Taking Their Place - Voir la biographie

Transcription

Rebuilding
Success
Spring 2009 Volume 8 Issue 1
The official magazine of the Canadian Association of Insolvency and Restructuring Professionals
La publication officielle de l’Association canadienne des professionnels de l’insolvabilité et de la réorganisation
Taking Their Place:
Women in Insolvency
and Restructuring
Les femmes prennent
leur place dans le milieu
de l’insolvabilité et de
la réorganisation
Virginie Comtois, CA, CIRP,
Raymond Chabot Inc.
ALSO IN THIS ISSUE:
PM#40787580
Third-party Litigation Funding
Le Financement des procédures
de recouvrement
Deepening Insolvency in Canada?
Le Canada doit-il adopter la théorie
de l’aggravation de l’insolvabilité?
F I RSTBR O O K , C A S S I E
& ANDER S O N L I M I T E D
Insurance Brokers
Unique Insurance Programs for Insolvency
Practices for over 30 years
Professional Liability
Estate Asset Protection – User-friendly
Long-Tail Liability
Trustee Bond Program
Office Package Program
Employee Dishonesty Protection
Don Anderson
[email protected]
Yvette Shirley
[email protected]
Cathy Crooker
[email protected]
1867 Yonge St. Suite 300, Toronto ON M4S 1Y5
416-486-1421 | 1-800-276-0281
www.fcainsurance.com
We’ll help you get out
Any company can find itself facing tough choices. And when it does, you need a team of talented,
experienced bankruptcy and restructuring lawyers. At McCarthy Tétrault LLP, every member of our
team benefits from the firm’s experience garnered across various industry and practice groups,
from coast to coast, in front of and behind the bench.
For more information, contact James D. Gage at (416) 601-7539 or [email protected]
PHILIPPE H. BÉLANGER
J A M E S FA R L E Y, Q . C .
K E V I N P. M C E L C H E R A N
JOHN J. SALMAS
BARBARA J. BOAKE
JAMES D. GAGE
MASON POPLAW
A L A I N N . TA R D I F
S E A N F. C O L L I N S
GEOFF R. HALL
L A R RY B . R O B I NS O N , Q .C .
S Y LV A I N A . V A U C L A I R
Contents
Rebuilding Success Spring 2009 Volume 8 Issue 1 www.cairp.ca
6
CAIRP Information / L’information de l’ACPIR
Messages
8A Message from the Chair of CAIRP / Un
message du Président du Conseil de l’ACPIR
Alan H. Spergel, B.Comm., CA•CIRP, CFE, CIRP,
msi SPERGEL inc.
Features
12Taking Their Place: Women in Insolvency
and Restructuring
Cover Photo by Redstone Photography
16
L es femmes prennent leur place dans
le milieu de l’insolvabilité et de la
réorganisation
20Litigation Funding for Insolvency and
Restructuring Professionals
By Pierre Gregoire and Lyne Provencher
21
L es professionnels de l’insolvabilité et de
la réorganisation peuvent désormais avoir
accès à du financement pour exercer
leurs recours judiciaires
Par Pierre Gregoire and Lyne Provencher
32 L’insolvabilité personnelle est parfois
imprévisible
Par Martin Poirier, CA, CIRP, Syndic
Look at the Marlow Group Bankruptcy
By Allan Nackan, CA•CIRP, CIRP
36Gérer les comptes spéciaux cas par
cas : Alain Desrochers
26 Le Canada doit-il adopter la théorie de
l’aggravation de l’insolvabilité?
By Jassmine Girgis, LL.B., LL.M.
© 2009 Canadian Association
of Insolvency and Restructuring
Professionals.
All rights reserved. The contents of this
publication may not be reproduced
by any means, in whole or in part,
without the prior written consent of the
Canadian Association of Insolvency and
Restructuring Professionals.
Published February 2009 for:
277 Wellington St. W.
Toronto, ON M5V 3H2
Phone: 416-204-3439
Fax: 416-204-3410
12
38 Realizing on Real Estate Assets
By Robert Shier, MBA, CA•CIRP, CIRP
42
44
AIRP Members Building Better
C
Communities/Les Membres de
l’ACPIR construisant mieux des
communautés
een to be Green: the Potential for
K
Paperless Insolvency
48 What Lenders Need to Know about
the Limitation Period
By Maanit Zemel, LL.B.
51Recidivism: The Revolving Door of
Bankruptcy
By Mark Morgan, CA•CIRP, CIRP
and Jane Woo, CIRP
22Deepening Insolvency in Canada?
By Jassmine Girgis, LL.B., LL.M.
38
34 When Securities Firms Fail: An Inside
54On Overseas Assignment:
Transplanting Canadian Expertise
58Advertisers Index
Published by:
Sales Manager: Sharon Komoski
1 Wesley Ave., Suite 301
Winnipeg, MB Canada R3C 4C6
Toll Free: 1-866-201-3096
Fax: 204-480-4420
www.mediaedgepublishing.com
Sales Executives
Steve Beauchamp, Hayden Dookheran,
Gary Fustey, Mic Paterson
Senior Vice-President: Robert Thompson
Production Team Leader
Adrienne N. Wilson
Branch Manager: Nancie Privé
Publisher: Robert Thompson
Editor: Jeanne Fronda
Senior Graphic Design Specialist
James T. Mitchell
MediaEdge Publishing Inc.
5255 Yonge St., Suite 1000
Toronto, ON M2N 6P4
Toll-Free: 1-866-216-0860 ext. 229
[email protected]
President: Kevin Brown
Please Return Undeliverable Copies To:
277 Wellington St. W.
Toronto, ON M5V 3H2
Phone: 416-204-3439
Fax: 416-204-3410
Publication Mail Agreement #40787580
48
CAIRP Information / L’Information de l’ACPIR
Board of Directors, 2008-09/
Conseil d’administration, 2008-09
Chair/Président du Conseil
Alan H. Spergel, B.Comm., CA•CIRP, CFE, CIRP
msi SPERGEL inc.
