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CANADIAN BANKS ARE SERIOUSLY MAKING GOOD EFFORTS TO MINIMIZE BANKRUPTCIES

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Canadian banks: Introduction

Canadian banks are recognized globally for their exceptional standards, which are maintained through proactive measures to safeguard as best as possible, the financial well-being of their clients. When we think of the Canadian Big 6 Banks, we do not normally think about how their methodologies are meant to reduce consumer insolvencies and business shutdowns. We only think about how the banks make demands on their customers and at times, shut down Canadian businesses and sue Canadian consumers.

A dynamic economic landscape demands that lenders adapt to the ever-changing scenario. Canadian banks have risen to the challenge by implementing comprehensive risk assessments, tailored financial solutions, and proactive measures to minimize dangers to their clients and bankruptcy cases. This is even the case for clients who are only depositors and brokerage clients.

Canadian financial institutions have emerged as a vital player in providing stability to individuals and businesses, to give their customers the tools for hopefully a secure financial future.

This Brandon’s Blog delves deeper into the strategies and practices employed by and the pressure on Canadian banks to prioritize the financial health of their clients, resulting in a reduction in bankruptcy cases.

Canadian banks know the importance of minimizing bankruptcy

Decreasing the number of individuals and businesses filing for bankruptcy holds an important place in sustaining a stable Canadian economy. Canadian financial institutions have recognized the value of preemptively recognizing prospective hazards and collaborating with their customers to try to avoid bigger financial problems.

With the use of bespoke financial solutions, careful evaluation of risks and patterns, active engagement with borrowers, promoting financial literacy, and use of the latest technologies, Canadian banks take full advantage of the opportunities for the seamless continuation of their clients’ personal and business finances.

Furthermore, Canadian banks have actually prioritized responsible lending and borrowing techniques, adhering to government regulations and proper moral standards. This has so far led to the impressive success of Canadian banks in reducing personal bankruptcy and corporate bankruptcy filings when many expected them to explode as a result of the COVID-19 pandemic.canadian banks

Overview of financial institutions’ efforts to minimize bankruptcy

Financial institutions in Canada have a vested stake in aiding borrowers during periods of financial difficulty, as bankruptcy can have negative consequences for both parties involved. This article briefly touches on this aspect, but this blog will delve deeper into how lenders actively contribute to minimizing bankruptcies. We will explore initiatives such as financial education, early intervention programs, and customized repayment plans that assist borrowers in managing their debts more effectively.

Canadian lenders are taking proactive steps to reduce bankruptcy cases in the country. Through a constantly updated and dynamic risk assessment process, lenders can identify potential financial vulnerabilities and provide tailored solutions to clients. Small business owners, particularly those most exposed to financial risks, have also benefited from the lenders’ focus on financial literacy programs.

By fostering collaborative relationships with borrowers, lenders have effectively instilled responsible lending practices that have proven crucial in strengthening the Canadian financial system against potential shocks. Achieving these results can be attributed, in part, to the integration of technological advancements that have revolutionized the lending landscape. This enables lenders to promptly provide borrowers with essential information and timely notifications.

The alignment of lending practices with government regulations has played a vital role in fostering stability within the financial sector and enhancing the resilience of the Canadian economy. Through the prioritization of responsible lending and borrowing practices, Canadian lenders have made significant progress in mitigating bankruptcies and promoting the enduring financial well-being of their clients.

Canadian banks embrace technology and understand the value of risk assessment

The major Canadian banks have wholeheartedly adopted cutting-edge technological innovations to augment their offerings and mitigate the possibility of insolvency. By leveraging automated underwriting procedures, digital documentation authentication, and online account management platforms, lenders are simplifying operations and empowering borrowers to adeptly oversee their finances.

Among the fundamental pillars of the major Canadian bank’s success in minimizing bankruptcies is its focus on aggressive risk evaluation. Lenders understand that determining the possible financial challenges of their customers early is critical for catching financial problems before they result in bankruptcy scenarios. By utilizing sophisticated risk assessment tools and also leveraging extensive information analytics, Canadian banks can evaluate the creditworthiness of their consumer and business customers properly.canadian banks

Advantages of Enhanced Credit Application Processes

Canadian financial institutions have implemented significant measures to decrease instances of insolvency and contribute to the financial well-being of both individuals and businesses. Their emphasis on thorough risk assessment, tailored financial solutions, and proactive methodologies has positioned them as key contributors to enhancing the prospects of their customers’ financial welfare.

Their approaches involve fostering collaboration with clients, leveraging technology, and upholding responsible lending practices. Furthermore, lenders have placed a strong emphasis on promoting financial literacy and adhering to government regulations to ensure customers have access to credit while minimizing the risk of default. Through the optimization of the credit application procedure, Canadian financial institutions can mitigate the likelihood of small Canadian businesses and individuals facing bankruptcy, thereby fostering increased stability within the financial landscape.

Tailored Financial Solutions for People

Canadian banks acknowledge the unique financial circumstances and requirements of each person. As a result, they have actually transitioned from employing a standard approach to providing tailored monetary solutions. By adapting lending frameworks, rates of interest, as well as repayment terms to refer to the needs of borrowers, lenders can dramatically lessen the possibility of insolvency and default.

Extensive Assistance for Small Enterprises

Small enterprises play a pivotal function in the Canadian economy, and guaranteeing their development and stability is very important. Canadian banks recognize this fact and supply varied assistance to small businesses. This includes flexible financing choices, rendering financial advisory services, as well as helping with access to resources that help companies in their financial management.

Collaborative Approach with Borrowers

Instead of taking on an adversarial stance, Canadian banks have welcomed a joint strategy in managing borrowers dealing with financial problems. They understand that things can change, as well as unforeseen problems can arise. Lenders now work very closely with customers to discover different remedies, such as adjusting financing terms, debt consolidation, or financial restructuring, to help them get back to financial stability and hopefully stay clear of bankruptcy.

The role of Canadian banks in offering longer repayment terms

Canadian banks have taken on a crucial role in the financial landscape by offering longer repayment terms to borrowers. The benefits can be summarized as follows:

Meeting the evolving needs of borrowers:

With changing economic conditions as well as developing consumer preferences, Canadian banks have acknowledged the relevance of supplying versatile payment choices. By supplying longer repayment terms, banks can suit the different scenarios and challenges faced by consumers. This strategy enables debtors to handle their cash flow more effectively and also lowers the economic burden connected with shorter repayment terms.

