We seem to be on a roll with fraudulent conveyances and trust defences, so we are going to continue our analysis with another fact scenario, one that was the subject of Michael Jenner & Associates Inc. v. Saunders, a 2011 … Continue reading
As we have discussed on prior occasions, debtors and creditors often play a cat and mouse game. Debtors hide or fraudulently convey their assets and creditors seek to find the assets or set aside the fraudulent transfers. Creditors are often … Continue reading
The saga of Re Edwards continues (see newsletters of April & August 2011). The credit union that had scooped a bankrupt’s RSP mere days before the bankruptcy, appealed an order of a judge of the Superior Court of Justice, who … Continue reading
Occasionally a case is reported and you have to wonder why it was ever litigated. One such case is Royal Bank of Canada v. Jaffer, a 2011 decision of the Ontario Superior Court of Justice. Did Not Want To The … Continue reading
A creditor spends from two months to two years, and the accompanying legal costs, to obtain a judgment against a debtor. The creditor then tracks down the debtor’s only significant asset, seizes or garnishes it, and collects in full. Is … Continue reading
Two or more people may own property together in one of two ways: as joint tenants or as tenants in common. On death, the interest of one joint tenant passes to the other joint tenant whereas the interest of a … Continue reading
There is always a tension between family law and debtor and creditor law. When does the family law creditor, usually a spouse and usually the wife, jump the queue and when is the spousal creditor lumped in with all of … Continue reading
No, we are not talking about incontinence aids. We are referring to a situation in which a bankrupt has improperly given a preference or fraudulently conveyed property to a third party. When does the limitations period start to run: from the … Continue reading
At times, people must move quickly or an opportunity will be lost. In lawsuits, this axiom is best illustrated when a claimant fails to commence an action on a timely basis so that the ability to do so is proscribed … Continue reading
What action can a financial institution take when it sees that its debtors have stopped paying it and are dissipating their assets? One remedy is known as a Mareva injunction. The court will grant it if the creditor satisfies the … Continue reading