Toronto, ON
Vice-Chair/Vice-président du Conseil
Kevin Brennan, CA•CIRP, CIRP
Ernst & Young Inc.,
Vancouver, BC
Secretary-Treasurer/Secrétaire-trésorier
Fabien Tremblay, LL.M., CIRP
Tremblay & Compagnie Syndics et
Gestionnaires Ltée
Chicoutimi, QC
CICA Representative/Représentant de l’ICCA
Ralph Neville, FCA, CIRP (Hon.)
Toronto, ON
President/Président-directeur-général
Norman H. Kondo, B.A., LL.B., CIRP (Hon.)
Toronto, ON
Members/Membres
Bruce Alger, B.Comm, CA•CIRP, CIRP
Alger & Associates Inc.,
Calgary, AB
Provincial Association Presidents/
LesPrésidents des associations
provinciales
Stephen Boale, CGA, CIRP
Boale, Wood & Company Ltd.,
Vancouver, BC
Sandy Lyons, CFE, CA•CIRP, CIRP
KPMG Inc.,
Lethbridge, AB
Robin McMahon, CA•CIRP, CIRP
Ernst & Young Inc.,
Winnipeg, MB
Jassmine Girgis
University of Calgary,
Calgary, AB
John Page, CA•CIRP, CIRP
A. John Page & Associates Inc.,
Toronto, ON
Mary Buttery
Fraser Milner Casgrain LLP,
Vancouver, BC
Nathalie Brault, CMA, CIRP
Groupe Pigeon Brault Syndics inc,
Laval, QC
Robert W. Powell, CA•CIRP, CIRP
A.C. Poirier & Associates Inc.,
Saint John, NB
Stan Hopkins, CA•CIRP, CIRP
PricewaterhouseCoopers Inc.,
Halifax, NS
Jean-Daniel Breton, CA, CIRP
Ernst & Young LLP,
Montréal, QC
Communications Committee/
Comité de communication
Paul Casey, CA•CIRP, CIRP
Deloitte & Touche Inc.
Toronto, ON
Alan H. Spergel, B.Comm., CA•CIRP,
CFE, CIRP
msi SPERGEL inc.,
Toronto, ON
Douglas G. Collins, FCGA, CIRP
Keith G. Collins Ltd.,
Winnipeg, MB
Kevin Brennan, CA•CIRP, CIRP
Ernst & Young Inc.
Vancouver, BC
Colleen Craig, CA•CIRP, CIRP
C.E. Craig & Associates Inc.,
Victoria, BC
Norman H. Kondo, B.A. LL.B., CIRP (Hon.)
Toronto, ON
Blair Davidson, CBV, CA•CIRP, CIRP
KPMG Inc.,
Toronto, ON
Fabien Tremblay, LL.M., CIRP
Gestionnaires Ltée,
Chicoutimi, QC
David A. Howe, CMA, CA•CIRP, CIRP
Janes & Noseworthy Limited,
St. John’s, NL
Debora Kwasnicky, CA•CIRP, CIRP
D. Kwasnicky & Associates Inc.,
Coquitlam, BC
Susan Grundy, LL.B.
Blake, Cassels & Graydon LLP,
Toronto, ON
6 Rebuilding Success
Spring 2009
Martin Rosenthal
Ernst & Young Inc.,
Montréal, QC
Sanjeev Mitra
Aird & Berlis LLP,
Toronto, ON
Richard Cullen, CMA, CIRP
Janes & Noseworthy Limited,
St. John’s, NL
Karl Bueckert, CIRP
Pinder Bueckert & Associates Inc.,
Saskatoon, SK
David Bromwich
Bromwich & Smith Inc.,
Calgary, AB
Karl Bueckert, CIRP
Pinder Bueckert & Associates Inc.,
Saskatoon, SK
Leanne Salyzyn, B.Comm., CIRP
Salyzyn & Associates Limited,
Lower Sackville, NS
Ann Poirier, CA•CIRP, CIRP
A.C. Poirier & Associates,
Saint John, NB
Gestionnaires Ltée,
Chicoutimi, QC
Vince Siciliano, CGA, CIRP
BDO Dunwoody Limited,
Mississauga, ON
Editorial Advisory Board/Comité
consultatif de redaction
Chris Usas
Bank of Nova Scotia,
Toronto, ON
Derek Hynes
Bank of Montreal,
Toronto, ON
Norman H. Kondo
CAIRP
Toronto, ON
CAIRP Staff/Personnel de l’ACPIR
Norm Kondo, President/
Président-directeur général
Mirela Bolentiru, Executive Assistant to
the President/Adjointe administrative au
president-directeur général
Sandra Rotermund, Director of Member
Relations and Programs/Directrice des
programmes et relations avec les membres
Joshua Katchen, Office & Events Manager/
Chef de bureau et des événements
Sheldon Gordon, Communications
Manager/Chef des communications
Madelyn Webb, Director of Professional
Qualification Programs/NIQP Registrar/
Directrice du programme de reconnaissance
professionnelle/ Régistraire du PNRPI
Elizabeth MacLean, NIQP Assistant
Registrar/ Régistraire adjointe du PNRPI
Judy Garant, NIQP Coordinator/
Coordinatrice du PNRPI
Stephen Barnes, Chair
Kamloops, B.C.
Isabelle Gauthier, Assistant to the NIQP
Registrar/Assistante à la Régistraire du
PNRPI
Fabien Tremblay
Joy Fraser, Assistant to the NIQP Registrar/
Assistante à la Régistraire du PNRPI
Making new business contacts, gaining knowledge, and
spending time with colleagues and friends isn’t for members only.
This year, we’re inviting non-members
across the country to join us too.