Enhanced affordability and reduced monthly payments:

Prolonged repayment periods have a positive impact on the affordability of Canadian borrowers. By extending the duration of loan repayments, financial institutions in Canada can significantly lower the number of monthly payments, thus facilitating the fulfillment of financial obligations for both individual customers and commercial entities. This strategy particularly benefits borrowers who encounter unexpected financial crises, provided they have leveraged the extended repayment terms to generate a financial safety net.

One of the ways Canadian banks have been helping people cope with their mortgage debt and mortgage payments is by providing longer repayment terms. Extended repayment terms, such as the 30-year amortization periods offered by some financial institutions, can improve the affordability of housing for buyers providing them with the necessary funds to pay for other household expenses. A shorter amortization period would result in a higher monthly mortgage payment taking cash away from other necessities.

Improved access to credit:

Improved access to credit for a broader spectrum of borrowers has been enhanced by the introduction of lengthier repayment terms. By accommodating extended periods for repayment, Canadian banks are able to extend credit to individuals and businesses who may have previously been excluded or encountered challenges in obtaining loans with shorter terms. This inclusivity promotes financial stability, fosters economic growth, and encourages the pursuit of entrepreneurial ventures.

Stimulating economic growth:

The role of Canadian banks in offering longer repayment terms goes beyond assisting borrowers; it also plays a vital role in stimulating economic growth. By facilitating access to credit, these extended terms encourage borrowing for investment, expansion, and innovation. This, in turn, promotes business development, job creation, and overall economic prosperity.

Mitigating default risks:

While longer repayment terms may raise concerns about increased default risks, Canadian banks have implemented robust risk assessment and mitigation strategies. By carefully evaluating borrowers’ financial positions, credit history, and repayment capacity, banks can mitigate the potential risks associated with longer loan durations. This cautious approach ensures that extended repayment terms do not compromise the stability and resilience of the banking sector.canadian banks

The connection between repayment terms and affordability

The provision of longer repayment terms by Canadian banks reflects a proactive response to changing market dynamics and borrower needs. By offering flexibility, affordability, and improved access to credit, banks are empowering individuals and businesses to achieve their financial goals. Additionally, the stimulatory effect on economic growth further solidifies the pivotal role played by Canadian banks in the nation’s financial landscape.

As the financial landscape continues to evolve, it is expected that the provision of longer repayment terms will remain a crucial aspect of the banking sector’s commitment to supporting the financial well-being of Canadians. But like with everything, there is a potential downside to weigh against all of the benefits, especially in the housing market.

While extended repayment terms may appear to make housing more affordable by reducing monthly mortgage payments, it’s crucial to consider the long-term financial implications. Lower monthly payments can entice buyers to enter the market, but they also extend the overall period for which individuals are indebted. This raises concerns about increased debt burdens and potential economic risks.

It is also important to examine this factor within the broader context of the Canadian housing market. Greater affordability may cause some Canadian consumers to stretch even more on higher-priced real estate, thereby eliminating the benefits of longer amortization.

Importance of financial education to Canadian banks

Canadian banks have shown in recent years that they recognize the significance of financial education amongst Canadians. Lenders are carefully concentrating on boosting financial literacy, passing on understanding about sensible lending, effective money-saving strategies, and making educated choices.

Joint initiatives between lenders and borrowers are crucial, as they strive to create customized methods that promote sustaining financial wellness. To make certain that they are being accountable in their lending practices, Canadian banks are skillfully technology for risk assessment and credit approval and adhering to the regulations of the federal government. These proactive steps have generated successful results, and reduced business and consumer insolvencies.canadian banks

Federal government regulations and banking industry standards for Canadian banks

In the ever-evolving realm of the Canadian banking landscape, the welfare and interests of individuals are upheld through the robust framework of government regulations and industry standards. These pivotal guidelines and norms are meticulously crafted to ensure equitable treatment, unfettered access to transparent information, and effective channels for dispute resolution. The Canadian banking sector takes diverse measures to shield consumers and cultivate unwavering confidence in the financial fabric.

Responsible lending practices in the financial sector constitute a bedrock element of consumer protection. Financial institutions are entrusted with the task of diligently appraising the creditworthiness of borrowers and offering loans that align harmoniously with their financial capacities. This prudential approach safeguards Canadian consumers and business borrowers from being ensnared in the web of excessive debt and confronting arduous financial predicaments. Through the adoption of responsible lending practices, the banking industry endeavours to strike a delicate balance between extending credit and mitigating the perils of consumer insolvencies.

The imperative of disclosure requirements cannot be overstated in the realm of consumer protection. Financial entities bear the onus of furnishing consumers with lucid and comprehensive information pertaining to the intricacies, stipulations, and expenses associated with financial products and services. This empowers consumers with the discernment necessary to make judicious choices and shield themselves from concealed surprises or misleading practices.

In instances where disputes arise between consumers and the banking industry, a robust framework of consumer dispute resolution mechanisms comes into play. These mechanisms furnish an impartial and equitable platform for the resolution of conflicts, ensuring that consumers possess a powerful voice in addressing their grievances. Spearheading the supervision and enforcement of consumer protection regulations within the banking sector is the Financial Consumer Agency of Canada (FCAC). The FCAC diligently strives to enlighten consumers about their rights, diligently probes complaints, and aptly initiates remedial action against non-compliant institutions.

Through the implementation of these cogent consumer protection measures, the Canadian financial domain endeavours to cultivate trust, transparency, and unwavering accountability. These regulations not only serve as a bulwark for consumers but also bestow profound benefits upon the stability and integrity of the financial edifice at large.

Canadian banks: Conclusion

To conclude, Canadian banks continue to blaze a trail in promoting economic stability as well as safety for people and businesses. With their commitment to risk analysis, customized financial services, as well as proactive monitoring, lending institutions are making sure that clients have the ability to handle their financial obligations effectively.

The Canadian banking industry are enabling Canadians to improve their financial standing as well as ideally stay clear of all the negative consequences of bankruptcy. In these unique times, it is reassuring to recognize that Canadian banks are taking their responsibilities seriously as well as embracing a pre-emptive approach to address threats all to help Canadians to be more financially successful.

