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Title Insurance: Peace of Mind for the Commercial Lender

Title insurance is available for a wide variety of commercial and residential transactions. In the commercial lending context, a lender may secure a loan against real property of the borrower.

The Taxman Cometh: CRA Priorities in Insolvency Proceedings

Courts and lawmakers often refer to Canada Revenue Agency (“CRA”) as an involuntary creditor when businesses fail to make required tax payments to the governmental authority. The timely collection of taxes and payroll deductions also plays a fundamental role in the financing of government.

Consumer Protection in the Banking Industry

The decision rendered by the Supreme Court of Canada in the case of Bank of Montreal v Marcotte, 2014 SCC 55 (“Marcotte”), on September 19, 2014, has significant implications with respect to consumer protection requirements in the banking industry. The Marcotte decision highlights the important role that compliance with both provincial and federal consumer protection legislation has within the banking industry.

Trapdoors in Newfoundland and Labrador Transactions: Prohibited Financial Assistance

Any corporate or commercial transaction involving a Newfoundland and Labrador corporation must include a consideration of the prohibited financial assistance provisions in the Corporations Act (Newfoundland and Labrador) and how to address any issues that arise. Failure to do so could result in the enforceability of a loan or guarantee, personal liability for corporate directors and professional negligence claims. This newsletter outlines the concept of prohibited financial assistance under NL corporate law and the most common ways the prohibition is overcome or mitigated.