Canadian commercial insolvency law is not codified in one exhaustive statute. Instead, Parliament has enacted multiple insolvency statutes, the main one being the Bankruptcy and Insolvency Act. The BIA offers a self-contained legal regime providing for both reorganization and liquidation. It is … [Read more...]
Paying Other People’s Taxes
Keeping up with our tax obligations is challenging when times are good, and even more so when the economy turns. Painful though it is to manage our own tax obligations, becoming liable for taxes actually payable by other people can cause even greater distress. The Canada Revenue Agency (CRA) has … [Read more...]
How the Economy Influences Bankruptcy and Vice Versa
Individuals file for bankruptcy because they are insolvent. Being insolvent means that they owe more than they own, or do not have the ability to repay their debts as they become due. While the underlying factor is debt, what can cause an individual person to become insolvent is often an unexpected … [Read more...]
Business Succession Planning is an Investment in the Future
Canadians are aging and Canadian entrepreneurs are aging even faster. According to the Canadian Venture Capital and Private Equity Association, over the next 12 years, more than half of the country’s medium sized business owners are expected to retire. General industry is expected that more than 56% … [Read more...]
Legal Responses to the Financial Crisis of 2008 in Canada, the U.K. and the U.S.
Stock tickers with downward arrows. Index charts and monitors evincing the value lost by public companies and currencies overnight. These were scenes familiar to those who worked on Wall Street, the City, and other global financial centres in 2007 when the financial crisis began in earnest. But … [Read more...]