I hope you enjoyed this Canadian banks Brandon’s Blog.

Revenue and cash flow shortages are critical issues facing people, entrepreneurs and their companies and businesses. Are you now worried about just how you or your business are going to survive? Are you worried about what your fiduciary obligations are and not sure if the decisions you are about to make are the correct ones to avoid personal liability? Those concerns are obviously on your mind. Coming out of the pandemic, we are also now worried about the economic effects of inflation and a potential recession.

The Ira Smith Team understands these concerns. More significantly, we know the requirements of the business owner or the individual that has way too much financial debt. You are trying to manage these difficult financial problems and you are understandably anxious.

It is not your fault you can’t fix this problem on your own. The pandemic has thrown everyone a curveball. We have not been trained to deal with this. You have only been taught the old ways. The old ways do not work anymore. The Ira Smith Team makes use of new contemporary ways to get you out of your debt problems while avoiding bankruptcy proceedings. We can get you debt relief now.

We have helped many entrepreneurs and their insolvent companies who thought that consulting with a trustee and receiver meant their company would go bankrupt. On the contrary. We helped turn their companies around through financial restructuring.

We look at your whole circumstance and design a strategy that is as distinct as you are. We take the load off of your shoulders as part of the debt settlement strategy we will draft just for you.

The Ira Smith Trustee & Receiver Inc. team understands that people facing money problems require a lifeline. That is why we can establish a restructuring procedure for you and end the discomfort you feel.

Call us now for a no-cost consultation. We will listen to the unique issues facing you and provide you with practical and actionable ideas you can implement right away to end the pain points in your life, Starting Over, Starting Now.canadian banks

 

 

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IS CANADA IN A RECESSION: OUR 9 EASY STEPS TO SOLVE COVID-19 INDUCED FINANCIAL PROBLEMS

The Ira Smith Trustee Team is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.
If you would prefer to listen to the audio version of this is Canada in a recession Brandon’s Blog, please scroll to the very bottom and click on the podcast.
is canada in a recession
is canada in a recession
Is Canada in a recession introduction

One question that people are searching online for answers is: Is Canada in a recession? Last month I wrote a blog titled Canada in recession: Will the economy fall into a great depression? In that blog, I described the views of Nouriel Roubini is a world-known economist and a professor of economics at New York University’s Stern School of Business. He has some stark current thoughts on just how bad the Canadian economy can go. I invite you to again read that blog to see what his thoughts are.

That blog accepted the signals that Canada is in a recession. The purpose of this Brandon’s Blog is to take a step back and answer the question: Is Canada in a recession?

Is Canada in a recession? What is a recession?

To begin to answer is Canada in a recession, we first need to understand what a recession is.

A recession is a short-term period of overall economic decline. Economies go via cycles, which implies there are periods of growth as well as durations of decline. The COVID-19 pandemic has actually thrust our economic climate into a decrease, a lot like just how a considerable, unanticipated expense can upend your own household budget plan.

The federal government identifies when our economy has actually entered a recession and when it has left by measuring key economic signals. These signs are sensitive to what happens locally and internationally. They include, for circumstances, declines in various industry sectors, agriculture or manufacturing, and also disruptions to international trade.

The C.D. Howe council defines a recession as a pronounced, persistent, and pervasive decline in total economic activity. It considers both GDP and employment as its major rulers. Is Canada in a recession? It stated that Canada is formally in an economic crisis and recession.

What did some economists forecast about is Canada in a recession

Economists were checking out financial indicators of the health of the Canadian economy near the end of 2019 and very early in 2020 to try and forecast the future. So, what were economists saying about is Canada in a recession?

What some economic experts were predicting prior to the coronavirus pandemic was that they really did not assume we would see one this year. However, on the other hand, last October David Rosenberg, chief economist at Gluskin Sheff & Associates, assumed there would certainly be an 80% chance of an economic downturn coming to Canada this year.

The complete level of its economic impact will certainly not be known for some time. It seems clear to economists that the United States will certainly go into an economic downturn in 2020 if it hasn’t already. Since 1970, Canada has experienced economic crises at roughly the very same time as the USA, showing the interconnectedness of the two economies. So it appears that all of North America is in a recession.

How bad will Canada’s COVID-19 recession be?

Canada is only now seeing the tip of the economic iceberg from COVID-19. It is clear that its economic effect will be like nothing seen since the Great Depression. Economists state the overview for employment and the economic climate will be stark. The only silver lining may be that the deepness and suddenness of the decrease might offer hope for a fast rebound.

As I previously reported, Dr. Roubini thinks there are pressures that not only would make is Canada in a recession, but it could go into a depression! His view is that there is going to be a U-shape recuperation due to the fact that this is an international shock. Both households and businesses will need to invest less and save more. Precautionary savings are most likely to go higher. Income is most likely to be lower. This will convert into much less business capital spending. He claims there will certainly be a worldwide investment slump due to a global savings excess.

How long will this is Canada in a recession last?

The rapid spread of coronavirus led to unprecedented personal, the social, and economic impact that caught the world largely unprepared. Although the government of Canada responded decisively with programs and grants to lessen the economic devastation, the recovery period remains to be seen. And by most indicators, this downturn is looking like a long and steep uphill climb.

If we’re looking specifically at negative growth, then economists anticipate that this trend won’t continue for long. There are 2 reasons:

  • Lockdown mandated by the government. Whatever was closed down by government mandate which takes place much faster than a shutdown due to economic issues.
  • Government bailouts. The government is supporting the whole economy. Yes, we’ll need to pay back the government in taxes eventually yet that can only occur when the economy is recovering. This suggests that economic growth will certainly be slower.

Parliament budget officer Yves Giroux believes that the Canadian deficit this year will strike $256 billion, consisting of a 6.8% decline in economic development, the most awful showing since the 1981-1982 economic recession.

Is Canada in a recession? Are there any predictors of a recession recovery?

