Publications
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Sale by judicial authority: conflict of interest rules governing the designation of the officer entrusted with the sale
Recently, the Superior Court rendered a decision1 which clarifies the extent of the discretion a court has when asked to ratify a hypothecary creditor's recommendation to appoint an employee of its legal counsel to act as the officer of the court entrusted with the sale by judicial authority of the (…)
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Canadian ratification of the Convention on International Interests in Mobile Equipment and of the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment
This bulletin includes an analysis of certain provisions of the Cape Town Convention and the Aircraft Protocol that will take effect in Canada on April 1, 2013. AN OVERVIEWBy: Pierre Denis1 and Étienne Brassard2Lavery, de Billy LLP INTRODUCTIONThis Bulletin is intended as a brief overview of the (…)
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Francization – Bill No 14 amending the Charter of the French language
This publication was authored by Luc Thibaudeau, former partner of Lavery and now judge in the Civil Division of the Court of Québec, District of Longueuil. The title of this newsletter gives a good summary of the explanatory notes that serve as an introduction to Bill 14, entitled An Act to amend (…)
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Hypothecary Claims, Factoring and Priorities
In a recent decision, the Superior Court ruled in favour of GE, Commercial Distribution Finance Canada ('GE') in a dispute against the National Bank of Canada ('NBC'). Both institutions had a common client, New World Zanotti Transblock Inc. ('Zanotti'), which had granted to each of them a hypothec (…)
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The Court of Appeal clarifies the legal nature of a real guarantee
Quebec law has for a long time distinguished the personal guarantor from the real guarantor: a personal guarantor is personally bound to repay a creditor should the principal debtor fail to perform its obligations; a real guarantor does no more than give some of its assets as collateral to a (…)
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Legal newsletter for business entrepreneurs and executives, Number 12
The Powers of CSST Inspectors Confidentiality Agreements : The importance of Protecting your Secrets Your First Financing with a Financial Institution
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The Superior Court applies restrictive interpretation to additional hypothecs
The scope of additional hypothecs was examined by the Superior Court on September 6, 2011 in the case of Banque Nationale du Canada v. Larouche.At issue in this case was whether the additional hypothec provision contained in the deed of hypothec granted by Mr. Larouche in favour of the National Bank (…)
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The Superior Court refuses to authorize a class action against a furniture and electrical household appliances giant
The Honourable Justice Louis-Paul Cullen of the Superior Court rendered a judgment on September 23, 2011 which dismissed a motion for authorization to exercise a class action instituted by Mr. Kerfalla Toure (hereinafter 'Toure') against Brault & Martineau (hereinafter 'B & M').
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What happens when a contract does not reflect what was agreed upon between the parties?
On October 28, 2011, the Quebec Court of Appeal upheld a judgment of the Superior Court allowing for clauses of a loan agreement to be modified by the Court so as to reflect the common intention of the parties after it was proved that there was a discrepancy between the real intention of the (…)
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When it becomes necessary to revoke the appointment of an inspector to ensure the proper functioning of the proposal or bankruptcy process
When a bankruptcy occurs, the creditors play a central role in the administrative control of the bankrupt’s estate. In this regard, the Bankruptcy and Insolvency Act provides that, at the first meeting of creditors, the creditors must, among other things, affirm the appointment of the trustee (…)
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Can a creditor who institutes a hypothecary recourse recover "Extra-judicial professional fees...for services"? A Quebec Court rules
Since the amendments made to the Civil Code of Québec (“C.C.Q.”) in 2002, article 2762 provides that:2762. A creditor having given prior notice of the exercise of a hypothecary right is not entitled to demand any indemnity from the debtor except interest owing and costs.Notwithstanding (…)
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Legal Hypothecs of Construction get Priority over a Super Priority Granted by the Court for dip Financing in Respect of Certain Assets of the Bankrupted Party
Creditors petitioned the Court in order to have it amend the order of priority for payment determined by the trustee, so that their claims have priority over the super priority of the Caisse Populaire, but strictly in respect of part of the assets.