-by-Step Illustration of SPOE Resolution. February 2016
A Step-by-Step Illustration of SPOE Resolution February 016 Group Structure and Hypothetical Losses Leading to Failure Group Structure and Losses Leading to Failure Step 1: Group Structure Before Failure
More informationBANKRUPTCY AND RESTRUCTURING
BANKRUPTCY AND RESTRUCTURING Bankruptcy and Insolvency Act (BIA) 161 Companies Creditors Arrangement Act (CCAA) 165 By James Gage Bankruptcy and Restructuring 161 Under Canadian constitutional law, the
More informationQuestions and Answers About Farm Debt
Revised October 2003 Agdex 817-14 Questions and Answers About Farm Debt This factsheet addresses some of the common, and some not-so-common, questions asked by farmers about the legal implications of debt.
More informationINSOLVENCY 101 & 201. December 3, By: Peter D. Wedlake, FCIRP
INSOLVENCY 101 & 201 December 3, 2008 By: Peter D. Wedlake, FCIRP Contents Insolvency 101 Bankruptcy & Receivership Definitions Why do businesses fail Alternatives Impact of Bankruptcy/Receiverships on
More informationEmmanuel Phaneuf, M.Sc., CIRP, LIT Partner, R&R Raymond Chabot Grant Thornton & Co L.L.P. Priority claims. September 23, 2017
Emmanuel Phaneuf, M.Sc., CIRP, LIT Partner, R&R Raymond Chabot Grant Thornton & Co L.L.P. September 23, 2017 Table of content Crown Unpaid suppliers / Farmers Employees Others 2 The crown Garnishment Deemed
More informationMiller Thomson Seminar April 15, 2009
MILLER THOMSON LLP Barristers & Solicitors Patent & Trade-Mark Agents Robson Court 1000-840 Howe Street Vancouver, BC Canada V6Z 2M1 Tel. 604.687.2242 Fax. 604.643.1200 www.millerthomson.com VANCOUVER
More informationInsolvency Institute of Canada L Institut d insolvabilité du Canada SUBMISSION TO THE STANDING SENATE COMMITTEE ON BANKING, TRADE AND COMMERCE
Insolvency Institute of Canada L Institut d insolvabilité du Canada SUBMISSION TO THE STANDING SENATE COMMITTEE ON BANKING, TRADE AND COMMERCE 30 October 2007 Introduction The Insolvency Institute of Canada
More informationCanada: Insolvency and Restructuring Law Overview
Canada: Insolvency and Restructuring Law Overview Stikeman Elliott LLP Canada: Insolvency and Restructuring Law Overview Legislative Framework... 2 Liquidation Regimes... 2 Bankruptcy and Insolvency Act...
More informationPrepacked Plans in Germany Dr Annerose Tashiro 1, Schultze & Braun, Achern, Germany and London, UK
Prepacked Plans in Germany Dr Annerose Tashiro 1, Schultze & Braun, Achern, Germany and London, UK I. Definition So-called prepacked plans in a German context are insolvency plans that are planned and
More informationand 3. The Company has its operations in Morin-Heights and is leasing its premises from an affiliated company, Canada Inc. ( 3522 ).