CAIRP
30TH ANNIVERSARY
ANNUAL CONFERENCE 2009
AUGUST 19 - 22
DEERHURST RESORT • HUNTSVILLE ONTARIO
Wednesday August 19
Pre-Conference Networking Golf Tournament
Grandview Club
Cocktail Reception & Dinner
Keynote Speaker
Rex Murphy
Award-winning journalist, radio and TV host
Thursday August 20
Keynote Speaker
Full Day of Technical Programs
Consumer & Corporate
Networking lunch, breakouts & dinner
Friday August 21
Keynote Speaker
Dr. Avery Shenfeld
Senior Economist
CIBC World Markets
For Members Only
AGM, Chair’s Banquet and
Aug 22 Program
For updates visit www.cairp.ca
Call 1-800-461-4393 for CAIRP room rates
Visit deerhurstresort.com for resort information
Canadian Association of Insolvency and Restructuring Professionals • 277 Wellington Street West, Toronto ON M5V 3H2 • 416.204.3242 • www.cairp.ca
Chair’s Reflections
Réflexions du Président du Conseil
By / Par Alan H. Spergel, B.Comm., CA•CIRP, CFE, CIRP
msi SPERGEL inc.
I
t is said that the road to destruction is paved with good
intentions. I think this may well apply to the road map
leading out of the credit meltdown being experienced
throughout the leading economies of the world. Although
this article is being written considerably in advance of publication, I fear that the emergence from the economic crisis
that erupted last year is still not on the horizon.
In raising the issue of “good intentions,” I suggest that the
rescue policies adopted by many governments go against the
principle of “survival of the fittest” in a capitalist economy,
where the weak are left to whither. However, governments
have chosen to abandon existing commercial tests of survival,
and to step in and rescue certain industries whose demise
would likely lead to considerable hardship for many.
Practitioners and stakeholders in the insolvency community may have difficulty understanding the abandonment of
capitalist principles that call for pruning the weak. Being the
recognized leaders in dealing with stricken companies, we
are being called upon to write a new page in our insolvency
and restructuring playbook. After all, what are we to do
when liquidity/credit in the world marketplace is relatively
non-existent? When there are no buyers for corporate assets
at prices that are so depressed, then liquidation is no longer
a viable alternative. Certain companies have been seeking
and receiving government handouts of unprecedented
generosity; yet, they have given little or no thought to the
fact that existing management has played a major role in
contributing to their current malaise through their own lack
of vision and leadership.
As difficult as it may seem for us suddenly to change our
traditional modus operandi in analyzing and making recommendations in insolvency situations, it is no longer politically
acceptable to play the liquidation card as readily as in the
past. Many lenders are not willing to crystallize considerable
financial losses in the wake of this economic meltdown; and
the political climate is such that massive layoffs are unpalatable in current economic conditions.
Spring 2009
O
n a coutume de dire que les chemins de l’enfer sont
pavés de bonnes intentions. Je crois qu’il est possible
d’en dire autant de l’itinéraire qui doit permettre aux
grandes économies de la planète de sortir de la crise actuelle
provoquée par l’effondrement du crédit. Quoique ce texte ait
été écrit bien avant la date à laquelle il sera publié, je crains fort
que nous serons alors encore loin de la sortie de cette crise qui
a commencé à nous frapper l’année dernière.
En évoquant cette question des « bonnes intentions », je me
trouve en fait à suggérer que les politiques de sauvetage mises
de l’avant par de nombreux gouvernements vont à l’encontre
du principe de la « survie du plus fort » dans une économie
capitaliste, où les plus faibles sont abandonnés à leur sort.
Cependant, les gouvernements ont décidé de mettre de côté
les critères traditionnels de survie et de voler au secours de certaines industries dont la disparition occasionnerait de sérieuses
difficultés à un nombre trop important de personnes.
Les professionnels de l’insolvabilité et les parties intéressées
dans notre milieu auront peut-être une certaine difficulté
à comprendre pourquoi il faut mettre de côté les principes du capitalisme sur l’élagage des plus faibles. Du fait de
notre position comme chefs de file reconnus de l’assistance
aux entreprises en difficultés, nous sommes invités à repenser
notre rôle en cas d’insolvabilité ou de restructuration. Mais
que pouvons-nous faire lorsque les sources de liquidités et de
crédit sur les marchés mondiaux se sont taries ? Lorsqu’il n’y a
plus d’acheteurs pour des biens d’entreprises même à des prix
écrasés, la liquidation n’est plus une option viable. Certaines
entreprises ont demandé le secours des gouvernements qui le
leur ont accordé avec une générosité inégalée. Pourtant, on
semble avoir passé bien peu de temps à réfléchir à la part de
responsabilité de la direction de ces entreprises dans leur malheur du fait de leur manque de vision et de leadership.
Aussi difficile cela soit-il pour nous de changer tout à coup
notre mode de fonctionnement traditionnel pour procéder
à l’analyse d’un cas d’insolvabilité et de faire des recommandations, il n’est désormais plus acceptable, sur le plan
politique, de jouer la carte de la liquidation aussi facilement
Chair’s Reflections / Réflexions Du Président Du Conseil
I believe that eventually there will be a proper and complete
rationalization of the marketplace. However, given the extent
of government intervention in this process, a recession that, although deep, would normally last two to three years may end
up being much longer in duration. So much for good intentions! This recession may well take on a tiered approach. While
many companies and industries are being resuscitated at great
cost and substantial risk by governments, this may merely postpone the resolution of many underlying problems that have
gone unaddressed for far too long. While I agree that some
bailed-out companies may be able to pull themselves up by the
bootstraps, most will eventually fail. For this reason, I suggest
that this recession may end up being one of the longest we have
ever experienced.
As members of the insolvency
community, it is important that we
understand that the short-term
“solutions” will likely not delay, but
rather contribute to, an inevitable
depletion of public finances.
