Keyword
bankruptcy
Alberta Appeal Court keeps $217 million oilpatch cleanup liability case alive
March 29, 2022 Bob Weber - THE CANADIAN PRESSA bankruptcy hearing that could determine whether more than $200 million in oilpatch environmental liabilities wind up on the public dime will have to go back to court. The Alberta Court of Appeal ruled Friday that the long-running bankruptcy of…
Quebec to move ahead with plan to redistribute $39 million to Lac-Megantic victims
October 1, 2021 The Canadian PressLAC-MEGANTIC, Que. – The Quebec government is moving ahead with plans to redistribute $39 million to those impacted by the 2013 rail disaster in Lac-Megantic, Que., that killed 47 people. About $20 million will go directly to victims recognized during…
How this Supreme Court ruling impacts contractor insolvency risk
November 3, 2020 by Greg MeckbachA recent Supreme Court of Canada ruling means construction clients need to be careful about contract wording that refers to insolvency or bankruptcy. With the Oct. 2 ruling, the Supreme Court of Canada has taken away a tool that a…
Why restructuring firms are looking at their clients’ business interruption insurance
September 22, 2020 by Greg MeckbachSome clients who are in financial trouble because they had to close during the early days of the pandemic are having their business interruption insurance policies reviewed by consulting firms. With COVID-19, many businesses have reached out to BDO for…
Why depressed oil price matters to brokers
February 25, 2020 by Greg MeckbachWith oil prices down nearly 30% over 16 months and bankruptcies on the rise, now might be a good time for brokers to check their oil and gas clients’ insurance policies – especially their directors’ and officers’ (D&O) coverage. Among…
Boy Scouts seek bankruptcy protection following sexual abuse lawsuits
February 19, 2020 David Crary and Brady McCombs - THE ASSOCIATED PRESSThe Boy Scouts of America urged victims to come forward Tuesday as the historic, 110-year-old organization filed for bankruptcy protection in the first step toward creating a huge compensation fund for potentially thousands of men who were molested as youngsters…
How environmental liability ruling could affect other insurance lines
March 27, 2019 by Greg MeckbachEnvironmental liability is not the only line of insurance that could be impacted by the recent Supreme Court of Canada ruling on a trustee in bankruptcy’s obligation do deal with inactive energy assets such as oil wells. In Orphan Well…
This Supreme Court ruling could drive environmental insurance sales
March 19, 2019 by Greg MeckbachBrokers could see more demand for environmental liability insurance because of a recent Supreme Court of Canada ruling in favour of the Alberta Energy Regulator, a Toronto underwriter suggests. In Orphan Well Association v. Grant Thornton Ltd., the Supreme Court…
Takata adds new type of inflator to huge air bag recall
July 12, 2017 Tom Krisher - THE ASSOCIATED PRESSDETROIT – Takata is adding a new type of air bag inflator to the nation’s largest automotive recall. The company filed documents with the U.S. government adding 2.7 million vehicles to the recall from Ford, Nissan and Mazda, all with…
Bill eliminating federal tax exemption for farming and fishing insurers passed into law
June 23, 2017 by Canadian UnderwriterThe federal government passed Thursday a law eliminating the tax exemption for insurers covering farming and fishing properties. Bill C-44 is omnibus legislation that implements, among other things, some provisions of the federal budget 2017-18, tabled March 22. In addition…
Experts: Takata bankruptcy means air bag victims get less
June 20, 2017 Tom Krisher - THE ASSOCIATED PRESSDETROIT – A bankruptcy filing by Japanese air bag maker Takata will leave little money for dozens of people who sued the company over deaths and injuries caused by its exploding air bag inflators, according to outside legal experts and…
Supreme Court of Canada could hear appeal of lawsuit involving auditors’ duty of care to non-shareholder lenders
May 29, 2017 by Canadian UnderwriterCanada’s highest court will decide June 1 whether it will hear an appeal from a major auditing and accounting firm that could face a trial this fall in a class action lawsuit filed by several banks over the bankruptcy in…