Deloitte Restructuring Inc. La Tour Deloitte 1190 Avenue des Canadiens-de-Montréal Suite 500 Montreal QC H3B 0M7 Canada Tel.: 514-393-7115 Fax: 514-390-4103 www.deloitte.ca C A N A D A PROVINCE OF QUEBEC
More informationBANKRUPTCY. Freephone. FACTSHEET 10 (2018)
What is Bankruptcy? Freephone 0800 083 8018 1 FACTSHEET 10 (2018) Bankruptcy is a way of dealing with debts that you cannot pay. Whilst you are bankrupt any assets that you have might be used to pay off
More informationsecured lending in Canada
secured lending in Canada Free trade and global competition have created new opportunities for US businesses in Canada. As a result, both US and Canadian businesses and financial markets enjoy far greater
More informationAFM 371 Winter 2008 Chapter 31 - Financial Distress
AFM 371 Winter 2008 Chapter 31 - Financial Distress 1 / 14 Outline Background What Happens in Financial Distress? Bankruptcy Liquidation and Reorganization Current Issues in Financial Distress Two Practice
More informationand TRUSTEE S PRELIMINARY REPORT TO CREDITORS
Deloitte Restructuring Inc. La Tour Deloitte 1190 Avenue des Canadiens-de-Montréal Suite 500 Montreal QC H3B 0M7 Canada Phone: 514-393-7115 Fax: 514-390-4103 www.deloitte.ca C A N A D A PROVINCE OF QUEBEC
More informationIn the Matter of the Bankruptcy of B.C. Ltd. (Formerly Nita Lake Lodge Corporation)
In the Matter of the Bankruptcy of 0621340 B.C. Ltd. (Formerly Nita Lake Lodge Corporation) Trustee s Report to the Creditors on Preliminary Administration March 13, 2012 ------------------------------------------------------------------------------------------------
More informationBasic Debtor Creditor Terminology
Basic Debtor Creditor Terminology Debtor: person who owes the money Creditor: person to whom the money is owed To qualify as a debt, it must be: Certain (i.e., not contingent on some future event) Liquidated
More informationBankruptcy and Insolvency Guide Finding Solutions, Not Problems
Bankruptcy and Insolvency Guide Finding Solutions, Not Problems Insolvency Consultants & Trustee in Bankruptcy 1140 800 West Pender Street Vancouver, BC V6C 2V6 Boale, Wood & Company Ltd. is a member of
More informationand Canada TRUSTEE S PRELIMINARY REPORT TO CREDITORS
Deloitte Restructuring Inc. La Tour Deloitte 1190 Avenue des Canadiens-de-Montréal Suite 500 Montreal QC H3B 0M7 Canada Tel.: 514-393-7115 Fax: 514-390-4103 www.deloitte.ca C A N A D A PROVINCE OF QUEBEC
More informationPersonal Glossary of Terms
Annual Report Insolvency practitioners are obliged to produce regular reports detailing their actions, including an account of what money they have received from insolvent companies and individuals and
More informationand TRUSTEE S PRELIMINARY REPORT TO CREDITORS
Samson Bélair/Deloitte & Touche Inc. 1 Place Ville Marie Suite 3000 Montreal QC H3B 4T9 Canada Tel.: 514-393-7115 Fax: 514-390-4103 www.deloitte.ca C A N A D A PROVINCE OF QUEBEC DISTRICT OF QUEBEC DIVISION
More informationNORTEL CCAA PROCEEDING
February 16, 2009 NORTEL CCAA PROCEEDING Nortel shares once traded at $124.50. On January 13, 2009 they were 38.5 cents. On January 14, 2009, Nortel filed an application with the Court for protection from
More informationFresh Start. Living DebtFree. By Douglas Hoyes. BA, CA, CIRP, CBV, Licensed Insolvency Trustee. Co-Founder of
Fresh Start A Concise Guide to Living DebtFree By Douglas Hoyes BA, CA, CIRP, CBV, Licensed Insolvency Trustee Co-Founder of Fresh Start A Concise Guide to Living Debt Free By Douglas Hoyes BA, CA, CIRP,
More informationand TRUSTEE S REPORT TO THE CREDITORS ON PRELIMINARY ADMINISTRATION
Deloitte Restructuring Inc. La Tour Deloitte 1190 Avenue des Canadiens-de-Montréal Suite 500 Montreal QC H3B 0M7 Canada Phone: 514-393-7115 Fax: 514-390-4103 www.deloitte.ca C A N A D A PROVINCE OF QUEBEC
More informationAffordable Asset Protection Strategies for Arizona Residents
ESTATE PLANNING INHERITANCE PROTECTION 7650 E. BROADWAY BLVD. #108 PHONE (520) 546-3558 TUCSON, AZ 85710 TOM@TOMBOUMANLAW.COM Affordable Asset Protection Strategies for Arizona Residents My first exposure
More informationand TRUSTEE S PRELIMINARY REPORT TO CREDITORS
Deloitte Restructuring Inc. La Tour Deloitte 1190 Avenue des Canadiens-de-Montréal Suite 500 Montreal QC H3B 0M7 Canada Phone: 514-393-7115 Fax: 514-390-4103 www.deloitte.ca C A N A D A PROVINCE OF QUEBEC
More informationONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
Court File No: 35-2227642 ONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST) IN THE MATTER OF THE NOTICE OF INTENTION TO MAKE A PROPOSAL OF STEVE S T.V. & APPLIANCES LIMITED OF THE CITY OF KITCHENER IN
More informationBusiness Bankruptcy and Creditors Rights Issues
Business Bankruptcy and Creditors Rights Issues AGENDA I. Introduction V. Fraudulent Transfers II. Bankruptcy Overview a. History of Bankruptcy Code b. Types of Bankruptcies a. Intent to Defraud b. Defenses
More informationUnited Kingdom Glossary of Insolvency Terms. Authors: David WHITE & John FRANCIS, Association of Business Recovery Professionals (R3)
United Kingdom Glossary of Insolvency Terms Authors: David WHITE & John FRANCIS, Association of Business Recovery Professionals (R3) Updated: July 2007 Note: The definitions and explanations are not intended
More informationTRUSTEE S PRELIMINARY REPORT IN THE MATTER OF THE BANKRUPTCY OF GRANTECH ENGINEERING INTERNATIONAL INC.