Indicators like stagnant salaries, low home financial savings, as well as high consumer financial debt, don’t predict economic crises, yet they do forecast just how challenging the healing will be when an economic downturn hits. Below are some signs and symptoms that can indicate a recession:

  • the surge in joblessness;
  • an increase in bankruptcies;
  • defaults or repossessions;
  • the falling rate of interest;
  • reduced consumer spending;
  • decreased consumer confidence; and
  • falling asset prices.

A healthy and balanced labour market as well as a turnaround in the housing sector helped the Canadian economy expand at a modest rate in 2019. This supports the contention that in order to come out of an economic downturn, companies and consumers need to feel confident to invest and spend.

What can you do when is Canada in a recession

If you believe the answer to the question is Canada in a recession is yes, after that there are several things that you can do. I have written on these problems before under several headings such as financial literacy, household debt and the benefits of having an emergency savings fund on hand in case of, well, an emergency situation.

You can’t regulate the country’s economic climate, yet you can control your very own. Every person requires to take a look at:

  • Using this time to examine your overall household budget and figure out some practical yet difficult goals for your cash.
  • This is the time to live according to your emergency situation budget and look at what your typical spending plan will certainly resemble once you are back to work.
  • Consider your typical budget based upon what it looked like before COVID-19 hit and the insights you’ve gotten around your spending behaviours since you’re living more frugally.
  • Making a plan to eliminate credit card debt. Try to find a no or extremely reduced rate of interest balance transfer charge card to transfer the balance to if you have some credit card financial debt lingering around.
  • A strategy to include a savings element in your family budget will aid to shield you when you face a reduction or a full loss of your earnings.
  • Dealing with the pandemic as a wake-up call to recession-proof your funds. If your income was impacted by the pandemic, what length of time could you have survived had the government, banks and other financial institutions and different corporations not actioned in with procedures to get cash back into your wallet through deferrals?
  • Can you work at a couple of jobs that amount to providing you with a full-time revenue? This might first take some efficient networking before you can discover the appropriate mix of work.
  • Have an emergency fund all set up. It will go a long way to helping you weather a recession.
  • No matter your current scenario, the very best way to recession-proof you and your family is with an emergency savings account.

In the post-COVID years, there is a likelihood that lenders will be stingier with exactly how much cash they loan to customers. So guarantee that your budget permits constant debt repayment when you resume a stable income that resembles your pre-coronavirus income level.

That is exactly why it is crucial to focus on your financial situation now and take steps to guarantee your long-term personal financial stability.

Is Canada in a recession summary

It certainly feels that way. I hope you found this is Canada in a recession Brandon’s Blog informative. The Ira Smith Team family hopes that you and your family members are remaining secure, healthy and well-balanced. Our hearts go out to every person that has been affected either via misfortune or inconvenience.

We all must help each other to stop the spread of the coronavirus. Social distancing and self-quarantining are sacrifices that are not optional. Families are literally separated from each other. We look forward to the time when life can return to something near to typical and we can all be together once again.

Ira Smith Trustee & Receiver Inc. has constantly used clean, safe and secure ways in our professional firm and we continue to do so.

Income, revenue and cash flow shortages are critical issues facing entrepreneurs, their companies and individual Canadians. This is especially true these days.

If anyone needs our assistance for debt relief Canada COVID-19, or you just need some answers for questions that are bothering you, feel confident that Ira or Brandon can still assist you. Telephone consultations and/or virtual conferences are readily available for anyone feeling the need to discuss their personal or company situation.

The Ira Smith Trustee Team is absolutely operational and Ira, in addition to Brandon Smith, is readily available for a telephone consultation or video meeting.

 

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REDWATER ENERGY CORP. – SUPREME COURT TO DECIDE WHO PAYS CLEANUP COSTS

UPDATE: ON JANUARY 31, 2019 THE SUPREME COURT OF CANADA RELEASED ITS DECISION ON THE APPEAL BY THE PROVINCE OF ALBERTA ET AL. READ OUR UPDATE, REDWATER ENERGY SUPREME COURT DECIDES, PUBLISHED 9 PM ON MONDAY, FEBRUARY 4, 2019.

Redwater Energy Corp.: Introduction

By now you have no doubt read articles on the decision in the Redwater Energy Corp. (“Redwater”) case. In a 2-1 decision, the Alberta Court of Appeal has upheld the Redwater ruling of the lower Court. The lower Court decision protects, in a bankruptcy, a lender’s secured priority over provincial ecological clean-up requirements.

Redwater Energy Corp.: The Court decision heading to the Supreme Court of Canada

In their majority decision, the Alberta Court of Appeal judges discovered “no mistakes” in the Alberta Court of Queen’s Bench judgment. The May 2016 lower Court ruling was that provincial laws which are in conflict with the federal bankruptcy legislation, do not supersede the federal Bankruptcy and Insolvency Act (Canada).

The situation centred on a little energy firm which entered into receivership in 2015. It owed $5 million to ATB Financial. At the time of its bankruptcy, Redwater had some producing oil and gas wells. However, it had a lot more properties that were not so productive. The Trustee wanted to sell off the productive wells, and leave the others behind for The Orphan Well Association to deal with.

An appeal from the Alberta Court of Appeal decision will be heard by the Supreme Court of Canada. The Supreme Court of Canada will hear the case on February 15, 2018.

Redwater Energy Corp.: Federal bankruptcy trumps provincial law

The Court addressed a fundamental public policy dilemma. Which has top priority: federal government bankruptcy legislation, or provincial energy law. The Alberta Court of Appeal sided with the lower Court in deciding that the federal Bankruptcy and Insolvency Act (R.S.C., 1985, c. B-3) is the law that must be looked at. The Province has no ability to force the secured creditor in a bankruptcy scenario to follow the provincial rules. The lender does not need to incur the costs of remediating the unproductive wells when realizing upon the productive assets.

Redwater Energy Corp.: The Alberta Energy Regulator reaction

In response, on December 6, 2017, Alberta introduced more stringent regulations for giving business permits to oil and gas firms. The constraints intend to hold firms responsible for deserting wells as well as disregarding ecological clean-up. Permits that are currently issued can possibly be withdrawn.

It likewise enables the Alberta Energy Regulator (AER) to do continuous reviews of licensees to aid in taking care of the threat and costs of abandoned unproductive energy assets.

The Orphan Well Association‘s supply currently consists of greater than 1,800 wells needing improvement in Alberta, claimed organization chair Brad Herald. He is also vice-president of the Canadian Association of Petroleum Producers.