As members of the insolvency community, it is important that
we understand that the short-term “solutions” will likely not
delay, but rather contribute to, an inevitable depletion of public
finances. Nonetheless, we are being called upon to deliver advice
in the context of present public policy — to salvage all those
that we can to “live another day,” until conditions improve and
the laws of survival in the business world are restored. Our definition of a “salvageable business” will likely have to be liberalized considerably, as the alternative would drive our economy
into a much deeper recession than is politically acceptable.
Thus, we may experience situations as advisors where all the
creditors (including secured and preferred creditors) encourage
a short-term solution rather than liquidation, (even in the face
of what might otherwise seem illogical), since the latter is not
an acceptable option.
I, therefore, encourage all members to keep in mind current
public policy and political concerns. After all, our expertise is
supposed to be used in the context of current economic conditions. I fear that if we do not recommend courses of action that
are consistent with current public policy, then our recognized
role as leaders in dealing with insolvencies may be diminished.
True, we may not be able to forestall the ultimate demise of
certain entities, but we can play a prominent role in cushioning
the economy against the consequences, allowing it to better
endure the significant challenges it now faces. RS
Spring 2009
que dans le passé. De nombreux prêteurs ne sont pas disposés à cristalliser leurs pertes dans le sillage de l’effondrement
économique qui nous afflige. Qui plus est, le climat politique n’est pas du tout propice à des mises à pied massives
dans une conjoncture comme celle que nous traversons.
Je suis pour ma part convaincu qu’il finira par y avoir une
rationalisation complète et en bonne et due forme du marché. Cependant, une récession qui, quoique profonde, ne
durerait normalement que deux ou trois ans, finira par se prolonger beaucoup plus longtemps en raison de l’importance
du rôle joué par les gouvernements cette fois-ci. Et voilà pour
les bonnes intentions! En fait, cette récession pourrait bien
évoluer par paliers. La ressuscitation à grands frais et à grands
risques d’entreprises et de pans entiers d’industries par les
gouvernements pourrait ne faire que reporter le règlement
de problèmes trop longtemps délaissés. Tout en admettant
que certaines entreprises rescapées pourront bien s’en sortir à
la force du poignet, la plupart finiront par faire faillite. C’est
pourquoi j’estime que la récession actuelle pourrait bien finir
par être la plus longue que nous ayons jamais connue.
En raison de notre appartenance au milieu de l’insolvabilité,
il est important pour nous de reconnaître que les « solutions » à court terme n’auront pas pour effet de retarder
une aggravation inévitable de l’état de nos finances publiques, mais bien plutôt d’y contribuer encore davantage.
Néanmoins, on nous demande, dans le cadre des politiques
du moment, d’offrir nos conseils pour aider tous ceux que
nous pouvons à traverser les épreuves, jusqu’à ce que les
conditions s’améliorent et que les règles de la survie propres
au monde des affaires reprennent leur place. Nous devrons
donc libéraliser considérablement notre définition de ce
qui constitue une entreprise susceptible d’être rescapée, car
agir autrement aurait pour effet de plonger notre économie
dans une récession beaucoup plus profonde, une option inacceptable sur le plan politique. Nous devons donc nous
attendre, en tant que conseillers, à nous retrouver dans une
situation où tous les créanciers (y compris les créanciers garantis et les créanciers privilégiés) favoriseront une solution
à court terme de préférence à la liquidation (à l’encontre
même de toute logique), car la seconde ne serait pas une
solution acceptable.
J’encourage donc tous nos membres à garder à l’esprit le contexte actuel et les préoccupations d’ordre politique. Notre
expertise ne nous appelle-t-elle pas justement à tenir compte
des conditions économiques ambiantes ? Je craindrais que
la reconnaissance dont nous jouissons en notre qualité de
chefs de file dans le traitement des cas d’insolvabilité ne soit
remise en question si nous ne présentions pas de solutions
dans l’esprit des politiques du moment. Nous ne sommes
peut-être pas en mesure d’éviter la faillite ultime de certaines
entreprises, mais nous pouvons jouer un rôle important dans
la protection de l’économie contre les secousses trop vives de
leurs conséquences pour lui permettre de mieux faire face
aux défis auxquels elle est maintenant confrontée. RS
Réseauter, perfectionner ses connaissances et rencontrer des
collègues et amis n’est plus l’apanage exclusif des membres.
Cette année, nous invitons aussi les non-membres
de partout au pays.
ACPIR
30e AnnIveRsAIRe
ConféRenCe Annuelle de 2009
19 AoÛT Au 22 AoÛT
DEERHURST RESORT • HUNTSVILLE ONTARIO
mercredi 19 août
Réseautage pré-conférence – Tournoi de golf
Club Grandview
Cocktail et dîner-causerie
Conférencier invité
Rex Murphy
Journaliste primé et radio télédiffuseur
jeudi 20 août
Journée complète de jurisprudence
personnelle et commerciale
Lunch de réseautage,
réunions en groupe, dîner
vendredi 21 août
Dr. Avery Shenfeld
Économiste principal
Marchés mondiaux CIBC
Réservé aux membres
AGA, Banquet du Président du Conseil
et programme du 22 août
Mises à jour à www.cairp.ca
Tarifs de chambre pour l’ACPIR au 1-800-461-4393
Info sur le centre de villégiature à www.deerhurstresort.com
Association canadienne des professionnels de l’insolvabilité et de la réorganisation • 277, rue Wellington Ouest, Toronto ON M5V 3H2 • 416.204.3242 • www.cairp.ca
TAKING THEIR PLACE:
Women in Insolvency
and Restructuring
W
hen Vanessa Grant joined
the Calgary insolvency and
restructuring boutique Alger
& Associates Inc. in November 2002, she
didn’t know much about insolvency, but
she soon discovered the profession was the
right fit for her. “It allowed me to work
with people, and do a lot of problemsolving,” she says. “It was very dynamic,
constantly changing.” Working on the
insolvency files of two family-owned
businesses was especially satisfying for her,
because she was able to “help those people
through a difficult time.”
