company liquidation Company Liquidation: Introduction Company liquidation involves navigating a myriad of legal and financial obligations, particularly when a company is deemed insolvent. This process requires a thorough understanding of the duties and responsibilities of company directors, legal obligations in insolvency proceedings, and the roles of licensed insolvency trustees and the Court. Identifying insolvent companies […]
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SmileDirectClub introduction “It’s clear the debtor needs this cash…” – US Bankruptcy Judge Christopher Lopez, in approving the company’s request to borrow $20 million from its founders. SmileDirectClub, an entity venturing into the realm of dental aesthetics, is an inventive and convenient avenue for the realignment of teeth. Established in the year 2014, the corporation […]
Fraudulent Conveyances Act: Introduction In this Brandon’s Blog, we discuss the Ontario Fraudulent Conveyances Act, R.S.O. 1990, c. F.29 and its elaborate implications within the substantial world of real property transactions. We will navigate the labyrinthine provisions of the Act, and enhance your understanding using a real-world example. We will also clarify the connection between […]
Construction Act, R.S.O. 1990, c. C.30: Introduction In May 2020, I wrote Brandon’s Blog CONSTRUCTION LIEN ACT: CAN YOU TRUST AN INSOLVENCY PROCEEDING? In October 2021, I wrote CONSTRUCTION LIEN ACT OF ONTARIO: THE GRIPPING FIGHT BETWEEN LIEN FILING, A PRIOR MORTGAGE & RECEIVER FEES. In that blog, I wrote about what a construction lien is […]
Insolvency for business including business bankruptcies In the last two Brandon’s Blogs, I wrote about personal bankruptcy. The topic was the class of debts not released by a person’s discharge from personal bankruptcy. In this Brandon’s Blog, I discuss insolvency for business, and specifically, business bankruptcies, as a result of the recent report by the […]
canada recession Canada recession: Can you operate a business if there is a recession in Canada? During slow economic growth and economic downturns in the Canadian economy, companies cut costs and especially labour costs. I wrote about Canadians’ fears of the Canada recession two weeks ago. Job losses go hand in hand with tough times. […]
Is Canada in recession? Statistics Canada recently released data showing that inflation rose to 7.7% year-on-year in May, up from 6.8% in April. This was the highest reading since January 1983 and well above the 7.3% expected by economists. The inflation index rose 1.4% from the previous month, with gasoline prices, hotel prices and car […]
What is the definition of debt? Debt is the money that a person or company owes to others. That is the simplistic definition. It is really one of life’s most stressful parts. Some people grow up in debt. For them, it’s just part of their lives, and they can make it work. Others live from […]
Declaring bankruptcy: Business insolvency When the corporate finances are such that the business has an insufficient cash flow to cover its operating expenses and pay its debts when they come due, these financial difficulties create the financial condition of insolvency for the business. Another indicator of insolvency often exists at the same time: if you […]
restructuring of company We hope that you and your family are safe, healthy and secure during this COVID-19 pandemic. Ira Smith Trustee & Receiver Inc. is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting. Restructuring of company introduction Following its bankruptcy, Canadian retailer Le Château […]