District of Alberta Division of Calgary Court No. 25-094384 Estate No. 25-094384 TRUSTEE S PRELIMINARY REPORT IN THE MATTER OF THE BANKRUPTCY OF GRANTECH ENGINEERING INTERNATIONAL INC. Introduction On
More informationOfficial and Creditors Voluntary Liquidations
Official and Creditors Voluntary Liquidations What is liquidation? Liquidation is the process of winding up a company's financial affairs in order to provide for an orderly dismantling of the company's
More informationCanada. Thornton Grout Finnigan LLP. 1 Overview. 2 Key Issues to Consider When the Company is in Financial Difficulties
Leanne M. Williams Thornton Grout Finnigan LLP Puya J. Fesharaki 1 Overview 1.1 Where would you place your jurisdiction on the spectrum of debtor to creditor-friendly jurisdictions? is a relatively creditor-friendly
More informationIN THE MATTER OF THE PROPOSAL OF EXCEL TECHNOLOGIES LIMITED OF THE TOWN OF MILTON IN THE PROVINCE OF ONTARIO
Estate No. 32-1141332 IN THE MATTER OF THE PROPOSAL OF EXCEL TECHNOLOGIES LIMITED OF THE TOWN OF MILTON IN THE PROVINCE OF ONTARIO REPORT OF THE TRUSTEE TO THE GENERAL MEETING OF CREDITORS Dated: December
More informationCAIRP NIQP Presentation Materials / Case Studies
CAIRP NIQP Presentation Materials / Case Studies TOPIC: OTHER INSOLVENCY ENGAGEMENTS Handout #2: - Case Study #2 (Questions and Answer Guide) David B. Bish Wednesday, September 12, 2018 1:00 p.m. - 5:00
More informationWEB APPENDIX 7B. Bankruptcy and Reorganization 1. Federal Bankruptcy Laws
WEB APPENDIX 7B Bankruptcy and Reorganization 1 In the event of bankruptcy, debtholders have a prior claim to a firm s income and assets over the claims of both common and preferred stockholders. Further,
More informationTake notice that: Dated at Laval, Quebec, this 20th day of April, Raymond Chabot Inc. Licensed Insolvency Trustee
District of: Ontario Division No: 12 Court No: Estate No: 33-2367265 FORM 68 Notice of cy, First Meeting of Creditors (Subsection 102(1) of the Act) An affiliate of Raymond Chabot Grant Thornton LLP In
More informationAn Attorney s Options for Handling Clients in Trouble with Real Estate. Aka: Forbearance to Bankruptcy and Everything in Between
An Attorney s Options for Handling Clients in Trouble with Real Estate Aka: Forbearance to Bankruptcy and Everything in Between Erica Crohn Minchella ~ Attorney at Law 7538 St. Louis Ave Skokie, IL 60076
More informationWe have over 20 years experience of helping people just like you. We are the only small business debt advice charity operating in the UK.
Freephone 0800 197 6026 www.businessdebtline.org Limited companies This fact sheet tells you about what you can do if your limited company has debts that it is struggling to pay. It outlines the options
More informationFrequently Asked Questions. Sears Canada Employee and Retiree Claims Procedure FAQ for Employees represented by Employee Representative Counsel
Frequently Asked Questions Sears Canada Employee and Retiree Claims Procedure FAQ for Employees represented by Employee Representative Counsel This FAQ sheet is intended to act as a supplement to materials
More information- and - - and - KPMG INC.