What the AER is going to be taking a look at is earlier history of the corporate operator, and its Directors. So if an operator has:

  • a history of previous issues; or
  • has solvency issues

the regulator is going to want to take a closer look. Presumably this will also apply to the Directors of the applicant. The limitations intend to hold firms answerable for deserting wells as well as overlooking ecological clean-up.

Redwater Energy Corp.: Current status

So currently, trustees can simply ensure that unproductive wells that need cleanup are just capped, leaving the Alberta taxpayer to pay for the cleanup bill. Previously, an oil and gas well permit called for a tiny deposit, an address and insurance coverage. The AER’s position is environmental cleanup costs must be paid by the cash from the sale of the producing wells.

Mr. Herald stated there have actually been various other situations since the Redwater decision where a receiver wishes to disclaim a financially troubled owner’s responsibilities.

The AER and the Orphan Well Association are hoping that the dissenting point of view could boost their chances of success at the Supreme Court of Canada. How will corporate bankruptcies affect the oil and gas markets after more than 2 years of reduced pricing?

Redwater Energy Corp.: How to restructure before your company goes bankrupt

Is your company experiencing cash flow problems? Does your business not have enough funds to meet all of its obligations? Do you know that your company has exposure to environmental cleanup costs and just like Redwater Energy, you know it cannot afford the costs from doing phase i environmental site assessments?

If so, then you need the help of a professional trustee immediately. Call Ira Smith Trustee & Receiver Inc. If we consult with you early, we could develop a restructuring and turnaround strategy. By doing this your business will once again thrive.

Our approach for every person is to develop an outcome where Starting Over, Starting Now takes place. You’re just one telephone call away from taking the important actions to return to leading a healthy, balanced, and stress free life.

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ONLINE BANKRUPTCY SEARCH: THIS CANADIAN INSOLVENCY RECORDS SEARCH RENEWAL (IRS) WON’T CHASE YOU FOR MONEY!

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Online bankruptcy search: Introduction

This blog is about the Canadian government’s plan to update its online bankruptcy search function. It is an update to our November 15, 2017 Brandon’s Blog titled: “BANKRUPTCY FILINGS FREE PUBLIC RECORDS: WILL FREE SEARCHES TURN YOU INTO A PERSONAL BANKRUPTCY RECORDS SLEUTH FOR THE TRUTH”.

As you can imagine, I have a schedule for creating Brandon’s Blog. I created the above-mentioned blog and related video on the Office of the Superintendent of Bankruptcy (OSB) insolvency records search renewal (IRS) program and posted it for publishing on November 15. After doing so, the OSB published an update on its IRS program. The purpose of this blog is to give you the updated information.

The OSB November 2017 update offers more information about the IRS post it published in August 2017.

Online bankruptcy search: Updating the technology

The OSB has stated that its updated IRS system will consist of modern-day safeguards. The new IRS will secure the private information of people or companies who have either filed or become bankrupt or who have filed a consumer proposal or Division I proposal.

Online bankruptcy search: The legislative need

Under the Bankruptcy and Insolvency Act (BIA), the Superintendent of Bankruptcy is required to keep and make available a public document of all personal and corporate bankruptcies and proposals. The public document, includes the names of the insolvent debtors given statutory stay of proceedings from the commitment to pay their financial debts.

This record consists of vital information needed to administer the bankruptcy system. It is also important for the running of an efficient and well-functioning Canadian marketplace.

Online bankruptcy search: The purpose of the current system

The current Bankruptcy and Insolvency Records Search data source offers Canadians with access to search the public database for specific people or companies that have submitted a (consumer) proposal or bankruptcy, as the case may be. It is also for creditors to see if any party applying for credit are in an insolvency proceeding.

Online bankruptcy search: Uses of the current system

The OSB’s database allows for searches for:

  • creditors to take necessary activity with respect to specific insolvency filings;
  • insolvent debtors, either an individual or Directors of a company, to acquire information about their bankruptcy or proposal;
  • Licensed Insolvency Trustees (LIT) to properly administer insolvency estates;
  • people and companies making informed credit choices on people or organizations applying for loans or trade credit.

Online bankruptcy search: How many times a year is the current system searched?

Each year the current database, (which has a cost of $8 each search for public users), is searched about 800,000 times by individual Canadians, including LITs (for whom there is no charge). Any member of the public who pays the charge could browse the government insolvency records. The present system does not limit access in any other way.

Online bankruptcy search: The proposed new IRS

The OSB will be changing the current system. It is outdated by today’s privacy standards. The OSB will create a new IRS. While still attending to the legislative needs to give access to a public document of bankruptcies, it will substantially make individual information of debtors more secure.

As compared to the old system, the IRS will consist of many steps developed to particularly restrict the disclosure and use of the individual’s details of the debtors who file for an insolvency proceeding.

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online bankruptcy search

Online bankruptcy search: New IRS protections

Examples of the brand-new protections which are not available in the current system, to shield disclosure of individual information, are:

  • Individual information entered will just be confirmed, not offered in a search result.
  • Searchers will need to recognize the first, last name, as well as date of birth of a debtor. This is required to get verification of an individual in bankruptcy or who has filed a (consumer) proposal.
  • The new system will no longer supply access to bankrupts’ documents that do not match the search requirements. The new IRS will be search specific, and not providing a complete list of names matching search criteria.
  • For every right search, a decreased measure of individual information will certainly be returned in the public search results page. Home addresses and complete postal codes will no longer be included in search results.
  • The public document search retention will be lower. The duration for the storage of details will be 10 years post-discharge.
  • The new system will consist of innovations designed to decrease the possibility for unexpected uses of the information. For example, machine-based searches.

Online bankruptcy search: Meeting the needs of LITs

The OSB has talked to the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) as part of developing the IRS. The OSB has dealt with comments received thus far. The IRS layout will certainly make best use of technology to protect personal information. The new system will fulfill the specific needs of LITs, in meeting their insolvency estate management and legal requirements.

It must be kept in mind that the OSB has no plan to remove the $8 charge from the current system before its being retired. The first introduction of the fee was designed exclusively to sustain the OSB’s operating expenses in developing and keeping the existing system.

