The question of who pays for the environmen­tal clean-up of a bankrupt company is one that has dogged Canadian insolvency prac­titioners for years.

The Personal Property Securities Act (the “PPSA”) is a provincial statue used to regulate and enforce security. It provides the mechanism for managing priority of competing security interest.

MNP LTD Trustee Eric Sirrs gave his expert opinion on CTV Edmonton about Sprague Rosser being in receivership and their staff demanding payment they are owed.

All industries have threats that will affect the success or failure of a business. The Agriculture (“Ag”) industry is no different and some would suggest it has more threats that could affect farmers than a typical manufacturing business.

The COVID-19 pandemic and catastrophic collapse in oil prices have devastated organizations across the country and around the world. Businesses that have never experienced financial difficulties before are suddenly facing all sorts of new and frightening questions.

A receivership is a remedy available for secured creditors to recover amounts owing under a secured loan when a debtor company is unable or unwilling to repay the outstanding debt.

As the economy reopens and we get back to work, we need to be proactive in protecting our businesses.

The number of corporate reorganizations that have taken place in the past decade has increased significantly in Canada. There have been several high-profile transactions that have raised the level of awareness of terms such as CCAA (Companies’ Creditors Arrangement Act), NOI (Net Operating Income), Proposal, BIA (Bankruptcy and Insolvency Act) and Chapter 11 to the ordinary citizen.

MNP’s Take: As we enter a recession, Canadians are struggling now more than ever to maintain control of financial responsibilities and increased debt loads. With the Canadian dollar experiencing a significant downturn and a global struggle for economic growth causing uncertainty among investors – it’s difficult to ascertain when we can expect a turn around.