CANADA PROVINCE OF QUEBEC DISTRICT OF QUEBEC DIVISION: 01-MONTREAL S.C.: 500-11-051625-164 500-11-051624-167 IN THE MATTERS OF THE NOTICES OF INTENTION AND OF THE INTERIM RECEIVERSHIP OF: S U P E R I O
More informationGuide to Enforcement
Guide to Enforcement BallantyneGrant Solicitors the litigation specialists www.ballantynegrantllp.com INTRODUCTION This guide is the third in our series of articles examining and explaining various aspects
More informationSubmission of the. Review of Bills C-476, C-487, C-501, S-214 and S-216 (40 th Parliament) June 25, 2010
Submission of the Canadian Association of Insolvency and Restructuring Professionals 1 Review of Bills C-476, C-487, C-501, S-214 and S-216 (40 th Parliament) June 25, 2010 Introduction This paper is submitted
More informationThe Short-term Cattle Loan Program Regulations, 2008
SHORT-TERM CATTLE LOAN PROGRAM, 2008 A-8.1 REG 6 1 The Short-term Cattle Loan Program Regulations, 2008 being Chapter A-8.1 Reg 6 (effective January 10, 2008) as amended by Saskatchewan Regulations 116/2008
More informationWELCOME TO THE FIRST MEETING OF CREDITORS IN THE CONSOLIDATED BANKRUPTCY OF FACTORCORP INC. AND FACTORCORP FINANCIAL INC.
WELCOME TO THE FIRST MEETING OF CREDITORS IN THE CONSOLIDATED BANKRUPTCY OF FACTORCORP INC. AND FACTORCORP FINANCIAL INC. April 24, 2008 Agenda 1. Call to Order Introduction of Head Table Tabling of prescribed
More informationDavid T. McIndoe September 17, A Primer on the ISDA Resolution Stay Protocol. NAPCO Fall 2015 Credit Conference
David T. McIndoe September 17, 2015 A Primer on the ISDA Resolution Stay Protocol NAPCO Fall 2015 Credit Conference Narrative Termination Rights for Financial Contracts Lehman Brothers Insolvency Insolvency
More informationSHENANDOAH LIFE INSURANCE COMPANY QUESTIONS AND ANSWERS Revised February 19, 2009
SHENANDOAH LIFE INSURANCE COMPANY QUESTIONS AND ANSWERS Revised February 19, 2009 The following is an updated set of questions and answers regarding Shenandoah Life Insurance Company. You may wish to use
More informationIN THE MATTER OF THE BANKRUPTCY OF GOODWILL INDUSTRIES OF TORONTO, EASTERN, CENTRAL AND NORTHERN ONTARIO
Estate File No. 31-2085413 IN THE MATTER OF THE BANKRUPTCY OF GOODWILL INDUSTRIES OF TORONTO, EASTERN, CENTRAL AND NORTHERN ONTARIO Of the City of Toronto, in the Province of Ontario TRUSTEE S REPORT ON
More informationinsolvency terms what do they mean?