Grant, who has been with Deloitte &
Touche Inc. in Calgary since February
2007, is typical of a growing number
of women who are finding their groove
as insolvency and restructuring professionals and, in the process, changing the
face of this formerly male-dominated
industry. Data provided by the Office of
the Superintendent of Bankruptcy (OSB)
show that in 2007, women accounted for
18% of individual trustees administering
insolvency estates, up from 8% in 1992.
Their ranks have grown to 133 from 52
over that time. In the Prairie provinces,
women account for 23.1% of trustees
– up from 5.0% in 1992 and the highest
proportion in any region of the country.
Another indicator of progress is that
female trustees sit on the boards of the
insolvency and restructuring associations;
to date, the Ontario, Quebec, Manitoba
and Nova Scotia associations have all had
female CIRPs as presidents.
Female trustees continue to be overconcentrated in personal insolvency
Spring 2009
practice compared to their male counterparts — but that, too, is changing.
“More women have gone into personal
insolvency because they often started out
as insolvency counsellors and then moved
up the ranks to become trustees,” says
Virginie Comtois of Raymond Chabot
Inc. in Montreal. “Women also tend to
be more empathetic to consumer debtors,
so there was a psychological fit.” But
that pattern is changing, as an increasing
number of female university graduates
earn CA designations, gain experience as
auditors and take a different career path
— into commercial insolvency. Comtois
is typical of the latter group and works on
the commercial side.
Susan Taves, who heads BDO
Dunwoody Limited’s insolvency and
restructuring practice in KitchenerWaterloo, also thrives on the commercial
challenges. “Kitchener-Waterloo has a lot
of entrepreneurs who have run their own
businesses successfully for 15 years but are
now asking: ‘Can I survive? What have I
done wrong?’ That type of dialogue can
be very rewarding, because in many of
those situations the consulting is really
about helping them turn around.” Taves
cites the changed environment in which
female CIRPs operate. “Twenty years ago,
work providers didn’t expect women to
be involved in the dialogue and, in most
cases, they weren’t.”
Vanessa Grant, who works exclusively
on commercial files, acknowledges that
women trustees can face a disadvantage in that practice area. “You’re in a
situation where you don’t have a lot of
female mentors around you who have
pursued the same career path.” She
has, however, found the commercial
insolvency community in Calgary to be
“very warm, friendly and helpful — not
closed off to women.”
Of course, gender can come into play in
subtle ways. “At creditors’ meetings, when
you look around the table, most of the
people you’re dealing with are male,” says
Kathy Lenart of Taylor Leibow Inc. in
Hamilton. “When you go to court, most
of the trustees and lawyers are male. You
need to have the self-control and confidence to deal with that.”
Gender can also arise in business-related
socializing. Chantal Gingras of Ginsberg,
Gingras & Associés Inc. in Gatineau,
QC, recalls working on a commercial
file where, “at one point, everyone went
hunting — the bankers, the male trustees
and the lawyers. I wasn’t invited. In some
areas, it’s still an all-boys network, but
I think that women can’t use that as a
crutch. People have become more open.
It may be tougher [for a woman] to get a
file, but once you’re there, you can prove
you’re capable; based on the quality of the
work that you render, doors open.”
Gender may affect the behaviour of
corporate debtors, too. “When there’s a
woman in the room,” says Taves, “tempers
are kept in check. When you’re having a
large meeting with several players and
trying to get them to discuss issues, the
debtor may not become as hostile. They
don’t tend to want to throw chairs and use
foul language as much.”
Virginie Comtois, Raymond Chabot Inc.
Susan Taves, BDO Dunwoody Limited
Kathy Lenart, Taylor Leibow Inc.
Laura Ryback, Meyers Norris Penny Limited
Chantal Gingras, Ginsberg, Gingras
& Associés Inc.
Joyce Wihnan, Wihnan Trustee Corporation
The reactions of consumer debtors to
female trustees are also noteworthy.
“Often individual debtors prefer a female
trustee over a male trustee, because the
female trustee is more open to their
emotions,” says a female CIRP in Quebec.
“Also, a man’s ego is less bruised when he
talks to a woman than to a man about his
financial failure.”
when there’s a liquidity crisis. We don’t
control the deadlines. They’re imposed by
external factors. It can make it difficult to
pick up a child at school or at daycare.”
(Comtois has three children, all younger
than 10.)
puts upon women because of the perception that they should be the primary
caregivers to their children.”
Notwithstanding the progress women
have made in the profession, those with
families are hard-pressed to juggle the
responsibilities of the home with those of
the office. “I think the firms do their best
to accommodate women, through flexible
hours and tele-commuting,” says Virginie
Comtois. “The problem is that it’s often
impossible to do this in the commercial
field. It’s necessary to be with a client
“Being a trustee requires a lot of irregular
hours, depending on the files you’re
working on,” says Chantal Gingras. But
she feels she has created a balance between
her work and her family (which includes
her husband and two sons, ages six and
eight). “We decided that my husband
would be the primary caregiver; he’s a
registered nurse and works set hours. We
work my schedule around his. He’s always
at home for dinner and homework, and
I try to be home at least two evenings a
week. But there’s always guilt that society
Laura Ryback of Meyers Norris Penny
Limited in Winnipeg advises women
entering the profession to complete their
educational requirements, as much as
possible, before starting a family. “It’s easier
to get your studying done and prepare for
the oral board exams without children
tugging on your heartstrings.” She was
on maternity leave with her second child
while taking one of the NIQP courses,
and he was barely two years old when she
wrote the final exam. “I have to admit,”
she says, “I found it very difficult.”
 Ryback anticipated that, as her two children became older and more independent,
it would free up more of her time. But
Volume 8 Issue 1
Rebuilding Success
13
TAKING THEIR PLACE
they’re now 13 and 15, and parenting
remains a demanding duty. She has dealt
with the challenge, in part, by shifting into
personal insolvency. “It’s easier to control
my calendar, to schedule time off. In the
corporate world, it’s got to be done right
now. It took me a few years to come to the
realization [that personal insolvency was
right for me]. I find it much more gratifying
to be helping people on a personal level.”