The new IRS will consist of many measures to appropriately reduce disclosure and increase the defense of personal information of debtors. The OSB says that it has no proof that a service charge with the brand-new IRS would better safeguard debtor information against improper use.

Online bankruptcy search: This IRS won’t chase you for money!

As a result, the OSB says it will look at and suggest getting rid of the historic governing arrangement which permitted the charging of a cost to get access to the public record. The OSB states that this will align with Treasury Board Policy. That is why this IRS, is not planning to ever chase you for money!

Online bankruptcy search: What to do if you think you might need an insolvency process

Are you or your company insolvent and in need of restructuring? Are you scared to become another entry in an online bankruptcy search? If so, the worst thing you can do is procrastinate and not take positive steps to remedy your situation. Contact the Ira Smith Trustee & Receiver Team. If we meet with you early on, we can create a restructuring and turnaround strategy designed specifically for you.

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BANKRUPTCY FILINGS FREE PUBLIC RECORDS: WILL FREE SEARCHES TURN YOU INTO A PERSONAL BANKRUPTCY RECORDS SLEUTH FOR THE TRUTH

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After writing and recording this blog, the Office of the Superintendent of Bankruptcy issued a position paper on measures to limit public disclosure of personal information while meeting legislative requirements to establish a public record. So watch next week for our video and blog titled “ONLINE BANKRUPTCY SEARCH: THIS CANADIAN INSOLVENCY RECORDS SEARCH RENEWAL (IRS) WON’T CHASE YOU FOR MONEY!” where we will describe what they have advised to date.

Bankruptcy filings free public records: Introduction

Ottawa’s planning to drop the $8 online search cost for personal bankruptcy records. The change to bankruptcy filings free public records may make it harder for some people. Especially those with earlier economic problems to get a job or a home.

Bankruptcy filings free public records: No cost personal bankruptcy records search

The Office of the Superintendent of Bankruptcy Canada is updating its online bankruptcy document search that allows users to get access to public documents on bankruptcy estates. Their database allows users to search online for bankruptcies as well as receiverships. The have not explained yet why they are considering dropping the search cost so that the information becomes bankruptcy filings free public records.

Bankruptcy filings free public records: Why does a licensed insolvency trustee need to search for bankruptcy filings

A licensed insolvency trustee (LIT) maintains an account with the Superintendent of Bankruptcy. A LIT is allowed to do a bankruptcy search through its account for free. The bankruptcy system requires a LIT, prior to accepting either a personal bankruptcy or consumer proposal file, to do such a search.

The reason is that a LIT is required to find if the person considering filing has ever used the Canadian insolvency system before. If they have, what were the circumstances and what was the outcome?

This is important because one aim of the Canadian insolvency system is rehabilitating the honest but unfortunate debtor. For the person who is currently in financial trouble, the LIT must understand past problems, if any. The LIT must also find if the current problems are a result of the same behaviour and reasons as in the past or something different.

The LIT then has a duty to take all these factors into consideration when advising the person what their options are and the recommendations the LIT will make.


Bankruptcy filings free public records: Who else normally searches bankruptcy filings public records?

Right now, for $8 per search, employers, property owners, marketers or just meddlesome neighbors can conveniently access minimal information about an applicant’s, occupant’s or neighbour’s bankruptcy data. This will allow them to make assumptions about that person’s financial problems, credit worthiness or even trustworthiness.

The problem in doing so is that it is without proper context. If the federal government eliminates the $8 search fee, personal bankruptcy records can be searched for free.

Bankruptcy filings free public records: Reasons for personal bankruptcy

There can be many reasons why a person filed either a consumer proposal or for bankruptcy; divorce, illness, accident or plain overspending are just a few of the possibilities.

Bankruptcy filings free public records: What will personal bankruptcy case records search show us?

A search only tells the:

  • date when the specific person filed for bankruptcy or the consumer proposal;
  • overall worth of their assets and obligations;
  • name of the LIT;
  • whether they successfully completed their consumer proposal or obtained their absolute discharge from bankruptcy; and
  • discharge date of the LIT.
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    bankruptcy filings free public records


Bankruptcy filings free public records: Will this change to find personal bankruptcy records mean anything really?

The $8 cost likely limits random searches. A potential employer or landlord will not be deterred by this cost, but a nosy neighbour will be. This charge therefore provides some small security to personal information.

I believe the federal government earns about $4 million a year in bankruptcy search fees. That $4 million annually is a rounding error in terms of the size of the federal government’s budget.

However, in times where our Prime Minister Trudeau and our Finance Minister Morneau are looking to increase revenue, why give away $4 million? The government could use some of that money to give financial education to Canadians.

For the reasons I stated above, I doubt dropping the $8 search fee will increase the number of searches. You still have to know how to do the search. Nosy neighbours probably won’t spend the time to learn.

Equifax and TransUnion pay the Superintendent of Bankruptcy to get access to the bankruptcy search records. Therefore, the bankruptcy or consumer proposal information is available, if granted authorization, by obtaining a person’s credit report.

The Superintendent of Bankruptcy stated it will certainly protect the documents from trolling marketers. Exactly how they will do this has not been described. They also have not yet made public the date the searches will start to be free.

If you have actually been declined for a loan through a normal lender, then that is a signal that you have debt concerns that have to be handled.
Contact Ira Smith Trustee & Receiver Inc. today. We are professional trustees. As such, the Canadian government licenses and supervises us. First, we will assess your situation and help you to come to the very best possible solution for your troubles.

When you come to us for your free consultation, we first check and figure out with you if one of the bankruptcy alternative choices is best for you. These include credit counselling, debt consolidation or a consumer proposal. If none of those options are available to you, only then will we discuss the bankruptcy route. Starting Over, Starting Now we can help recover you to financial health.

After writing and recording this blog, the Office of the Superintendent of Bankruptcy issued a position paper on measures to limit public disclosure of personal information while meeting legislative requirements to establish a public record. So watch next week for our video and blog titled “ONLINE BANKRUPTCY SEARCH: THIS CANADIAN INSOLVENCY RECORDS SEARCH RENEWAL (IRS) WON’T CHASE YOU FOR MONEY!” where we will describe what they have advised to date.