insolvency terms what do they mean? People often ask what is the difference between a bankrupt company and a company in liquidation? The answer is that companies cannot be referred to as being bankrupt
More informationIN THE MATTER OF THE BANKRUPTCY OF SEAFIELD RESOURCES LTD. HAVING ITS HEAD OFFICE IN THE CITY OF TORONTO, IN THE PROVINCE OF ONTARIO
IN THE MATTER OF THE BANKRUPTCY OF SEAFIELD RESOURCES LTD. HAVING ITS HEAD OFFICE IN THE CITY OF TORONTO, IN THE PROVINCE OF ONTARIO Report of Trustee on Preliminary Administration Trustee: KPMG Inc. Estate
More informationREPORT OF THE TASK FORCE ON DERIVATIVES
REPORT OF THE TASK FORCE ON DERIVATIVES The Insolvency Institute of Canada ( IIC ) Task Force on Derivatives (the Task Force ) respectfully submits this report on behalf of the leading organization of
More informationCONSUMER LOAN & SECURITY AGREEMENT COMMERCIAL TERMS
CONSUMER LOAN & SECURITY AGREEMENT COMMERCIAL TERMS Introducer Approval Number The Effective Date of the Agreement Under this Agreement, (who we call the Lender, we, or us in this Agreement) agrees to
More informationInsolvency and enforcement procedures in England & Wales
Insolvency and enforcement procedures in England & Wales Contents Introduction...01 Company Voluntary Arrangement (CVA)...02 Scheme of Arrangement (Scheme)...05 Administration / Pre-pack Administration...08
More informationTop 4 things not to do:
I Have My First Preference Claim.What Do I Do Now? By: Lynnette R. Warman Hunton & Williams LLP 1445 Ross Avenue, Suite 3700 Dallas, Texas 75202 (214) 468-3393 www.hunton.com lwarman@hunton.com Copyright
More informationosb.ic.gc.ca All about Bankruptcy Mediation
osb.ic.gc.ca All about Bankruptcy Mediation All about Bankruptcy Mediation This brochure provides basic information on the mediation process. It does not provide detailed legal advice. For additional information
More informationCOMMUNITY OF PRACTICE QUESTIONNAIRE ON INSOLVENCY LAW AND COMPANY LAW
GLOBAL FORUM ON LAW, JUSTICE AND DEVELOPMENT COMMUNITY OF PRACTICE QUESTIONNAIRE ON INSOLVENCY LAW AND COMPANY LAW FINLAND 1 Introductory questions on the insolvency procedures available in the relevant
More informationChapter 18. CORPORATE LIQUIDATIONS and REORGANIZATIONS
Answers to Questions Chapter 18 CORPORATE LIQUIDATIONS and REORGANIZATIONS 1 Equity insolvency occurs when a debtor is unable to pay its debts as they come due. Bankruptcy insolvency occurs when a debtor
More informationLoan Enforcement Improving the Odds of Recovery. By Michael A. Campbell Polsinelli Shughart PC
Loan Enforcement Improving the Odds of Recovery By Michael A. Campbell Polsinelli Shughart PC Copyright 2009 Contents 1. Good Underwriting 2. Speed and its Effect on Recoveries 3. Pre-Enforcement Asset
More informationBANKRUPTCY, RESTRUCTURING & COMMERCIAL LITIGATION
BANKRUPTCY, RESTRUCTURING & COMMERCIAL LITIGATION The Hodgson Russ Bankruptcy, Restructuring & Commercial Litigation Practice has extensive experience representing all types of parties in complex bankruptcy
More informationTO BE (A DEBTOR) OR NOT TO BE (A DEBTOR) THAT IS THE QUESTION..
TO BE (A DEBTOR) OR NOT TO BE (A DEBTOR) THAT IS THE QUESTION.. THE THORNY QUESTIONS OF WHEN WHERE WHY HOW WHETHER TO FILE A BANKRUPTCY CASE FOR YOUR DISTRESSED ENTITY OR YOURSELF Marc Albert Taylor Ashworth
More informationDEBTS AND DISPUTES. Understanding Debt. What to do?
DEBTS AND DISPUTES If you ve ever been owed money, you know it s a frustrating situation to be in. Even when it s a small sum, debts not only leave a bad taste, but they can really affect your financial
More informationA Guide to a Personal Insolvency Arrangement ( PIA )
A Guide to a Personal Insolvency Arrangement ( PIA ) May 2013 Contents Introduction... 2 What is a Personal Insolvency Arrangement?... 2 Who can propose a Personal Insolvency Arrangement?... 3 What type
More informationSUPERIOR COURT OF JUSTICE COMMERCIAL LIST
Court File No. CV-09-7966-000L ONTARIO IN THE MATTER OF THE COMPANIES' CREDITORS ARRANGEMENT ACT, R.S.C. 1985, c. C-36, AS AMENDED AND IN THE MATTER OF THE BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, c.
More informationMEMORANDUM. 24 May 2005 REFORM OF THE FINNISH INSOLVENCY LEGISLATION. 1 Background to the reform
REFORM OF THE FINNISH INSOLVENCY LEGISLATION 1 Background to the reform The Finnish bankruptcy regulation has been revised recently. An overall revision of the Bankruptcy Act had been underway for decades.