Ryback works a four-day week, with
Fridays generally off. Meyers Norris Penny,
which she joined in early 2006, “has
been wonderful about accommodating a
reduced work schedule,” she says. “If my
child has an orthodontist appointment at 3
p.m. on a Thursday afternoon, I don’t feel
guilty about leaving work, because I still
make sure the work gets done. That’s the
bottom line. I think flexibility on the part
of the firm and of the employee is key to
making it work.”
Spring 2009
Trustees such as Joyce Wihnan of
Abbotsford, B.C., have found fulfillment running their own firm. Formerly
an official receiver, she joined Campbell
Saunders Ltd. as an estate administrator
in 1995. When the firm was sold to
Mackay & Co. in 1999, she joined the
new shop and then bought its Abbotsford practice in 2004. “I was tired of
everyone else making the management
decisions,” she recalls. “I knew exactly
how to make it run as a profitable
business. I ended up with the best of all
possible worlds.”
her, though, because her late husband
worked in the practice (as an estate
administrator) and they did not have
children, she says.
As a self-employed trustee, Wihnan
particularly likes being able to set her
own hours. Though she has much more
flexibility than she would at a large firm,
her in-basket can be just as demanding;
she works evenings and on weekends to
deal with it. Maintaining work/family
balance has proved less difficult for
Despite these challenges — or because
of them — female CIRPs are finding
it a stimulating and satisfying career as
they use their hard-earned skills to help
rehabilitate consumers and corporations.
In the process, they are contributing to
an overdue diversification of the insolvency profession. RS
Wihnan advises professional women who
are considering the profession that “you
need a wide variety of skills to succeed in
insolvency. You can’t just know how to
do taxes or do accounting. You need legal
skills, communications skills at a high
level and investigative skills. It’s a really
multi-faceted area to work in. You’re not
doing the same thing everyday.”
EDMONTON
OTTAWA
MONTRÉAL
VANCOUVER
CALGARY
TORONTO
WHENEVER YOU NEED US. WHEREVER YOU NEED US.
When your corporation is in trouble, you want legal advisors who are familiar with the unique
demands of your industry and the insolvency/restructuring laws in the relevant jurisdiction.
Fraser Milner Casgrain’s Insolvency Work-Out Group is one of Canada’s largest and most integrated
practices, with leading insolvency/restructuring experts across the country. We bring creative,
practical and efficient solutions to even the most difficult and novel problems. Take the first step
in finding a solution. Visit www.fmc-law.com/insolvency.
MONT R É A L • O T TAWA • TO R O N TO • E D M O N TO N • C A L G A RY • VA N C O U V E R • N E W Y O R K
www.fmc-law.com
FMC_InsolvencyAd_F2.indd 1
6/23/08 2:25:55 PM
Virginie Comtois, Raymond Chabot Inc.
Susan Taves, BDO Dunwoody Limited
Kathy Lenart, Taylor Leibow Inc.
Les femmes prennent
leur place dans le milieu
de l’insolvabilité et
de la réorganisation
L
orsque Vanessa Grant s’est jointe
au cabinet spécialisé Alger & Associates Inc. de Calgary en 2002,
elle ne s’y connaissait pas beaucoup en
insolvabilité, mais elle devait rapidement
découvrir que cette profession lui allait
comme un gant. « Elle me permettait de
travailler avec les gens à la solution de
nombreux problèmes », dit-elle. « L’environnement était dynamique et changeait
continuellement ». Elle allait trouver très
gratifiant son travail dans deux dossiers
d’entreprises familiales. Elle était en
mesure « d’aider ces gens à traverser une
période difficile ».
bilité et de la réorganisation et qui sont
en train de transformer le visage de cette
industrie autrefois largement dominée
par les hommes. Les données fournies
par le Bureau du surintendant des faillites
(BSF) indiquent qu’en 2007, les femmes
comptaient pour 18 % de tous les syndics
qui administraient des dossiers d’insolvabilité, soit une hausse de 8 % par rapport
à 1992. Pendant cette période, leur
nombre est passé de 52 à 133. Dans les
Prairies, elles comptent désormais pour
23,1 % des syndics alors qu’elles n’en
représentaient que 5 % en 1992. C’est la
plus forte proportion de tout le pays.
Mme Grant, qui exerce désormais chez
Deloitte & Touche Inc. à Calgary depuis
février 2007, est un parfait exemple de
toutes ces femmes qui se découvrent une
vocation pour la pratique de l’insolva-
Autre indicateur de progrès, des
femmes siègent désormais au conseil
d’administration de nos associations
professionnelles. À ce jour, les associations de l’Ontario, du Québec, du
Spring 2009
Manitoba et de la Nouvelle-Écosse ont
toutes eu une PAIR à leur présidence.
Les syndics de sexe féminin continuent
d’être surreprésentées dans la pratique
de l’insolvabilité personnelle par rapport
aux hommes, mais cette réalité-là, aussi,
est en train de changer. « Les femmes se
sont engagées en plus grand nombre dans
la pratique de l’insolvabilité personnelle
parce qu’elles ont souvent entré dans le
métier par la porte de la consultation
avant de gravir les échelons et de devenir
syndics », déclare Virginie Comtois
de Raymond Chabot Inc. à Montréal.
« Les femmes ont également tendance à
faire preuve de plus d’empathie envers
les débiteurs consommateurs. Il y a
donc concordance sur le plan psychologique ». Mais ce modèle est en train
de changer. En effet, un nombre de
Chantal Gingras, Ginsberg, Gingras
& Associés Inc.
