COVID-19 Financial Services Update: electronic chattel paper amendments to the PPSA come into force in Ontario
The amendments to the Ontario Personal Property Security Act (“PPSA”) and the Electronic Commerce Act that enable perfection by control of electronic chattel paper (“ECP”) came into force on May 15, 2020. This is an especially important change during the COVID-19 emergency...
Deemed trust for unremitted GST primes bank’s security interest
On April 29, 2020, the Federal Court of Appeal (the “FCA”) released their decision in The Toronto-Dominion Bank v Canada[1] (“TD v Canada”), in which the FCA concluded that a deemed trust in respect of unremitted goods and sales tax...
Are you interested in decreasing the expense side of the balance sheet?: Ontario assessment appeal deadline extended to May 29, 2020
The Ontario deadline to file assessment appeals under the Assessment Act, R.S.O. 1990, c. A.31. has been extended to May 29, 2020. You might be asking: Why should I care? That question is answered below. We all know that property...
COVID-19 Financial Services update: perfection by control
Our prior Financial Services Updates have focused on proactive and defensive measures that both lenders and borrowers can take in light of the economic hardships brought on by the COVID-19 pandemic. This week we focus on a practical consideration that...
Saskatchewan Court of Queen’s Bench loosens COVID-19 restrictions
The Saskatchewan Court of Queen’s Bench is set to resume many operations that were suspended in March due to the COVID-19 pandemic. On April 23, 2020, the Court released a new directive outlining how it plans to restart some of...
COVID-19 Financial Services update: conflicts – related party loans
In light of the current economic environment surrounding the COVID-19 pandemic, companies are in need of additional liquidity and working capital. Recently, our group has seen an increase in lending transactions where shareholders are providing secured subordinated loans to their...
COVID-19 Financial Services update: terminating or disclaiming contracts
In previous weeks our Financial Services Updates have discussed certain proactive measures that lenders and borrowers can take in light of the COVID-19 pandemic. This week our update focuses on the ability of companies to terminate contracts in accordance with...
Government amends Regulation suspending limitation periods to allow for release of holdback under Ontario’s Construction Act
On April 1, 2020 we wrote about O.Reg. 73/20 which suspended limitation periods imposed by any Ontario law retroactive to March 16, 2020. We noted that if the effect of O. Reg. 73/20 applies to suspend the time for liens...
COVID-19: Financial Services update, measures to permit remote electronic witnessing of documents
Although the COVID-19 crisis is having an enormous impact on businesses, commercial activity has not ended. As a result, lawyers continue to work on transactions for our clients, but most are doing so remotely. This new approach to legal work...
COVID-19 and collections in the Court of Queen’s Bench for Saskatchewan
Courts across the country have taken steps to help curb the spread of COVID-19, and to protect litigants, lawyers, court staff and the judiciary. The Court of Queen’s Bench for Saskatchewan is no exception. The Court issued a new Practice...