More informationSSM National Insolvency Conference 2017 Session 1: The World Bank s Perspective on Debtors and Creditors Rights
Session 1: The World Bank s Perspective on Debtors and Creditors Rights By: Nor Azimah Abdul Aziz Deputy CEO (Regulatory & Enforcement) Companies Commission of Malaysia Source: MPC and PEMUDAH Source:
More informationSequoia Deferred Purchase Agreement with Loan Master Product Disclosure Statement
Sequoia Deferred Purchase Agreement with Loan Master Product Disclosure Statement Master Product Disclosure Statement 14 August 2017 Important information This Master PDS is for the offer of an agreement
More informationand TRUSTEE S PRELIMINARY REPORT TO CREDITORS
Deloitte Restructuring Inc. 1190 Avenue des Canadiens-de-Montréal Suite 500 Montreal QC H3B 0M7 Canada Tel.: 514-393-7115 Fax: 514-390-4103 www.deloitte.ca C A N A D A PROVINCE OF QUEBEC DISTRICT OF MONTREAL
More informationProtecting Canadians' Long Term Disability Benefits. CLHIA Policy Paper
Protecting Canadians' Long Term Disability Benefits CLHIA Policy Paper September 2010 Introduction: Ensuring that all Canadian employees covered by long term disability 1 (LTD) plans continue to receive
More informationSCHEDULE OF OPTIONS AVAILABLE TO INDIVIDUALS IN FINANCIAL DIFFICULTY
SCHEDULE OF OPTIONS AVAILABLE TO INDIVIDUALS IN FINANCIAL DIFFICULTY The most common options available to individuals who are unable to pay their debts are:- 1 Do nothing. 2 Obtain an unsecured debt consolidation
More informationIN THE MATTER OF THE BANKRUPTCY OF NORTEK COMPUTERS LTD. OF THE CITY OF NORTH BAY IN THE PROVINCE OF ONTARIO
IN THE MATTER OF THE BANKRUPTCY OF NORTEK COMPUTERS LTD. OF THE CITY OF NORTH BAY IN THE PROVINCE OF ONTARIO Estate No. 31-1894062 TRUSTEE'S PRELIMINARY REPORT TO THE FIRST MEETING OF CREDITORS August
More informationThe key objectives from the Corporate Debt Policy should be considered and the following key messages highlighted:
Write off Policy This write off policy is linked to Corporate Debt Policy The key objectives from the Corporate Debt Policy should be considered and the following key messages highlighted: 1. The preference
More informationReference: Section 80 (also sections 9 and 78 of the Act and section 26(1.1) of the Income Tax Application Rules, 1971 (ITAR))
IT-293R Debtor s Gain on Settlement of Debt July 16, 1979 [French Version] Reference: Section 80 (also sections 9 and 78 of the Act and section 26(1.1) of the Income Tax Application Rules, 1971 (ITAR))
More informationSHENANDOAH LIFE INSURANCE COMPANY QUESTIONS AND ANSWERS WHAT IS SHENANDOAH LIFE S STATUS?
SHENANDOAH LIFE INSURANCE COMPANY QUESTIONS AND ANSWERS Question 1: Question 2: Question 2: WHAT IS SHENANDOAH LIFE S STATUS? By Order of the State Corporation Commission of the Commonwealth of Virginia,
More informationTHE WHITE HOUSE Office of the Press Secretary. Obama Administration Auto Restructuring Initiative Chrysler-Fiat Alliance
THE WHITE HOUSE Office of the Press Secretary EMBARGOED UNTIL 12:00 PM EDT April 30, 2009 Obama Administration Auto Restructuring Initiative Chrysler-Fiat Alliance On March 30, 2009, President Obama laid
More informationIN THE MATTER OF THE BANKRUPTCIES OF FSP HOLDING LIMITED PARTNERSHIP and FSP HOLDINGS INC. OF THE TOWNSHIP OF ORO MEDONTE IN THE PROVINCE OF ONTARIO
Estate No: 31-2140296 1 IN THE MATTER OF THE BANKRUPTCIES OF FSP HOLDING LIMITED PARTNERSHIP and FSP HOLDINGS INC. OF THE TOWNSHIP OF ORO MEDONTE IN THE PROVINCE OF ONTARIO I. BACKGROUND INFORMATION TRUSTEE
More informationSUPERIOR COURT OF JUSTICE (Commercial List)
ONTARIO Court File No. 05-CL-5801 SUPERIOR COURT OF JUSTICE (Commercial List) IN THE MATTER OF THE COMPANIES CREDITORS ARRANGEMENT ACT, R.S.C. 1985, c.c-36, AS AMENDED AND IN THE MATTER OF A PLAN OF COMPROMISE
More informationDUTIES AND OBLIGATIONS OF SMALL BUSINESS REORGANIZING UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
DUTIES AND OBLIGATIONS OF SMALL BUSINESS REORGANIZING UNDER CHAPTER 11 OF THE BANKRUPTCY CODE In a Chapter 11 case, the party filing the case is referred as a debtor. Upon filing, the debtor automatically
More informationReclamation Rights in Bankruptcy What Every Credit Manager Needs to Know By: Schuyler G. Carroll, Esq. & George Angelich, Esq.
