A Relief for Lenders: Duty of Good Faith Performance of Contractual Obligations does not Require Lenders to Advance Additional Funds to Borrowers
Since the Supreme Court’s landmark decision in Bhasin v Hrynew1 confirmed the existence of a general duty to perform contracts in good faith, the Canadian legal and business communities have looked to […]
A Matter of “Interest“
In a decision that raised concerns for lenders earlier this year, the Superior Court of Justice held, in Solar Power Network Inc. v. ClearFlow Energy Finance Corp.1, that the provision of […]
The Enforceability of Guarantees given by Officers and Directors of Corporate Borrowers and Sophisticated Individuals
As a mechanism for safeguarding the enforceability of a guarantee, it is common practice for commercial lenders to require that personal guarantors obtain independent legal advice with respect to the […]
No Additional Consideration Required to Support Loan Amendments
Private loan arrangements lead to more than their fair share of litigation proceedings. Their disputes often require the courts to apply long-standing legal principles to informal loan documentation and verbal […]
The Test for Unconscionability in Loan Agreements
Not surprisingly, borrowers often view certain terms in loan and credit agreements as harsh, over-reaching or unusually generous for the lender. But at what point does a specific term cross […]
Priorities Matter – But That’s Not All That Matters!
Often, when the parties to a financing are discussing priorities or intercreditor arrangements, there tends to be a simplistic view taken of these agreements. Once the competing creditors have sorted […]
WeirFoulds Partner David S. Brown establishes the Mac Urquhart PhD Award in Economics at Queen’s University
We are pleased to announce that Partner and Chair of the Private Equity Group, David S. Brown, has established the Mac Urquhart PhD Award in Economics at Queen’s University. Established […]
When the Deal Goes South: Deposits, Unconscionability, and Relief from Forfeiture
Recent cases from the Ontario Court of Appeal address issues regarding deposits in failed purchase and sale transactions. An examination of these cases provides guidance regarding the circumstances in which […]
Quick Question: Opinions on Amendments to Credit Agreements
Q: Do I need an opinion from borrower’s counsel on an amendment to an existing credit agreement? A: Opinions from borrower’s counsel are routinely provided on the due authorization, execution, […]
Ontario Court of Appeal Affirms Dismissal of Action Against Auditors Because of Failure to Prove Damages
The Court of Appeal for Ontario recently addressed the issue of auditor’s liability, post-Livent[1], in Fairfield Sentry Ltd. v PricewaterhouseCoopers LLP, 2018 ONCA 696. The Court of Appeal’s decision highlights […]
WeirFoulds is listed in the Canadian Lawyer Inhouse Top 10 Ontario Regional Firms
WeirFoulds LLP is delighted to announce that we have been listed in the Top 10 Ontario Regional Firms feature in the July/August edition of Canadian Lawyer Inhouse magazine as determined […]
Lenders Should Think Twice Before Foreclosing on Sympathetic Mortgagors
Many mortgage enforcement actions proceed through Ontario courts every day. When mortgagees are not paid in accordance with the terms to which they have agreed with the mortgagor, they have a number of options open to them. These options include foreclosure and power of sale proceedings.
The Supreme Court of Canada Holds Banks Liable for Conversion: Teva Canada Ltd. v. TD Canada Trust
On October 27, 2017, the Supreme Court of Canada released its decision in Teva Canada Ltd. v. TD Canada Trust.1 The Court split 5:4 in the decision to overturn the Ontario Court […]
Sweeping Tax Proposals to Impact Private Corporations, Their Shareholders (including Family Trusts) and Post-Mortem Tax Planning
On July 18, 2017, becoming or staying an employee (particularly a government employee) became more attractive. That is the date the Trudeau government released the consultation paper that was promised […]
Panama Papers and Offshore Accounts: Window of Opportunity to Make a Voluntary Disclosure Closing
Canadian residents are required to report worldwide income. Furthermore, Canadian residents are generally required to annually file a special information return for any year that they held, at any time in that year, “specified foreign property” that had a cost exceeding $100,000. A failure to report such income or file any such return makes the Canadian resident liable to significant penalties (for which interest accrues daily) and potentially open to criminal prosecution.