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Companies' Creditors Arrangements Act
The ''Companies' Creditors Arrangement Act'' (CCAA; french: Loi sur les arrangements avec les créanciers des compagnies) is a statute of the Parliament of Canada that allows insolvent corporations owing their creditors in excess of $5 million to restructure their business and financial affairs. The CCAA within the Canadian insolvency regime In 1990, the British Columbia Court of Appeal discussed the background behind the introduction of the CCAA in one of its rulings: The Supreme Court of Canada did not have a chance to explain the nature of the CCAA until the groundbreaking case of ''Century Services Inc. v. Canada (Attorney General)'' in 2010. In it, a detailed analysis was given in explaining the nature of insolvency law in Canada. The ''Bankruptcy and Insolvency Act'' (BIA) provides a more rules-based approach for resolving a corporate debtor's insolvency, which must be observed strictly. The CCAA, on the other hand, provides a more discretionary approach that is reme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of Canada
The Parliament of Canada (french: Parlement du Canada) is the federal legislature of Canada, seated at Parliament Hill in Ottawa, and is composed of three parts: the King, the Senate, and the House of Commons. By constitutional convention, the House of Commons is dominant, with the Senate rarely opposing its will. The Senate reviews legislation from a less partisan standpoint and may initiate certain bills. The monarch or his representative, normally the governor general, provides royal assent to make bills into law. The governor general, on behalf of the monarch, summons and appoints the 105 senators on the advice of the prime minister, while each of the 338 members of the House of Commons – called members of Parliament (MPs) – represents an electoral district, commonly referred to as a ''riding'', and are elected by Canadian voters residing in the riding. The governor general also summons and calls together the House of Commons, and may prorogue or dissolve Parliament, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Borden Ladner Gervais
Borden Ladner Gervais LLP (abbreviated as BLG) is a leading, full-service law firm in Canada. With almost two hundred years of history going back to the 1823 founding of McMaster Gervais, it now has offices in Toronto, Montréal, Vancouver, Ottawa, and Calgary. About 700 lawyers, intellectual property agents and other professionals are associated with the firm. BLG is governed by a national council composed of partners from across Canada. Sean Weir served as the firm's first National Managing Partner until 2018, and was succeeded in the position by John Murphy of the Montreal office. In 2019, BLG was named a leading law firm in The Canadian Legal Lexpert® Directory, with 221 lawyers recognized as leaders. The firm was recognized as Band 1 in 11 practice groups in the 2017 edition of ''Chambers Global'', and is known for its practices in international trade, energy, investment, employment and labour, healthcare, shipping, construction, and procurement law. Former justices of Can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asset-backed Commercial Paper
Asset-backed commercial paper (ABCP) is a form of commercial paper that is collateralized by other financial assets. Institutional investors usually purchase such instruments in order to diversify their assets and generate short-term gains. Structure ABCP is typically a short-term instrument that matures between 1 and 270 days (average of 30 days) from issuance and is issued by an Asset-backed commercial paper program, such as a Conduit or Structured investment vehicle (SIV). Covitz, Daniel, Nellie Liang and Gustavo Suarez (2009). The conduit is referred to as a structured investment vehicle. The evolution of a financial crisis: Panic in the asset-backed commercial paper market. Division of Research & Statistics and Monetary Affairs, Federal Reserve Board.Board of Governors of Federal Reserve System. http://www.federalreserve.gov/releases/cp/about.htm. A conduit is set up by a sponsoring financial institution. The sole purpose of a conduit is to purchase and hold financial asse ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fraser Milner Casgrain
''As of March 28, 2013, Fraser Milner Casgrain combined with Salans and SNR Denton to form Dentons.'' Fraser Milner Casgrain LLP (FMC) was a Canadian business, litigation and tax law firm. With more than 560 lawyers (175 litigators) it was the sixth largest law firm in Canada as well as the largest law firm in Western Canada. Until 1984, FMC was a fully integrated national partnership with offices in Montreal, Ottawa, Toronto, Edmonton, Calgary, and Vancouver. In 1985, Fraser Milner Casgrain (then known as Fraser and Beatty) underwent a major administration change. Terrence Young was appointed as chief executive officer and he initiated FMC's expansion into Hong Kong, making FMC a multi-national law firm. Young served as CEO for 13 years, until the 1998 merger between Fraser and Beatty anFenerty erta-based law firm Milner Fenerty. On November 8, 2012, it was announced that FMC would combine with international law firms SNR Denton and Salans to form Dentons Dentons is the l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Newfoundland And Labrador V
Newfoundland and Labrador (; french: Terre-Neuve-et-Labrador; frequently abbreviated as NL) is the easternmost provinces and territories of Canada, province of Canada, in the country's Atlantic Canada, Atlantic region. The province comprises the island of Newfoundland (island), Newfoundland and the continental region of Labrador, having a total size of 405,212 square kilometres (156,500 sq mi). In 2021, the population of Newfoundland and Labrador was estimated to be 521,758. The island of Newfoundland (and its smaller neighbouring islands) is home to around 94 per cent of the province's population, with more than half residing in the Avalon Peninsula. Labrador borders the province of Quebec, and the France, French overseas collectivity of Saint Pierre and Miquelon lies about 20 km west of the Burin Peninsula. According to the 2016 census, 97.0 per cent of residents reported English language, English as their native language, making Newfoundland and Labrador Canada's most lingu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
McMillan LLP
