Insolvency Matters

Bankruptcy and Insolvency Lawyers at Gardiner Roberts, #Litigation, #Bankruptcy, #Insolvency and #Restructuring. Commentary is ours and is not our firm's.

[Insolvency Matters @InsolMatters]

Consumer bankruptcy is at it's highest level in 10 years in Canada. Over the past year, in the most Ontario has registered a 14.4 per cent increase - more than the national increase of 8.9%. https://t.co/i8yzA57Ndr

[Insolvency Matters @InsolMatters]

With Celadon Group (transportation) in bankruptcy as of Monday, Hyndman Transport in Ontario has closed. 400 employees affected. https://t.co/HG8QQOUGYz

[Insolvency Matters @InsolMatters]

This relates to the BDO SusGlobal fight. Having lost the fight to sue the receiver over enviro costs Sus tried using a private prosecution under the EPA. Creative try but no.

[Insolvency Insider @Insolve_Insider]

Privately prosecuting a receiver? - https://t.co/lL4G2U9PS3

[Insolvency Matters @InsolMatters]

Lots of financial stress in the cannabis industry. AgMedica of Chatham-Kent area filed for CCAA recently. https://t.co/9BUre2g4Sh

[Insolvency Matters @InsolMatters]

Celadon, trucking carrier) is about to file Chapter 11 and maybe a CCAA to support it in Canada. It has 360 trucks in Canada but 9x that in the US. Will truck drivers get home for Christmas? https://t.co/IsROr6uLiV

[Insolvency Matters @InsolMatters]

This is not good. The system of adjudicating trade issues is essential. https://t.co/ni77tn7nGT

[SparkTown @dolawbetter]

Congratulations to SparkTown Law Chambers resident @gillianhnatiw for being named the recipient of the @TLAvoice 2020 Honsberger Award, recognising her as a "formidable advocate for women's civil rights." Well-deserved! https://t.co/NlqVOQE4A6

[Hoyes Michalos - Licensed Insolvency Trustees @HoyesMichalos]

Did You Know?

Women are almost twice as likely to file insolvency due to student debt than male debtors.

Women student debtors owe on avg. $15,171 in student loans at the time of filing, compared to $14,021 for men.

#onpoli #studentdebt @RichThinkingB @WomenON @GoldenGirlFinan

[Insolvency Matters @InsolMatters]

Over in bkrptcy crt today. A bnkruptcy application should never be used for debt collection. Note that once issued, leave is required to withdraw it and that requires proof of solvency.

[Insolvency Matters @InsolMatters]

$17MM debt bought for $8.5MM by a creditor. If Dbtor didn't default inside a yr then Crditor would accept $8.5MM. But natch Debtor defaulted inside a yr. Make believe argument that only $8.5MM was due didn't fool Crt of Appeal. Finds the whole $17MM due. https://t.co/ym2hMMxL27

[Insolvency Matters @InsolMatters]

Canadian household credit zoomed up in August. The seasonally adjusted annual rate of credit growth increased by 5.1% month-over-month. Definitely not great as it means that there may be more debtors out there getting deeper in trouble. https://t.co/r7OxDDSD4Q

[Insolvency Matters @InsolMatters]

Let's see; insolvencies at WOW Air, Thomas Cook, Avianca, Aigle Azur, XL Airways, Germania, Flybmi, Adria, Jet Airways, Air Berlin - it's not a good time to run an airline. And apparently Norwegian Air is on the carpet to be the next one. https://t.co/UbDMCOpBq9.

[Insolvency Matters @InsolMatters]

Bankrupt "Forever 21" has 44 stores in Canada with two major outlets in Winnipeg. All closing. This is the latest failure in the continued culling of retail operations and in continued hits to landlords still dealing with the aftermath of Sears. https://t.co/BTwqW2hrxU

[ABI @abiworld]

Are cracks beginning to form in the wall keeping student loan debt from being discharged in bankruptcy? Find out more in the latest #ABIYoungandNewMember Newsletter:
https://t.co/q4VWYKJ88b

[Insolvency Matters @InsolMatters]

Suspendng parliament in the future by any parliamentary democracy is now going to automatically invoke a potential challenge. May we live in interesting times.

[BBC Breaking News @BBCBreaking]

UK Supreme Court President Lady Hale QC says UK PM Boris Johnson's suspension of Parliament was unlawful as it "had the effect of frustrating or preventing Parliament from carrying out its constitutional functions"

https://t.co/bAeCN3kLLP

[Insolvency Matters @InsolMatters]

So (Oxycontin) Purdue US filed c.11 bankruptcy protection. Purdue Canada has not (yet) filed CCAA. But the spill over the border is going to be interestting. Purdue Can is a 100% sub of the US. https://t.co/W7dAol9PLZ

[Insolvency Matters @InsolMatters]

Oxycontin maker Purdue filed for c. 11 on Sunday last. Huge amount of litigation by many states. Settlement plan is being floated but there is no complete buy-in at the moment. https://t.co/fArQ1YVa7f

[Insolvency Matters @InsolMatters]

Fourth go around in bankruptcy. Man given 12 month suspended discharge. 4 times? https://t.co/BNCqGthKx8

[Insolvency Matters @InsolMatters]

Brandon Smith (@toomuchdebt) advances a new idea for a new "Division III" type proposal system for smaller biz following the enactment of the Small Biz Reorg Act in the US. Cheaper, faster....
See Brandon's Blog: https://t.co/oiG0mXechI