Reclamation Rights in Bankruptcy What Every Credit Manager Needs to Know By: Schuyler G. Carroll, Esq. & George Angelich, Esq. Abstract Vendors of goods regularly extend business credit to customers. However,
More informationNo. But an Informal Agreement may be an option. (Over half of Recovery Partners Clients to date, have had enormous success with this approach.
What exactly are the Insolvency Arrangements I need a PIP for? A Debt Settlement Arrangement (DSA) is a personal insolvency mechanism for UNSECURED DEBTS. It allows debtors pay their unsecured Creditors
More informationA Tip of the Hat Supreme Court s Indalex Decision Puts Spotlight on Pension Plan Governance
A Tip of the Hat Supreme Court s Indalex Decision Puts Spotlight on Pension Plan Governance The tables have turned again as the Supreme Court of Canada opted to allow the company s appeal in the highly
More informationThe New Insolvency Act: A Breath of New Life into Insolvent and Distressed Companies in Jamaica
The New Insolvency Act: A Breath of New Life into Insolvent and Distressed Companies in Jamaica (Published in the Young Attorney A publications of the Norman Manley Law School Students Association, 2016)
More informationOffice of the Superintendent of Bankruptcy
Office of the Superintendent of Bankruptcy Update at 2017 CAIRP Insolvency and Restructuring Forum Building a prosperous and innovative Canada Update Insolvency Trends BIA volumes BIA corporate volumes
More informationCompany Glossary of Terms
Administration In relation to a company, the court, the holder of a floating charge, the company itself, or the directors may appoint an administrator. The purpose of the appointment is to protect the
More informationCONDENSED INTERIM BALANCE SHEET (UNAUDITED)
CONDENSED INTERIM BALANCE SHEET (UNAUDITED) As at (Canadian dollar in thousands) Notes June 30, 2016 December 31, 2015 ASSETS CURRENT ASSETS Cash and cash equivalents $11,420 $47,235 Restricted cash 4
More informationConsumer Taxes. This version of bulletin TVQ supersedes the version of March 31, 2004.
INTERPRETATION AND ADMINISTRATIVE BULLETIN CONCERNING THE LAWS AND REGULATIONS Consumer Taxes TVQ. 444-1/R2 Bad debts Date of publication: March 30, 2007 Reference(s): An Act respecting the Québec sales
More informationBankruptcy 101 CAPT HELEN RICKEY
Bankruptcy 101 CAPT HELEN RICKEY 21 SW/JA, PETERSON AFB, CO 27 OCTOBER 2016 UNCLASSIFIED Overview Federal Court Debtors Schedules Chapter 7 Chapter 13 Chapter 11 Creditors 1 United States Bankruptcy Court
More informationCONDENSED INTERIM BALANCE SHEET (UNAUDITED)
CONDENSED INTERIM BALANCE SHEET (UNAUDITED) As at (Canadian dollars in thousands) Notes September 30, 2016 December 31, 2015 ASSETS CURRENT ASSETS Cash and cash equivalents $10,236 $47,235 Restricted cash
More informationS U P E R I O R C O U R T (Commercial Division) CANADA PROVINCE OF QUEBEC DISTRICT OF QUEBEC S.C.:
CANADA PROVINCE OF QUEBEC DISTRICT OF QUEBEC DIVISION: 01-MONTREAL S.C.: 500-11-051625-164 500-11-051624-167 IN THE MATTERS OF THE NOTICES OF INTENTION AND OF THE INTERIM RECEIVERSHIP OF: S U P E R I O
More informationUNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF TENNESSEE MOTION OF TITAN GLOBAL HOLDINGS, INC. TO APPOINT A CHAPTER 11 TRUSTEE
UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF TENNESSEE In re: APPALACHIAN OIL COMPANY, INC., Debtor. Case No. 2:09-bk-50259 (Chapter 11) MOTION OF TITAN GLOBAL HOLDINGS, INC. TO APPOINT A CHAPTER
More informationand TRUSTEE S PRELIMINARY REPORT TO CREDITORS
Deloitte & Touche Inc. 1969 Upper Water Street Suite 1500 Halifax NS B3J 3R7 Canada Tel.: 902-761-5597 Fax: 902-423-5820 www.deloitte.ca C A N A D A DISTRICT OF NOVA SCOTIA DIVISION No.: 51-HALIFAX COURT
More informationCCAA Statistics in Canada. Third Quarter of 2017
2017 CCAA Statistics in Canada Third Quarter of 2017 Sections Highlights... 3 Table 1: Total CCAA Proceedings Domestic....6 Table 2: Total CCAA Proceedings Filed by Province.......7 Table 3: CCAA Proceedings
More informationCollection Profile Chile
Euler Hermes Collection Profile Chile Collecting in Chile Although the payment behavior of domestic companies is generally good, with payments normally taking place within 60 days on average, standard
More information- and - IN THE MATTER OF THE NOTICE OF INTENTION TO MAKE A PROPOSAL OF CANADA INC.:
CANADA PROVINCE OF QUEBEC DISTRICT OF QUEBEC DIVISION: 01- Montreal S.C.: 500-11-063292-179 SUPER: 41-2297864 IN THE MATTER OF THE NOTICE OF INTENTION TO MAKE PROPOSAL OF: S U P E R I O R C O U R T (Commercial
More informationDEEMED TRUSTS AND OTHER SUPER PRIORITIES
1 DEEMED TRUSTS AND OTHER SUPER PRIORITIES BY PAUL E. RADFORD COADY FILLITER HALIFAX, NOVA SCOTIA FOR THE AGONY AND THE EQUITY OF MORTGAGES CANADIAN BAR ASSOCIATION NOVA SCOTIA CONFERENCE SEPTEMBER 17
More informationINSOLVENCY AND BANKRUPTCY CODE, By: Karishma Jaiswal Associate Maheshwari & Co. Advocates & Legal Consultants
INSOLVENCY AND BANKRUPTCY CODE, 2016 By: Karishma Jaiswal Associate Maheshwari & Co. Advocates & Legal Consultants INSOLVENCY AND BANKRUPTCY CODE, 2016 INTRODUCTION INSOLVENCY: Insolvency is a situation
More informationSECTION 4 NOTICE OF THE BANKRUPTCY CASE
SECTION 4 NOTICE OF THE BANKRUPTCY CASE We learn about a consumer s bankruptcy filing in a number of different ways, including from the customer, the customer s attorney, by way of a letter or notice,
More informationIndicator: Resolving Insolvency
Indicator: Resolving Insolvency S. Reform Implemented No. 1 Operationalization of the Insolvency and Bankruptcy Code. 2 Eleven benches of the NCLT, 977 insolvency professionals, 3 IPAs and 2 IPEs are in
More informationASSETS (as stated and estimated by the officer) LIABILITIES (as stated and estimated by the officer) 3,698, , ,313,601.
X Original -- Form 78 -- Statement of Affairs (Business Bankruptcy) made by an entity (Subsection 49(2) and Paragraph 158(d) of the Act / Subsections 50(2) and 62(1) of the Act) Amended In the matter of
More informationImportant information to help people in mortgage arrears
Important information to help people in mortgage arrears September 2015 Contents Talk to your Lender 3 Explore your Options 4 Contact a Trusted Third Party for Advice - MABS (Money Advice & Budgeting Service)
More information6 Things Every Accounts Receivable Buyer Should Know
Portfolio Media. Inc. 111 West 19 th Street, 5th Floor New York, NY 10011 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com 6 Things Every Accounts Receivable Buyer
More information