On December 10, 2016, the Forfeited Corporate Property Act, 2015 (the “FCPA”) came into force in Ontario. This statute addresses what happens to property that is not distributed by an Ontario corporation prior to its dissolution. It also amends the Business Corporations Act (Ontario) (the “OBCA”) and the Corporations Act (Ontario) (the “OCA”) to include a requirement for corporations to maintain a register of ownership interests in land in Ontario. Corresponding amendments were also made to the Not-for-Profit Corporations Act (Ontario) (the “ONCA”), which has not yet come into force.… Continue Reading
In the immediate aftermath of the recent shooting in San Bernardino, much of the focus, apart from concern for the victims and their families, was on understanding whether the violence was in fact an act of terrorism.… Continue Reading
In a judgment dated June 30, 2015 in the case of Singh v. Kohli (2015 QCCA 1135), the Quebec Court of Appeal issued very interesting and up-to-date statements about the inherent risks of entertaining business discussions and then terminating same.… Continue Reading
Lawyers representing strata lot purchasers in British Columbia have, to date, made considerable hay by emphasizing that the Real Estate Development Marketing Act (British Columbia) is “consumer protection” legislation to be interpreted in favour of purchasers. The bias in favour of the consumer has arguably lost some of its lustre in the past year or so (see, for example, the decision in Woo v. Onni, discussed here), but there is still concern that, when in doubt, the courts will invoke the consumer protection nature of the legislation to justify a decision in favour of the proverbial “little guy”, … Continue Reading
A few weeks ago, I blogged about one of the key differences between taking security in Canada as compared to the US, which is a question I’m often asked by lenders when working on cross-border transactions. As a follow up to that post, I’m going to discuss one other reason why lender rights are generally a bit more robust in Canada than in the US: the option of private power of sale that’s available in Ontario.
A private power of sale in Ontario allows a lender to (on not less than 15 days after default and 35 days’ notice) sell … Continue Reading