Joyce Wihnan, Wihnan Trustee Corporation
Laura Ryback, Meyers Norris Penny Limited
plus en plus important de diplômées
universitaires deviennent comptables
agréées, prennent de l’expérience à
titre de vérificatrices, et, empruntant un
chemin différent, accèdent à la pratique
de l’insolvabilité commerciale ». Mme
Comtois est de ce nombre, et elle évolue
en pratique commerciale.
heureusement pour elle, elle a découvert
que le milieu de l’insolvabilité commerciale à Calgary est « très chaleureux,
amical, serviable, et pas du tout fermé
aux femmes ».
à Gatineau, se souvient d’un cas où
« tout le monde est parti à la chasse – les
banquiers, les syndics de sexe masculin,
et les avocats. Je n’étais pas invitée. Dans
certains secteurs, le réseau continue
d’être entièrement constitué d’hommes.
Mais je ne crois pas que les femmes
puissent utiliser cet argument comme
une béquille. Les gens sont plus ouverts.
Il est peut-être plus difficile [pour une
femme] de se faire confier un dossier,
mais une fois que c’est fait, on vous
laisse prouver ce dont vous êtes capable;
et selon la qualité de votre travail, les
portes s’ouvrent. »
Susan Taves, à la tête de la section
d’insolvabilité et de réorganisation chez
BDO Dunwoody Limited à KitchenerWaterloo, est elle aussi heureuse de
relever des défis commerciaux. « Kitchener-Waterloo compte un nombre
important d’entrepreneurs en affaires depuis une quinzaine d’années qui en sont
désormais rendus à demander : « Vais-je
pouvoir survivre ? Où ai-je fait erreur ? »
Ce genre de dialogue peut-être très
fructueux. En effet, la plupart du temps,
dans de tels cas, la consultation constitue
le prélude à un redressement ». Mme
Taves évoque le changement d’attitude
envers les PAIR de sexe féminin.  « Il y
a une vingtaine d’années, les donneurs
d’ouvrage ne s’attendaient pas à voir
une femme impliquée dans ce genre de
dialogue, et de fait, la plupart du temps,
elles n’y participaient pas ».
Vanessa Grant, dont la pratique est exclusivement commerciale, reconnaît que
les syndics de sexe féminin peuvent être
désavantagées dans ce domaine. « Vous
vous retrouvez dans une situation particulière, et il n’y a pas autour de vous de
mentors de sexe féminin qui aient suivi
le même parcours professionnel ». Fort
Bien sûr, la question du sexe peut se
poser de façon très subtile. « Lors d’une
assemblée des créanciers, la plupart des
personnes auxquelles vous avez affaire
autour de la table sont des hommes »,
souligne Kathy Lenart, de Taylor
Leibow Inc. à Hamilton. « Quand vous
vous retrouvez au tribunal, la plupart des
syndics et des avocats sont des hommes.
Ça prend une bonne dose de maîtrise de
soi et de confiance en soi pour composer
avec ce genre de situation. »
La question peut aussi se poser dans le
contexte des activités sociales liées au
travail. Chantal Gingras du cabinet
Ginsberg, Gingras & Associés Inc.
Le fait d’avoir affaire à une femme peut
également influencer le comportement
des entreprises débitrices. Selon Mme
Taves, « Quand il y a une femme dans la
pièce, on retient ses émotions. Lorsqu’au
cours d’une grosse réunion réunissant
OWE NOTHING IF THE CASE IS LOST.
A Lexfund loan can
minimize your client’s
financial exposure during
the course of litigation.
C O M M E R C I A L L I T I G AT I O N F U N D I N G | W W W. L E X F U N D . C A
Volume 8 Issue 1
Rebuilding Success
17
LES FEMMES PRENNENT LEUR PLACE
Les données fournies
par le Bureau du
surintendant des
faillites (BSF)
indiquent qu’en
2007, les femmes
comptaient pour
18 % de tous
les syndics qui
administraient
des dossiers
d’insolvabilité, soit
une hausse de 8 %
par rapport à 1992.
plusieurs participants vous cherchez à
amorcer une discussion, le débiteur se
montre généralement moins hostile,
moins porté à lancer des chaises et à
utiliser des gros mots. »
Il vaut également la peine de souligner
la réaction des débiteurs consommateurs
à un syndic de sexe féminin. Selon
une PAIR du Québec, « Les débiteurs
consommateurs préfèrent souvent faire
affaire avec un syndic de sexe féminin car
celle-ci va se montrer plus ouverte à leurs
réactions. Qui plus est, l’ego de l’homme
est moins malmené lorsqu’il parle de
ses déboires financiers avec une femme
plutôt qu’avec un homme. »
Indépendamment des progrès réalisés par
les femmes dans la profession, celles qui
ont une vie de famille trouvent difficile
de concilier leurs responsabilités domestiques avec celles de leur pratique.  « Je
crois que les cabinets font de leur mieux
pour accommoder les femmes avec
les horaires variables et le télétravail »,
déclare Virginie Comtois. « Mais le problème est que c’est souvent impossible
SPE2668-CAIRP Ad-Q*
1/7/08
1:37 PM
Page 1
SPERGEL
Bringing Your Financial Affairs Into Focus
Restructuring and
Insolvency Practitioners
505 Consumers Road, Suite 200, Toronto, Ontario M2J 4V8
416.497.1660 • www.spergel.ca
Spring 2009
dans un contexte commercial. Il faut être
avec le client lorsque survient une crise de
liquidités. Nous n’avons pas de contrôle
sur les échéances. Elles nous sont dictées
par les événements. Il peut donc être difficile d’aller chercher un enfant à l’école
ou à la garderie. » (Virginie Comtois
a trois enfants, tous âgés de moins de
10 ans.)
