In a recent decision, Mr. Justice Gaétan Dumas of the Quebec Superior Court allowed to use of the bankruptcy order system, as provided by the Bankruptcy and Insolvency Act (hereinafter the “BIA”) in order to settle a shareholder derivative suit which was threatening the financial health of a restaurant. Resto-Bar Mondo (Sherbrooke) inc. (hereinafter « Mondo ») was subject of a petition in bankruptcy under section 43(1) BIA, brought by its major shareholder, 9029-7227 Québec inc. (hereinafter “9029”). This section allows a creditor to ask the Superior Court to force its debtor in bankruptcy. To do so, the applying creditor must prov...Read More
How to Recover When Things Go Wrong This is perhaps the most important step of the career development plan process. Learn from past mishaps and stop destructive thinking. The STOP acronym symbolizes four words that can help you redirect yourself and recover when projects go wrong, when poor performance has occurred, or when a mistake has been made. Sometimes you need to recover from a misstep or sometimes you need to reevaluate the objectives and goals all together. A misstep does not necessarily equate to doors closing. It can often lead to doors opening. Remember, the key to success is to think progressively, not perfectly. When you underst...Read More
My customer is an American company are their accounting rules the same? What should I know about the differences? why do they appear to have more statement of reserves then we do in Canada Introduction: If you think accounting rules for preparing financial statements are universal, you are in for a surprise. There are significant differences even between US and Canadian accounting rules. Having customers based in the USA, and needing to analyze their financial statements means getting financial statements prepared using US Generally Accepted Accounting Principles US GAAP). The key areas of difference credit professionals need to ...Read More
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At Crane, we have been a National Credit News subscribers for many years. Thanks to the journal, we are constantly informed of the best credit practices. The National Credit News Journal is a work tool helping us meet the objectives of our credit department. Congratulations to the "National Credit News" for keeping us up-to-date in a constantly changing world.
Lynda Gauthier, Credit Manager
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