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The Ontario Court of Appeal has ruled that, in the case of a "requirement to pay" under the Income Tax Act (Canada) that was issued after a notice of application to appoint a receiver (but before the court heard the application), supported by an ex parte "jeopardy order" issued by the Federal Court of Canada under s. 225.1(1) of that Act, [60 ...
The four main players involved in consumer insolvency are Licensed Insolvency Trustee, Debtor/insolvent person, Creditors, Office of the Superintendent of Bankruptcy. Under s. 2 of the BIA, an "insolvent person" can become "bankrupt" for the purposes of the BIA in three ways: by a voluntary assignment in bankruptcy [2]
The Ontario Court of Appeal has ruled that, in the case of a "requirement to pay" under the Income Tax Act (Canada) that was issued after a notice of application to appoint a receiver (but before the court heard the application), supported by an ex parte "jeopardy order" issued by the Federal Court of Canada under s. 225.1(1) of that Act, [70 ...
The Companies' Creditors Arrangement Act [1] (CCAA; French: Loi sur les arrangements avec les créanciers des compagnies) is a statute of the Parliament of Canada that allows insolvent corporations owing their creditors in excess of $5 million to restructure their businesses and financial affairs.
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. [1]
They have also been used for debt restructuring in insolvency situations, which is a recent innovation in Canadian proceedings. [91] The Supreme Court of Canada, in its ruling in BCE Inc. v. 1976 Debentureholders, stated that, in seeking court approval of an arrangement, the onus is on the corporation to establish that
No. 9 Duke picked up its biggest win of the season on Wednesday, handing No. 2 Auburn its first loss. That was the extent of the good for the ACC.
As result of court reform, no new full-time judges have been appointed by the provincial government to preside in Small Claims Court. Proceedings in the Small Claims Court are governed by a codified set of rules contained in O. Reg. 258/98 (as amended), the Rules of the Small Claims Court, instead of the complex Ontario Rules of Civil Procedure.