This is a question that gets asked quite frequently in insolvency files. Do we have any rights? If so, what are they?

There are a multitude of reasons as to why an individual or business might be experiencing financial difficulties. It’s important to know that you’re not alone — and you have options.

According to a recent Supreme Court of Canada decision released on Thursday, January 31, 2019, the assets of insolvent exploration and production companies must go first to reclaiming abandoned wells before paying creditors.

The agricultural industry is influenced by a multitude of factors, many of which are beyond the control of a local producer.

Chapter 11 is a Chapter of the U.S. Bankruptcy Code that generally provides for the reorganization of corporations, partnerships or proprietorships.

While the story of Bre-X certainly played out like a movie script, like most Canadian scandals, it garnered little interest outside of the mining industry south of the border, especially, almost 20 years later.

Assessing whether your client is experiencing financial distress does not require access to detailed financial information, but rather facts which are readily available if you keep a keen eye and watch for them.

Most Canadian corporations have well-documented policies and procedures regarding governance, strategy and risk management. That being said, financial distress can still occur and the corporation’s Directors play an essential role in detection and response.

Sometimes, entrepreneurs get so wrapped up in trying to grow their business they miss some obvious signs that it may be in financial trouble.

Given today’s economic climate, the challenges oilfield services companies are experiencing as they to stay afloat is certainly not surprising news.