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CREDIT SCORES ONTARIO: USE YOURS TO SCORE THAT DREAM DATE!

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Credit scores Ontario: What is it?

Credit scores Ontario is a judgment about your financial health, at a specific time. It indicates the risk you represent for lenders, compared with other consumers. There are many ways to work out credit scores. The credit-reporting agencies Equifax and TransUnion use a scale from 300 to 900.

In Canada, the magic number is probably 650. A score above 650 will likely qualify you for a standard loan while a score under 650 will likely bring difficulty in receiving new credit.

Credit scores Ontario: How is it calculated?

The credit score formula takes all or most of the following into account:

  • Your payment history
  • The total amount you owe
  • Length of your credit history
  • New credit accounts
  • New credit inquiries, whether approved or not
  • Types of credit in use

Credit scores Ontario: Good credit scores do have sex appeal

A good credit score has shown that money does play a big role in the dating world; it is a reality. It’s sad but true; your income does play a big part in how attractive you seem to a potential partner. And, did you know that good credit scores have sex appeal?

Credit scores Ontario: Like it or not, a good credit score makes you attractive

There’s an old joke that says there’s no such thing as an ugly man in a Ferrari. But, let’s be honest, if you were on an online dating site and saw a potential date who was attractive but unemployed or in what you perceived as a low paying job, would you reach out to that person?

Conversely, if you saw someone who wasn’t movie star attractive but reported a high income or listed their profession as CEO, lawyer or doctor, wouldn’t they look a lot better to you?

Credit scores Ontario: Credit score dating backed by scientific studies

Don’t take my word for it. This is all backed up by science. There are many studies on the subject including a recent one co-authored by behavioural economist Dan Ariely who in the journal Quantitative Marketing and Economics reported:

  • Men and women prefer a high-income partners over low-income partners
  • This income preference is more pronounced for women

Credit scores Ontario: Beware – high income is only one part of it

Income only tells part of the story. Find out how they spend their money. Are they living within their means? They may have a big income but is it enough to cover the expenses of the fancy sports car, big house and exotic vacations? Big earners, celebrities and even Presidents (and President-elects!) declare bankruptcy too:

Credit scores Ontario: what to do about too much debt

We aren’t in the dating business, but we can help you get your debt issues under control. Give the Ira Smith Team a call today so that Starting Over, Starting Now you can live a debt free life, and you may have better luck dating.

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BANKRUPTCY OPTIONS: DO YOU REALLY NEED A $100K PERSONAL ASSISTANT?

bankruptcy, bankruptcy options, bankruptcies, bankruptcy alternatives, living paycheque to paycheque, trustee, trent richardson, ira smith trustee, bankruptcy options, cpaexcel, free lesson, cpa exam, wiley & sons, pre-bankruptcy, video lecture, josh, bankruptcy attorney, business bankruptcy options in canada, personal bankruptcy, bankruptcy, bankruptcy explains your bankruptcy options, don't want to file bankruptcy, bankruptcy may not be best for you, bankruptcy and insolvency act, options to eliminate debt, searches related to bankruptcy options, bankruptcy credit card debt, alternative to filing bankruptcy, alternatives to bankruptcy in canada, consumer proposals canada, alternatives to bankruptcy in kenya, canadian bankruptcies list, bankruptcy canada surplus income, canadian bankruptcies lawsSometimes even the rich need bankruptcy options

Many people are under the misconception that bankruptcy options don’t apply to the rich and famous or the rich and not famous because they don’t have money problems. In fact, rich people can and do have money problems.

This issue is more prevalent than you think and we’ve written a series of blogs about it in the hopes of removing the stigma of bankruptcy.

Being rich doesn’t make you smart about money. Often times the money begets a lifestyle that’s intoxicating but unsustainable – mansions, yachts, a fleet of luxury vehicles and exotic travel.

If you are willing to admit to having financial problems at the first sign of trouble, then there are various insolvency choices available. But if you wait until you have lost it all, and then some, then bankruptcy, or perhaps one of the bankruptcy options, will be available for you.

Trent Richardson acted quickly on his options when he realized he was facing financial problems

Trent Richardson, an NFL player who most recently played for the Baltimore Ravens, discovered that from January 2015 – October 2015 his family and friends spent $1.6 million of his money. This is a perfect example of someone making a small fortune and placing too much trust in others to manage his money. In reality, he didn’t have a clue about his money.

Thankfully he looked at his bank statement before it was too late. He couldn’t believe the charges which included 11 Netflix and 8 Hulu accounts in addition to ordering bottle service while dropping his name at clubs. The irony is that Trent Richardson doesn’t drink. And now for the mother of all expenses – his brother Terrell was earning $100,000 a year as his personal assistant.

Although Mr. Richardson is luckier than most would be in his place because he signed a fully guaranteed deal worth $20.5 million over 4 years originally with the Cleveland Browns on July 2012, he could have, like others before him, lost it all. He did the smart thing and cut all extraneous expenses, including his $100k personal assistant. This is the best of the financial choices: reigning in your spending and getting on a proper budget.

Act quickly; we can help you make the right decision

Let this be a wakeup call to everyone. Regardless of how much money you have, you need to be smart about money, lest you find yourself in deep debt. And that’s where a professional trustee comes in.

We’re here to find what your bankruptcy options are, put your financial house back in order and set you on a path to debt free-living Starting Over, Starting Now. You’ll be amazed at the difference one phone call to Ira Smith Trustee & Receiver Inc. can make. Contact us today.

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BANKRUPTCY ALTERNATIVE: THE CLINTON PORTIS LIST FOR TURNING $40 MILLION INTO A BANKRUPTCY

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Continue reading “BANKRUPTCY ALTERNATIVE: THE CLINTON PORTIS LIST FOR TURNING MILLION INTO A BANKRUPTCY”
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RESTRUCTURING AND TURNAROUND IS NOT ROCKET SCIENCE! HERE’S WHY

restructuring and turnaround, assignment in bankruptcy, bankruptcy, bankruptcies, Bankruptcy and Insolvency Act, BIA, Companies Creditors Arrangement Act, CCAA, Casimir Capital Ltd., deemed assignment in bankruptcy, trustee, proposal, starting over starting nowA restructuring and turnaround process that does not garner the support of the creditors can lead to bankruptcy. Bankruptcy ends up being a result of an attempt to save the business that has gone awry.