McMillan LLP is a Canadian business law firm serving public, private and not-for-profit clients across various industries in North America and around the world. McMillan LLP is the only national Canadian law firm with an office in Hong Kong, in addition to its offices across Canada in Vancouver, Calgary, Toronto, Ottawa and Montréal''.'' The firm has industry groups in different sectors such as technology, energy, oil and gas, mining, construction and infrastructure, automotive, and transportation. Founding Firms and Mergers The firm was founded by Newton Rowell in 1903. At this time, it consisted of three lawyers and was called Rowell, Reid and Wood. By 1910, the firm more than doubled to seven lawyers, a size it kept until the mid-twenties. Gordon McMillan joined the firm in 1921 and practiced for over half of a century, bringing notable clients such as Monarch and BorgWarner. In 1926, Rhodes Scholar Roland Michener and Osgoode Hall graduate Daniel Lang formed Lang Mich ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bona Fide
In human interactions, good faith ( la, bona fides) is a sincere intention to be fair, open, and honest, regardless of the outcome of the interaction. Some Latin phrases have lost their literal meaning over centuries, but that is not the case with ''bona fides'', which is still widely used and interchangeable with its generally-accepted modern-day English translation of ''good faith''. It is an important concept within law and business. The opposed concepts are bad faith, ''mala fides'' (duplicity) and perfidy (pretense). In contemporary English, the usage of ''bona fides'' is synonymous with credentials and identity. The phrase is sometimes used in job advertisements, and should not be confused with the ''bona fide'' occupational qualifications or the employer's good faith effort, as described below. ''Bona fides'' ''Bona fides'' is a Latin phrase meaning "good faith". Its ablative case is ''bona fide'', meaning "in good faith", which is often used as an adjective to mean " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ab Initio
''Ab initio'' ( ) is a Latin term meaning "from the beginning" and is derived from the Latin ''ab'' ("from") + ''initio'', ablative singular of ''initium'' ("beginning"). Etymology Circa 1600, from Latin, literally "from the beginning", from ablative case of ''initium'' "entrance", "beginning", related to verb ''inire'' "to go into", "enter upon", "begin". Uses ''Ab initio'' (abbreviation: ''ab init.'') is used in several contexts, including the following: Law In law, ''ab initio'' refers to something being the case from the start or from the instant of the act rather than from when the court declared it so. For instance, the term "void ''ab initio''" means "to be treated as invalid from the outset." E.g., in many jurisdictions, if a person signs a contract under duress, that contract is treated as being "void ''ab initio''". Typically, documents or acts which are void ''ab initio'' cannot be fixed and if a jurisdiction, a document, or an act is so declared at law to be void ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Blake, Cassels & Graydon
Blake, Cassels & Graydon LLP (Blakes) is an international corporate law firm with offices in Montreal, Ottawa, Toronto, Calgary, Vancouver, New York City, and London. History Blakes was launched in 1856 after Dominick Edward Blake was called to the bar and entered into partnership with Stephen M. Jarvis in Toronto. Soon it was Blake & Blake when brother Samuel Hume Blake joined. In 1867, Blakes incorporated what would become Canadian Imperial Bank of Commerce. The bank remains one of the firm's oldest clients. In 1878, Blakes was the first business in Canada to install a telephone system that provided a direct link to the offices of the Ontario Court of Appeal and the Supreme Court of Canada at Osgoode Hall. In 1882, Zebulon Aiton Lash joined Blakes and began building a corporate law practice.Christopher Moore. The Law Society of Upper Canada and Ontario's Lawyers, 1797-1997'. University of Toronto Press; 1997. . p. 153–. By 1885, with 15 lawyers, Blakes was among the l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pre-packaged Insolvency
Pre-packaged insolvency (a "pre-pack") is a kind of bankruptcy procedure, where a restructure plan is agreed in advance of a company declaring its insolvency. In the United States pre-packs are often used in a Chapter 11 filing. In the United Kingdom, pre-packs have become popular since the Enterprise Act 2002, which has made administration the dominant insolvency procedure. Such arrangements are also available in Canada under the Companies' Creditors Arrangements Act. United Kingdom The term "pre-pack sale" has been defined by the Association of Business Recovery Professionals as "an arrangement under which the sale of all or part of a company’s business or assets is negotiated with a purchaser prior to the appointment of an administrator, and the administrator effects the sale immediately on, or shortly after, his appointment".http://www.r3.org.uk/media/documents/technical_library/SIPS/SIP%2016%20E&W.pdf The difference between a pre-pack sale and a normal sale is that in a no ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unsecured Creditor
An unsecured creditor is a creditor other than a preferential creditor that does not have the benefit of any security interests in the assets of the debtor. In the event of the bankruptcy of the debtor, the unsecured creditors usually obtain a ''pari passu'' distribution out of the assets of the insolvent company on a liquidation in accordance with the size of their debt after the secured creditors have enforced their security and the preferential creditors have exhausted their claims. Although in a liquidation the unsecured creditors will usually realize the smallest proportion of their claims, in some legal systems, unsecured creditors who are also indebted to the insolvent debtor can (and in some jurisdictions, must) set off the debts, putting the unsecured creditor with a matured liability to the debtor in a pre-preferential position. See also * Preferential creditor * Secured creditor A secured creditor is a creditor with the benefit of a security interest over some or all ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Secured Creditor
A secured creditor is a creditor with the benefit of a security interest over some or all of the assets of the debtor. In the event of the bankruptcy of the debtor, the secured creditor can enforce security against the assets of the debtor and avoid competing for a distribution on liquidation with the unsecured creditors. In most legal systems, secured creditors also have the option of releasing their security and proving in the liquidation, although, in practice, they would rarely do so. Any creditor with a lien on all or a portion of an asset, such as a mortgage on real estate or a bank loan, is said to be a secured creditor. See also * Preferential creditor A preferential creditor (in some jurisdictions called a preferred creditor) is a creditor receiving a preferential right to payment upon the debtor's bankruptcy under applicable insolvency laws. In most legal systems, some creditors are given p ... References {{finance-stub Credit Bankruptcy Insolvency ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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