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  • Bankruptcy and Insolvency Records
    Office of the Superintendent of Bankruptcy Canada
     
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  • Unclaimed Funds Database
     
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  • CCAA proceedings now at your fingertips

    Trustees, creditors, academics, policy makers and government officials have a new source of insolvency information available to them thanks to recent changes to the Companies’ Creditors Arrangement Act (CCAA). One result of the changes, which came into effect September 18, 2009, is that the Office of the Superintendent of Bankruptcy (OSB) became responsible for maintaining both a Registry of Public Records and a Repository of CCAA Files.

    Registry of Public Records
    Once a court grants protection to a debtor company under the CCAA, the monitor (trustee) must send basic information to the OSB within one business day. This information includes the court’s file number and coordinates—including the website address of both the debtor and the monitor.

     
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  • BANKRUPTCY FRAUD WARNING SIGNS - A CHECKLIST

    Use the following list to identify signs of bankruptcy fraud.

    • Failure to keep commonly used business records; incomplete or missing business records
    • Unusual depletion of assets shortly before bankruptcy filing
    • Assets are concealed
    • ...
     
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  • Predictive Indicators - Learn how to read the signs and improve your bottom line

    Managing your company’s exposure to risk has become a challenging task. There is more pressure to speed up the credit review process and more responsibility resting on your shoulders to be accountable for your decisions and improve company profitability.

     
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  • Court Declines to Approve Sale of Assets as Part of Proposal Proceedings

    In the decision of Justice Cumming In the Matter of the Proposal of Hypnotic Clubs Inc. (“Hypnotic” or the “Debtor”) the court dismissed a motion by the Debtor for a sale of its assets pursuant to s.65.13 of the Bankruptcy and Insolvency Act (“BIA”).

     
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  • CRA Trust Overrides Contractual Right To Set Off

    In a recent decision involving the Canada Revenue Agency (CRA), and the Caisse populaire du bon Conseil (Caisse), the Supreme Court of Canada, (SCC) considered whether a lender’s contractual rights in respect of its customer’s term deposit account could be overridden by a deemed statutory trust in favor of the Crown.

    The issue was whether the Caisse, by virtue of its contractual arrangement with its customer, Camvrac Enterprises Inc, held an iron clad security interest over the proceeds of its deposit account that could not be overruled.

     
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  • Supreme Court Rules Crown Doesn’t Have Rights To GST And QST

    In a unanimous decision on October 30, 2009 relating to the Goods and Services Tax (“GST”) and the Quebec Sales Tax (“QST”), the Supreme Court of Canada rejected the most recent attempt of the Crown to secure its position by recovering the tax portion of accounts receivable outstanding at the time of bankruptcy where the bankrupt had not made the required remittances.

     
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  • Factoring Agreement: Security or Sale of Assets?

    Lenders and other members of the factoring community should be aware of the potential impact of a recent ruling on a priority fight over the accounts receivable of a bankrupt company.  One of the issues that the court had to consider was the application of a factoring agreement.

     
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  • Role of the Office of the Superintendent of Bankruptcy (OSB)

    The Office of the Superintendent of Bankruptcy (OSB) is part of Industry Canada. Their role is to ensure public confidence in the market place by protecting the integrity of the bankruptcy and insolvency system.

     
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  • BIA compared to the CCAA

    The Companies' Creditors Arrangement Act (CCAA) is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. Under the CCAA, corporations ask the Court for protection while they prepare ...

     
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  • Search Sites for Bankruptcies in Canada and the US

    In Canada, you can check on the Superintendent of Bankruptcy search site, or in the US, by looking for a filing on PACER, (Public Access Court Electronic Records.) You will have to establish an account on PACER, but the fees are ...

     
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  • PIPEDA and Collections

    Often, collection activity requires interacting with personal information about a consumer, in order to research, contact or collect from that consumer. Whether you are in an internal receivables department, third party collection agency, or you are a legal agent...

     
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  • What is a Proposal?

    Under the Bankruptcy and Insolvency Act, a Trustee or an Administrator of Proposals files a Proposal or an arrangement between you and your creditors to have you pay off only a portion of your debts, extend the time you have to pay off the debt, or provide some combination of both.

     
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  • What to do when a customer files for Bankruptcy

    Find out exactly what the situation is. Most people when they think of bankruptcy only think of the final stage, where the customer is no longer in business. In reality there are a few different types and various levels of severity.

     
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  • Credit Rules (Axioms)

    If short-term credit suppliers are paid by asset conversions, then the primary interest should be centered on the balance sheet and their focus of attention should be liquidity.

     
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  • PPSA Registrations - Is this the Weakness in Your Armour?

    As the saying goes, an ounce of prevention is worth a pound of cure. This expression is particularly apt when it comes to secured creditors and their registrations under the Ontario Personal Property Security Act (the "PPSA"). Although "getting it right the first time" has always been the mantra of secured creditors, the economic roller coaster ride of recent months has heightened the need to ensure a properly perfected secured claim.

