Banking, Bankruptcy & Insolvency
-
April 04, 2025
B.C. Court of Appeal rejects SEC appeal over Mareva injunction variation
The B.C. Court of Appeal has denied the U.S. Securities and Exchange Commission (SEC) permission to challenge a ruling that varied a Mareva injunction, allowing an individual ordered to pay over $11 million in a stock manipulation case to use frozen funds for legal and personal expenses.
-
April 04, 2025
New report finds businesses not succession ready as many owners retire
Canada is facing a wave of small business closures amid “economic uncertainty and tariff wars,” partly driven by the number of retiring baby boomer entrepreneurs, according to a new report by consulting firm MNP, which found that nearly two-thirds (64.1 per cent) of Canadian businesses have no succession plan.
-
April 03, 2025
Alberta Court of Appeal rejects trust claims over airport fees held by insolvent airline
The Alberta Court of Appeal has ruled that airport improvement fees collected by a now-insolvent airline are not held in trust for certain airport authorities. The court cited a provision in the agreement between the parties that explicitly disclaimed any intention to create a trust relationship.
-
April 03, 2025
Carney announces 25 per cent retaliatory tariff on U.S. autos
Prime Minister Mark Carney has vowed to fight U.S. tariffs on all fronts, including in the courts and with a new 25 per cent tariff on U.S.-made automobiles in direct response to a 25 per cent U.S. tariff on Canadian vehicles that went into effect at midnight on April 3.
-
April 03, 2025
New rules, regulations for mortgage brokers in Newfoundland and Labrador
New rules and regulations are now in play for mortgage brokers in Newfoundland and Labrador. “New rules for the mortgage broker industry” came into effect April 1, according to a news release; they come via the Mortgage Brokerages and Brokers Act and Regulations.
-
April 01, 2025
Canadian securities regulators delegate registration authority to CIRO
Effective April 1, securities regulators in Alberta, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island and Yukon are delegating certain registration functions and powers to the Canadian Investment Regulatory Organization (CIRO).
-
March 31, 2025
Court approves $30-million settlement in securities class action against cannabis firm Aphria
The Ontario Superior Court has approved a $30-million settlement in a securities class action against cannabis company Aphria Inc., stemming from allegations of misrepresentations regarding certain acquisitions that unfairly benefited company insiders at the expense of non-insider shareholders.
-
March 28, 2025
Bay bankruptcy rekindles labour lawyer’s campaign for better worker protections in insolvencies
The historic collapse of Canada’s 355-year-old retail icon, the Hudson’s Bay Company, has rekindled a Toronto employment lawyer’s quiet campaign to improve Canadian bankruptcy law to better protect workers.
-
March 28, 2025
Canadian legal groups and regulators slam Trump administration’s ‘attacks’ on U.S. judiciary and bar
Canadian bar groups and the country’s 14 legal regulators are condemning the new U.S. administration’s “attacks” on American legal institutions. The concerns of Canada’s legal community were sparked recently by various calls from U.S. President Donald Trump and his allies to impeach judges who have not ruled in favour of the Republican administration’s actions, as well as by presidential executive orders and negative statements targeting individual lawyers and law firms, the immigration bar and so-called “Big Law” in the United States.
-
March 26, 2025
New FINTRAC anti-money laundering regulations allow some businesses to share information
The federal government has published new regulations regarding new obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations for factors, cheque cashers and financing or leasing entities.