In discussing the level of specificity that the Personal Property Security Act (the “PPSA” or “Act”) demands, then New Brunswick Appellate Court Justice, Joseph Robertson, said it best when he candidly wrote at paragraph 67 of GMAC Leaseco Ltd. v. Moncton Motor Home & Sales Inc. (Trustee of) 2003 NBCA 26: The legislation lays down […]
COVID-19’s impacts on our lives now include massive intrusions into the arrangements between borrowers and lenders. Customers have disappeared. Revenues have disappeared. But financial obligations remain. How can borrowers and lenders work together in these uncertain times to make the best of a bad situation?
Whether you’re a general contractor, a subcontractor, or a supplier, this decision regarding the application of the Builders’ Lien Act is important for your business.
Gray Aqua Group of Companies, Re is a case from New Brunswick that dealt with the remedy of substantive consolidation under the Bankruptcy and Insolvency Act (BIA). Historically, courts have shown reluctance in granting consolidation and it was seen as an extraordinary remedy.
Courts and lawmakers often refer to Canada Revenue Agency (“CRA”) as an involuntary creditor when businesses fail to make required tax payments to the governmental authority. The timely collection of taxes and payroll deductions also plays a fundamental role in the financing of government.