     
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  • Credit and Collections as a Revenue Generator
    Next time you are spending quality time with a client, at a board meeting, or getting an update from the CFO you may want to inquire about practices of their company’s credit and collections department. The credit and collections department is constantly interacting with the company's customer base. This provides them with opportunities to augment sales, identify customer needs and problems, and / or be proactive in collecting those slow paying accounts. A properly operated credit and collections department can enhance profits and earnings per share.
     
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  • Can creditors recover goods under the 30-day rule in a bankruptcy?
    Enjoy this complimentary Video Break
     
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  • Risk Assessment

    Risk assessment is a step in a risk management procedure. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat (also called hazard). Quantitative risk assessment requires calculations of two components of risk (R):, the magnitude of the potential loss (L), and the probability (p) that the loss will occur.

     
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  • PPSA

    The Personal Property Security Act ("PPSA") is the name given to each of the statutes passed by all common law provinces, as well as the territories, of Canada. They regulate the creation and registration of...

     
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  • Leasing and Rentals

    Merchantile Credit Managers are well trained to deal with how to manage the credit and collections of the transactions of selling of a product or services from one business to another.  However, the Leasing or Rentaling of a facility or a piece of equipment deserves special  consideration.

     
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  • The Quickening of Innovation in Asset Based Financing

    Some would call it evolution: others, revolution. Semantic flourishes aside, financial technologies are increasingly in the foreground as drivers of product differentiation and proliferation in the asset-based financing industry.

     
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  • My Customer is Restructuring, in Receivership or Bankrupt – What Now?
    Presented by Jerry Henechowicz, CA-CAIRP, Trustee in Bankruptcy Jerry HenechowiczThis one hour webinar with one of Canada’s leading restructuring and insolvency firms to get updates on the best practices and latest trends in maximizing recoveries when a customer is restructuring, in receivership or bankrupt.
     
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  • Sharpen Your Financial Analysis Skills
    Presented by George Brown, MBA, CMA, CCP, CIA
     
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  • Target Take Two
    Back by popular demand, Russell Bennett will revisit the bankruptcy of Target and the fall out for its creditors. In May, when we first held this Live-Webinar, it generated a lot of interest from our members – follow up questions continue to come in to the National office.
     
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  • Insights for the Target Debtor Community
    Our webinar on the Target Bankruptcy would be of great interest to companies who felt the financial pinch from Targets shutdown in Canada. Webinar participants found it very insightful.
     
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  • Retail Insolvency in Canada

    This presentation will discuss: • What led to the insolvency of Target, Sears and Toys R Us • How online competition impacted the fortunes of these retailers • The “red flags” that credit managers should be aware of

     
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  • Dorel take US$12.5 million Q1 impairment charge due to Toy ‘R’ Us liquidation
    In addition, the company says its profitability was hurt by a shift from its stores to online purchases in Chile, production challenges at a Chinese factory, high raw material prices, restructuring costs at its sports division and investments in technology in home furnishings.
     
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  • Remington Outdoor Company Plan of Reorganization Confirmed by the Court
    MADISON, N.C.--(BUSINESS WIRE)--Remington Outdoor Company (“Remington” or “the Company”), one of the world’s leading designers and manufacturers of firearms, ammunition, and related products, today announced the United States Bankruptcy Court for the District of Delaware confirmed the Company’s Plan of Reorganization (“the Plan”). Remington expects to emerge from bankruptcy before the end of May.
     
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  • PetSmart taps advisers to trim $8 billion debt pile: sources
    (Reuters) - PetSmart Inc, the largest U.S. pet retailer, has hired restructuring advisers to explore ways to trim its debt pile of more than $8 billion as it continues to face falling profits, according to people familiar with the matter.
     
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  • Do Not Miss the Warning Signs of Insolvency!
     
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Q and A (1)
  • What action can be taken to address recessions?
    https://creditedu.org/knowledgecentre/index.php/site/qa/11

    Because recessions are often caused by decreasing demand, the financial engineers want to increase the demand by offering financial stimulants in the form of tax reductions, subsidies in the form of transfer payments or interest rate reductions to make credit easier to obtain.  This slowdown is largely caused by a collapse of the debt structure resulting in many people declaring bankruptcy or being laid off.  It is unlikely that easier credit is the answer.  As the Sub Prime collapse really affected poor and middle-class families, a tax break is not about to put much money in their pockets.  The solution may take us back to the 1930’s when the focus of Government had to be on creating real jobs.  Fortunately, real jobs in Western Canada are insulating Canada from the full impact of the situation in the U.S., but there may only be a 3 to 6 month delay.