There are two statutes which set out the law of bankruptcy and insolvency law in Canada, including the Canadian regimes for a corporate restructuring and turnaround:

  • Bankruptcy and Insolvency Act (“BIA”): Contains 275 sections and is intended to be a complete code for bankruptcies. The law dealing with bankruptcies is within the BIA itself
  • Companies’ Creditors Arrangement Act (“CCAA”): Deals with corporate restructuring and turnaround (as does the BIA) and contains 22 sections. Most of the law dealing with the CCAA has developed from Court decisions as the statute is very thin!

Once in motion it’s extremely difficult to set aside an assignment into bankruptcy. That is why the interests of all stakeholders must be carefully considered and addressed in order for a restructuring and turnaround plan to be successful. Take for example the motion which was recently brought before the Ontario Superior Court of Justice (In Bankruptcy and Insolvency) by Casimir Capital Ltd., an intermediary or broker of various underwritings and placements. Up until January 31, 2014 when it resigned, it was a member and registered as a securities dealer with the Investment Industry Regulatory Organization of Canada (“IIROC”).

Casimir Capital Ltd. brought a motion seeking to set aside its deemed assignment into bankruptcy, and a review of a decision of a trustee to allow certain creditors to vote against a proposal put forth by the firm to settle its debts. At that meeting, 93.7% of the creditors voted against the proposal. However, in the motion, Casimir argued that some of the creditors should not have been allowed to vote as it disputes the validity of their claims.

The decision: In Re Casimir Capital, 2015 ONSC 2819 (CanLII), Casimir’s motion was dismissed. In his ruling The Honourable Mr. Justice Pattillo stated that the trustee “…was correct in allowing the Disputed Creditors to vote.” and “…the steps taken by the Proposal Trustee in reviewing and validating the proofs of claims filed, including the Disputed Creditors, for the purpose of voting at the first meeting were more than sufficient.”

The court noted that even if the votes of the disputed creditors were disallowed, 69.4% of the other creditors, whose claims are not disputed, voted against the proposal. The Court also agreed with the trustee that the debtor’s motion to have its deemed assignment in bankruptcy set aside fails in any event because even if the disputed creditors votes are set aside, the votes of the remaining creditors still defeat the proposal. As you can see, this restructuring and turnaround attempt was doomed for failure, as essentially none of the needs of the stakeholders were successfully addressed. Therefore in this case, a deemed assignment in bankruptcy was the end result. I am sure the professionals involved did the best they could with what they had to work with, but it obviously was not enough.

Unfortunately many companies and individuals find themselves in financial difficulties and surviving these financial difficulties can be a daunting task. Ira Smith Trustee & Receiver Inc. has helped many companies to not only survive, but prosper. Our corporate restructuring and turnaround strategies not only deal with short term crisis management but the long term viability of corporations. Contact us today so that Starting Over, Starting Now once again your company can a financially viable entity.

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WHAT HAPPENS IF MY EMPLOYER OWES ME MONEY & GOES BANKRUPT?

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Employer owes me money: Introduction

People ask us what if my employer owes me money & goes bankrupt? We answer if your employer is bankrupt don’t despair; there is hope for you to recuperate monies that are owing to you. The Wage Earner Protection Program Act – WEPPA – with an amendment to the Bankruptcy and Insolvency Act (Canada) – BIA – created a mechanism for employees to be compensated for claims of unpaid wages, commissions and vacation pay accrued in the six months preceding the employer files for bankruptcy or being placed in receivership and have unpaid wages along with claims for unpaid termination and/or severance pay.

This amendment came into being as a result of the federal government’s previous concern that when you experienced “my company owes me money & went bankrupt” there was rarely an opportunity for you to get the wages you owing to you.

However, you are generally not eligible if, during the period for which eligible wages are unpaid, you:

  • were an officer or a director of your former employer
  • had a controlling interest in the business of your former employer
  • were a manager whose responsibilities included making binding financial decisions impacting the business of your former employer, and/or making binding decisions on the payment or non-payment of wages by your former employer

Employer owes me money: Who is eligible for the WEPP?

So, if the employer went bankrupt did not pay employees:

You may apply if:

  • your former employer has filed for bankruptcy or is subject to a receivership
  • you have unpaid wages, vacation pay, termination or severance pay from your former employer
  • amounts earned during the eligibility period or, in the case of termination or severance pay, your employment was terminated during the eligibility period ending on the date of bankruptcy or receivership

What is the eligibility period?

The eligibility period is defined as the period in which wages and vacation pay are earned to be compensated under the WEPP and in which your employment must have ended to be eligible for termination and severance pay. The eligibility period starts six months before a restructuring event and ends on the date of bankruptcy or receivership. Should your employer not have gone through restructuring, the eligibility period is the six-month period ending on the date of bankruptcy or receivership.

What are eligible wages under WEPP?

Each case is examined individually and I strongly suggest that you contact a Trustee for a correct answer to the question “my employer owes me money & went bankrupt”. There remains some confusion and a disconnect between WEPPA and the BIA. WEPPA includes severance and termination pay while the BIA excludes severance and termination pay from compensation in sections 81.3 and 81.4. Such claims have and continue to be recognized by the BIA as being ordinary unsecured claims.

How much can I expect to receive?

Regardless of the total amount owing to you, the most any employee can receive under WEPPA is the greater of $3,200 or four times the maximum weekly insurable earnings under the Employment Insurance Act (which is now greater than $3,200). Once employees file claims with both the Trustee and Service Canada, Service Canada pays their claims and Service Canada becomes the creditor. The amendment to the BIA has recognized WEPPA and created a priority charge that supersedes all secured charges except CRA’s deemed trust claim (and the reclaiming rights of farmers and suppliers) to a max of $2,000 per employee, secured against current assets.

Do you have too much debt?

Contact Ira Smith Trustee & Receiver for more information if you have the questions “my employer owes me money and has gone bankrupt” or on any and all matters related to corporate or personal bankruptcies. We are full-service insolvency and financial restructuring practice serving companies and people throughout the Greater Toronto Area (GTA) facing financial crisis or bankruptcy that need a plan for Starting Over, Starting Now.

Call a Trustee Now!