THIS WEEK CREDIT ARTICLE

Credit Legal Matters

Watch the Clock – Limitation Periods in Ontario

Source: Aimee Colyer McGuire, B.A. Hons., LL.B., Willson Lewis LLP.

The Limitations Act, 2002 was passed in December 2002 and came into force on January 1, 2004. For most causes of action, the new Act provides that there is a basic two year limitation period running from the day that the claim is discovered. This basic limitation period replaces the general limitation periods found in the old Limitations Act, as well as many of the other special limitation periods found in other statues. All claims are presumptively subject to this general two-year limitation period, unless otherwise specifically provided in the new Act.

The new Act represents a significant change…

In 2006, the Act was amended to permit parties to… This is particularly important in collection matters, situations with demand notes, or to permit…

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CREDIT MANAGER'S QUIZ

This week's question

There are laws governing business to business collections, similar to the laws regarding consumer collections.

1. True
2. False

>>> Find the answer

LAST WEEK CREDIT ARTICLE

Bankruptcy corner

Summary of decision:
Real Estate sold to a family member

Source: Me Jean-François Mallette, LL. B., Partner with Prévost, Fortin, D’Aoust and contributor of the National Credit News Magazine.

The Superior Court in the matter Bérubé (Syndic de), J.E. 2010-1309 (C.S.) recently rendered a decision in which it confirmed and authorized the sale of the bankrupt’s interest in the co-ownership of an immoveable to his spouse […]

Unsurprisingly, the creditors filed an opposition with respect to the aforementioned transaction and instituted a motion in annulment of a reviewable transaction…

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LAST WEEK CREDIT ARTICLE

Bankruptcy statistics

Insolvency statistics in Canada – MAY 2010

Source: Industry Canada - Office of the Superintendent of Bankruptcy Canada.

Editor’s comment:

Although we can see that recent statistics in bankruptcy look encouraging our analysis of the last 4 years annualized numbers (for a 12 month period ending May 31st) has shown that some trends are still very concerning.

Are main concern is that consumer bankruptcies are at a 4 year high and the major provinces are all showing signs of growth in May except for. […]

Office of the Superintendent of Bankruptcy Canada

The total number of insolvencies (bankruptcies and proposals) in Canada decreased by 11.3 percent in May 2010 from the previous month. Bankruptcies decreased by 9.2 percent whereas proposals decreased by 16.1 percent. Over the last 10 years, the total number of insolvencies filed in the month of May was […]

Business insolvencies for the 12-month period ending May 30, 2010…

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>>> Previous articles

		THIS WEEK'S QUESTION There are laws governing business to business collections, similar to the laws regarding consumer collections. True False
		Find the answer >>>

• PEPSI COLA CANADA LTD
• ULTRAMAR
• NATIONAL BANK OF CANADA
• CANADIAN PACIFIC RAILWAY CO.
• EQUIFAX CANADA
• BENJAMIN MOORE & CO. LIMITED
• GENERAL MILLS
• GLAXO SMITHKLINE
• CANADELLE
• IRVING OIL
• ATLAS COPCO CM CANADA
• WESTERN FOREST PRODUCTS
• TOSHIBA OF CANADA LTD
• WOLSELEY CANADA INC.
• ROYAL BANK OF CANADA
• CITY OF OTTAWA
• HEWITT EQUIPMENT LTD
• PANASONIC
• KENWORTH MONTREAL
• EXPORT DEVELOPMENT CANADA
• COLLIERS INTERNATIONAL
• PROVINCE OF MANITOBA

…and many, many more

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