Wiki (19)
  • Personal Bankruptcy - Ordinary Administration
    https://creditedu.org/knowledgecentre/index.php/site/wiki/51
    An Ordinary Administration applies to bankruptcy files of individuals whose realizable assets are estimated to be worth $10,000 or more. This type of bankruptcy procedure provides, for example: - the publication of a notice of bankruptcy in a local newspaper; - a meeting of creditors within the 21 day period following the day of bankruptcy; - the possibility for the creditors to appoint 5 inspectors; - the approval of the trustee's fees by the inspectors.
  • Trustee in Bankruptcy
    https://creditedu.org/knowledgecentre/index.php/site/wiki/75
    A person licensed by the Superintendent of Bankruptcy to administer bankruptcy and proposal estates.
  • OSB
    https://creditedu.org/knowledgecentre/index.php/site/wiki/49

    The Office of the Superintendent of Bankruptcy (OSB) is part of Industry Canada. The Office of the Superintendent of Bankruptcy supervises the administration of the Bankruptcy and Insolvency Act.

  • Stay of Proceedings
    https://creditedu.org/knowledgecentre/index.php/site/wiki/70
    Upon the filing of a bankruptcy, a proposal or a notice of intention to make a proposal, no creditor with a claim provable in bankruptcy shall have any remedy against the debtor or the debtor's property or shall commence or continue any action, execution or other proceedings for the recovery of a claim provable in bankruptcy.
  • Personal Bankruptcy - Summary Administration
    https://creditedu.org/knowledgecentre/index.php/site/wiki/52
    A Summary Administration applies to individuals whose realizable assets are estimated at less than $10,000. The Summary Administration of a bankruptcy estate is a simplified procedure in which, for example: - there is no publication of the notice of bankruptcy in a local newspaper; - a meeting of creditors is only called if requested by creditors and according to certain conditions; - no inspectors are appointed unless the creditors decide to appoint them; - joint assignments are permitted; - the trustee's fees are prescribed; - the trustee is discharged without a court appearance, except when a creditor or the Superintendent opposes the discharge.
  • Act
    https://creditedu.org/knowledgecentre/index.php/site/wiki/1
    Bankruptcy and Insolvency Act, a federal statute of Canada governing bankruptcy and insolvency.
  • Provable Claim
    https://creditedu.org/knowledgecentre/index.php/site/wiki/59
    Any liability of the debtor for a debt incurred before the date of the bankruptcy.
  • Inspector
    https://creditedu.org/knowledgecentre/index.php/site/wiki/35
    A person appointed by creditors to represent them before the trustee during the administration of a bankruptcy or proposal.
  • Liquidation
    https://creditedu.org/knowledgecentre/index.php/site/wiki/41
    The act of converting assets of an individual or a company to cash, especially in bankruptcy or in the dissolution of a corporation.
  • Assignment (in bankruptcy)
    https://creditedu.org/knowledgecentre/index.php/site/wiki/5
    Made by insolvent persons who assign all their property to a trustee for the benefit of their creditors.
  • Assets
    https://creditedu.org/knowledgecentre/index.php/site/wiki/4
    Items that are owned and have value; in the context of bankruptcy it means all the property of the debtor available for the general benefit of creditors.
  • Superintendent of Bankruptcy
    https://creditedu.org/knowledgecentre/index.php/site/wiki/71
    The official appointed by Governor-in-Council to supervise the administration of all estates and matters to which the Act applies.
  • Levy
    https://creditedu.org/knowledgecentre/index.php/site/wiki/38
    An assessment payable to the Superintendent of Bankruptcy for the purpose of defraying the expenses of the supervision by the Superintendent in the administration of estates.
  • General Rules
    https://creditedu.org/knowledgecentre/index.php/site/wiki/30
    Rules enacted under the Bankruptcy and Insolvency Act.
  • Bankruptcy
    https://creditedu.org/knowledgecentre/index.php/site/wiki/8
    The state of being bankrupt or the fact of becoming bankrupt.
  • Automatic discharge
    https://creditedu.org/knowledgecentre/index.php/site/wiki/6

    A first time bankrupt whose discharge is not opposed by the Superintendent, a trustee or a creditor and who has not refused or neglected to receive counselling, is automatically discharged on the expiration of the nine month period immediately following the bankruptcy.

  • Bankrupt
    https://creditedu.org/knowledgecentre/index.php/site/wiki/7
    A natural person or corporation who has made an assignment or against whom a bankruptcy order has been made; it also means the legal status of that person.
  • Examination
    https://creditedu.org/knowledgecentre/index.php/site/wiki/26
    Questioning of the bankrupt under oath with respect to the bankrupt's conduct, causes of bankruptcy and disposition of the bankrupt's property. The examination may be conducted by an Official Receiver, a trustee, a creditor or other interested person in accordance with conditions prescribed in the Act.
  • Acceleration clause
    https://creditedu.org/knowledgecentre/index.php/site/wiki/77

    A clause in a bank note, bond, or mortgage that in the event of a condition for default, all obligations outstanding are immediately due and payable regardless of their original expiration dates.  Generally, when an acceleration clause is formally executed, the next step is bankruptcy for the customer.