What recourse does a creditor have when it suspects that it has been defrauded and needs information from a third party to either confirm or allay its suspicions? Under the right circumstances, the creditor can obtain a Norwich order, named … Continue reading
A debt does not survive bankruptcy, subject to some exceptions. One exception arises out of section 178(1)(d) of the Bankruptcy and Insolvency Act. There is no discharge from a debt or liability arising out of fraud while acting in a … Continue reading
When is a demand not a demand? Usually, anytime a guarantor is trying to avoid payment under a guarantee. An example of this is set out in TD Canada Trust v. B&B Enterprises (London) Ltd., a 2008 decision of the … Continue reading
There are times when we have money that we do not want. Really! For example, when we sell a property under a power of sale contained in a mortgage, the net proceeds sometimes exceed the amount necessary to repay the … Continue reading
We keep seeing cases in which a line of credit is repaid, the financial institution neglects to close the line, and the borrower, seeing free candy in the candy shop, helps himself to money available under the line of credit. … Continue reading
In our December 2006 newsletter, we discussed section 178 of the Bankruptcy Act and the facts that must be found to determine whether there is fraud that would preclude a bankrupt’s debts being expunged in a bankruptcy. This concept is … Continue reading
We keep harping on the concept that facts are paramount in a legal action. The law will set the ground rules, but, without proper facts, a litigant is doomed. In Salna v. Hie, a 2007 decision of the Ontario Superior … Continue reading
The Courts of Justice Act sets out both pre-judgment and post-judgment interest rates. Pre-judgment interest is interest that will be added to an award up to the date of judgment. Post-judgment interest is, you guessed it, the interest that is … Continue reading
Arrogant is not a word that a financial institution wishes to read in a judgment commenting upon its behaviour. Neither does it wish to be described as high-handed. Unfortunately, that is exactly what we read in Canadian Imperial Bank of … Continue reading
Who you gonna call to ensure that there is no land fraud? The fraudbusters, of course. They are, specifically, a lawyer or a mortgagee – whether they want to be fraudbusters or not. That is the conclusion in Reviczky v. … Continue reading