Category: Financial Services

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Concordia International Corp.’s Canada Business Corporations Act Proceedings Explained

October 18, 2018

The recent restructuring proceedings of Concordia International Corp. (Concordia) demonstrate that the arrangement provisions of the Canada Business Corporations Act (CBCA) remain as a powerful tool for balance sheet restructurings in Canada. These provisions allow a company to submit a plan of arrangement for creditor and court approval in order to affect a balance sheet restructuring in a timely and…

Retail Insolvencies in Canada Series, #4: Lender Perspectives

October 4, 2018

This is the final instalment in a series examining large retail insolvencies in Canada from the perspective of various stakeholders. This article discusses retail insolvencies from the perspective of lenders to distressed Canadian retailers and trails the successful emergence of Toys “R” Us Canada from Companies’ Creditors Arrangement Act protection, following the acquisition of its shares by Fairfax Financial Holdings…

Drilling Down: Alberta Court Finds Production Volume Royalty Can Be an Interest in Land

July 4, 2018

On June 22, 2018, in Re Manitok Energy Inc., Justice K. Horner of the Alberta Court of Queen’s Bench (Court) confirmed that the creation, grant and sale of a production volume royalty can constitute an interest in land where the parties have an express intention to create such an interest. This decision adopts the reasoning of the Ontario Court of…

Canadian Regulators Issue Revised Derivatives Dealer and Adviser Business Conduct Rule Proposal

June 28, 2018

On June 14, 2018, the Canadian Securities Administrators (CSA) published for comment a revised version of Proposed National Instrument 93-101 – Derivatives: Business Conduct (Business Conduct Rule). The Business Conduct Rule would impose a range of requirements on Canadian and foreign persons engaged in the business of trading over-the-counter derivatives (derivatives) (Derivatives Dealers) or advising in connection with transacting in…

The Good, the Bad and the Ugly: Revised Regulations for Canadian AML

June 28, 2018

The wait is over. On June 9, 2018, the Department of Finance released long-awaited amendments to the regulations to the Proceeds of Crime and Terrorist Financing Act. Highlights include the regulations of virtual currencies, businesses providing foreign money services and pre-paid products. Hear more about the revised regulations and how they will impact your business. Speakers: Jacqueline Shinfield, Partner Mandatory…

Canadian Investors Take Note: Budding Green Loan Market Set to Ramp Up in 2018

May 14, 2018

Green bonds have been steadily gaining in popularity, becoming a high-profile instrument in capital markets and now green loans are set to ramp up in 2018. Green loans are getting their own voluntary recommended guidelines to promote consistency in the emerging green loan market. Building on the internationally recognized Green Bond Principles of the International Capital Market Association (ICMA), the…

Ontario’s New Construction Lien Act: An Update

April 18, 2018

There have been many developments since our original seminar on the proposed changes to the Construction Lien Act (Act). The final version of the Act reflected a number of changes proposed during the public consultation process. As a result, the Act as passed differed in some respects from the one discussed at the previous seminar. Draft regulations have now been…

2018 Federal Budget: Selected Tax Measures

February 28, 2018

On February 27, 2018, the Minister of Finance introduced Canada’s 2018 Federal Budget (2018 Budget). The 2018 Budget includes measures affecting the taxation of passive income earned by private corporations, as was expected, although the changes are not as wide-spread as had been previously suggested. In addition, the 2018 Budget includes a mix of targeted anti-avoidance rules, legislative responses to…

Year in Review: Legislation and Guidance for Federal Financial Institutions in 2017

January 29, 2018

2017 marked another year of prodigious development of legislation and regulatory guidance impacting federal financial institutions in Canada. The new wave of initiatives in 2017 included the second stage of the consultation process to renew the federal financial sector legislation, proposed modernization of Canada’s payments systems, regulatory studies on the regulation of fintechs, new bail-in legislation, changes to the Basel…

Recent Developments in Canadian Insolvency Case Law: What Lenders Need to Know

December 6, 2017

In 2017, a number of insolvency cases were litigated, in various provinces across Canada, which may materially affect the realization and recovery rights of commercial lenders in restructuring and insolvency proceedings. This article summarizes the core issue of importance to lenders in each of these cases and provides an update on their appeal status. 

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