41-2: The Law in a Challenging Economy Archives - LawNow Magazine

Bankruptcy, Insolvency and Receivership

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 characterized by a rules-based approach to proceedings. The BIA is available to insolvent […]

Authors:

Peter Bowal
Peter Bowal
Peter Bowal is a Professor of Law at the Haskayne School of Business, University of Calgary in Calgary, Alberta.
 

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 amazingly broad collections powers bestowed […]

Authors:

Hugh Neilson
Hugh Neilson
Hugh Neilson, FCPA, FCA, TEP, is an independent contractor with Kingston Ross Pasnak LLP, and a member of the Video Tax News editorial board in Edmonton, Alberta.
 

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 life event like a […]

Authors:

J. Doug Hoyes
J. Doug Hoyes
J. Douglas Hoyes, B.A., C.A., CPA, CIRP is a Licensed Insolvency Trustee and co-founder of Hoyes, Michalos & Associates Inc. in Ontario, Canada. He is also the host of Debt Free in 30, a weekly podcast about how to handle money and debt.
 

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% will need to retire in less than nine […]

Authors:

Mark Borkowski
Mark Borkowski
Mark Borkowski is president of Mercantile Mergers & Acquisitions Corporation, a mid market M&A brokerage firm in Toronto, Ontario.
 

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 beyond the corporate towers of the business sector, […]

Authors:

Marjun Parcasio
Marjun Parcasio is an associate practicing in international arbitration and business and human rights at Hogan Lovells International LLP in London, England.
 


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