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Legal Blog:
Oct
01
2012
Hardball (2)
In our April 2012 newsletter, we discussed the case of Valenti v. Equitable Trust Co. That case was appealed to the Court of Appeal and overturned at 2012 ONCA 93.
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01
2012
Dormant
We know that the Limitations Act, 2002 (the “Act”) proscribes a claim if a proceeding is not brought to enforce it within two years of the claimant knowing or being deemed to know of the claim. What happens when the Act disallows any further action on a claim and the debtor becomes bankrupt? Can the creditor still file a proof of claim and share in the bankruptcy? Can the creditor be the person to petition the debtor into bankruptcy? These questions were answered in Re Temple, a 2012 decision of the Ontario Superior Court of Justice.
Continue Reading >Oct
01
2012
Depends
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 date that a creditor knows that there is a claim or from the date that the trustee knows of it? It seems that the answer depends on the section of the Bankruptcy and Insolvency Act under which the transaction is being attacked. Examples are set out in Re Edwards, a 2010 decision of the Registrar in Bankruptcy of the Ontario Superior Court of Justice and Indcondo Building Corporation v. Sloan, a 2010 decision of the Ontario Court of Appeal.
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