Enhanced superpriority for farmers – Lenders beware
Lenders beware, Canada is one step closer to establishing a framework that will provide significant enhanced protections for suppliers of perishable food items. Bill C-280, or the Financial Protection for Fresh Fruit and Vegetable Farmers Act (the “Act”), has passed...
Bill C-47: Amending the criminal interest rate in Canada
On April 20, 2023, following a consultation in 2022, the Government of Canada tabled Bill C-47, the Budget Implementation Act (the “Bill”). The Bill includes, amongst many other things, amendments to the criminal interest rate provision under section 347 of...
Bill C-228 and defined benefit pension plans
The Canadian Parliament has enacted significant changes to federal insolvency legislation, elevating the priority that must be provided to fund the deficit of a defined benefit pension plan when distributing debtor assets. Bill C-228, the Pension Protection Act (the “Act”),...
Insurance protection for secured lenders
Insurance certificates often provide that a debtor’s secured lenders are an “additional insured” and/or a “loss payee” on the debtor’s insurance policies without the statement that the lender is a “mortgagee” with a “standard mortgage clause.” These key words need...
A sigh of relief for agents in syndicated financings
Agents in syndicated loan transactions have received some much needed relief in respect of potential erroneous payments made by them to the lenders in their syndicate. Erroneous payments provisions became commonplace in many credit agreements in 2021 as a by-product...
Overview: OSFI’s draft guideline B-15 on climate risk management
On May 26, 2022, following consultation with key industry stakeholders, the Office of the Superintendent of Financial Institutions (“OSFI”) issued draft Guideline B-15: Climate Risk Management (the “Draft Guideline”).[1] The Draft Guideline represents OSFI’s response to the risks posed by...
The scope of non-debtor third party releases between the U.S. and Canada: A distinction with a difference
Introduction The chapter 11 proceedings of Purdue Pharma (“Purdue”), the pharmaceutical giant responsible for the manufacturing of the powerful narcotic painkiller OxyContin, have been closely followed by insolvency practitioners around the globe, as well as policy makers and members of...
Levelling the playing field: The rise of litigation funding in Canada
The prohibitively high cost of litigation is arguably one of the main barriers to access to justice in Canada. As in many other legal markets, the soaring cost of legal fees has created an impediment to even well resourced parties...
Should the conditional sale vendor or lessor include the electric vehicle charging unit in the deal?
Learn about the recent recognitions received by our Financial Services and Restructuring Group lawyers. Vehicles need fuel to operate. Until recently the fuel was usually a petroleum product. Conditional sale vendors and lessors of vehicles do not finance equipment to...
Bill 96: Something new or déjà vu?
On May 13, 2021, Bill 96: An Act Respecting French, The Official and Common Language of Québec (the “Bill”) was tabled by the Québec government. This Bill aims to provide for stricter protections of the French language within the Charter...