D’après Chantal Gingras, « Les horaires
d’un syndic sont très irréguliers et vont
varier selon le dossier ». Elle estime
cependant être parvenue à un juste équilibre entre ses obligations familiales (elle
est mariée et a deux fils de six et huit ans)
et son travail. « Nous avons décidé que
mon mari assumerait la responsabilité
principale des enfants; il est infirmier et
il a un horaire fixe. Nous ajustons mon
horaire au sien. Il est toujours à la maison
pour le souper et les devoirs des enfants,
et j’essaie pour ma part d’être à la maison
au moins deux soirs par semaine. Mais
il y a toujours cette culpabilité sociale
que ressentent les femmes à cause du
sentiment répandu que la responsabilité
principale des enfants leur incombe. »
Laura Ryback, du cabinet Meyers Norris
Penny Limited de Winnipeg, conseillent
aux femmes qui entrent dans la profession de terminer toutes leurs études dans
la mesure du possible avant d’avoir des
enfants. « C’est plus facile de faire vos
travaux et de vous préparer pour les
examens oraux si vous n’avez pas autour
de vous des enfants qui viennent tirer sur
vos émotions. » Elle était en congé de
maternité pour son second enfant lorsqu’elle suivait un des cours du PNRPI,
et il avait à peine deux ans lorsqu’elle a
passé l’examen final. « Je dois admettre
que j’ai trouvé ça très difficile », nous
dit-elle.
Elle s’attendait à pouvoir disposer de
plus de temps au fur et à mesure que
ses enfants grandiraient et deviendraient
plus indépendants. Ils ont maintenant
respectivement 13 et 15 ans, et sa tâche
de parent continue d’être exigeante. Elle
a en partie réglé le problème en se réorientant vers la pratique de l’insolvabilité
personnelle. « J’ai davantage de contrôle
sur mon agenda, et je peux décider de
m’absenter. Dans le monde des affaires,
tout doit être fait tout de suite. J’ai mis
quelques années à comprendre [que la
pratique de l’insolvabilité personnelle
me convenait davantage]. Je trouve beaucoup plus gratifiant d’aider les gens sur le
plan personnel. »
Laura Ryback pratique la semaine de
quatre jours, se réservant généralement
les vendredis. Le cabinet Meyers Norris
Penny, qu’elle a rejoint au début de
2006,  « a fait tout ce qu’il fallait pour
lui organiser un horaire de travail réduit », nous dit-elle. « Si mon enfant a
un rendez-vous chez l’orthodontiste à 3
heures un jeudi après-midi, je ne me sens
pas coupable de quitter le travail, car je
m’assure que ce qui doit être fait le sera.
C’est ce qui compte. Et je crois qu’une
certaine flexibilité de la part de l’employé
et de l’employeur est essentielle pour que
ça fonctionne. »
Certains syndics tels que Joyce Wihnan
d’Abbotsford en Colombie-Britannique
ont trouvé leur épanouissement dans
l’exploitation de leur propre cabinet.
Anciennement séquestre officiel, elle a
rejoint Campbell Saunders Ltd. en qualité d’administratrice d’actif en 1995.
Quand le cabinet a été vendu à Mackay
& Co. en 1999, elle a suivi, pour ensuite
acheter leur bureau d’Abbotsford en
2004. « J’en avais marre de toujours
voir les autres prendre les décisions de
gestion », se rappelle-t-elle. « Je savais
exactement comment rentabiliser les
opérations. Et je me retrouve dans la
meilleure situation possible. »
À titre de syndic à son compte, Mme
Wihnan apprécie tout particulièrement
la possibilité de déterminer son horaire.
Bien qu’elle jouisse de plus de flexibilité
qu’elle n’en aurait dans un grand cabinet,
sa charge de travail peut-être tout aussi
exigeante; elle doit y consacrer ses soirées
et ses fins de semaine. Le juste équilibre
travail/famille ne lui a jamais posé problème, car son regretté mari travaillait au
cabinet (à titre d’administrateur d’actif ),
et ils n’avaient pas d’enfants, nous explique-t-elle.
Elle prévient les femmes de carrière qui se
destinent à la pratique de cette profession
qu’elles doivent avoir « toute une gamme
d’aptitudes pour réussir en insolvabilité.
Vous ne devez pas seulement savoir comment remplir une déclaration d’impôt
ou connaître la comptabilité. Vous devez
avoir des compétences juridiques, de
bonnes aptitudes en communications et
être douées pour les enquêtes. C’est un
travail aux facettes multiples, et vous ne
faites pas tous les jours la même chose. »
Malgré ces défis – ou peut-être justement en raison de ceux-ci – les PAIR
de sexe féminin trouvent stimulante et
enrichissante leur carrière au service des
consommateurs et des entreprises. Et
par la même occasion, elles contribuent
à diversifier une profession qui accusait
un certain retard sur ce plan. RS
Merci
Thank You
Thank you to CAIRP members for helping make
Ascend the Number One software choice of Canadian Trustees. Even though three out of every
four Estates are now processed by Ascend we are
not about to sit on our laurels. Stay tuned for
even more customer driven innovation in the
coming months.
Nous remercions tous les membres du ACPIR qui nous
ont choisi et soutenu de telle manière qu’Ascend est
devenu le logiciel Numéro Un parmi les Syndics du
Canada . Même si trois Dossiers sur quatre utilisent le
traitement d’Ascend , nous ne sommes pas prêts à
nous reposer sur nos lauriers. Loin s’en faut . Vous
allez encore recevoir de nos nouvelles dans les mois
qui viennent sur des innovations inspirées par notre
clientèle .
Promeric Technologies Inc.
www.promeric.com
Volume 8 Issue 1
Rebuilding Success
19
Litigation Funding for Insolvency
and Restructuring Professionals
M
any trustees in bankruptcy,
liquidators, administrators and
receivers lack sufficient funding
to pursue meritorious claims which they
or their companies have against third
parties. Third-party litigation funding
can provide insolvency and restructuring
professionals with the financial means
necessary to pursue such claims successfully. Given the developments in other
countries, such as Australia, New Zealand
and England, litigation funding is to play
an important role in Canada, particularly
so with insolvency practitioners.
What is Third-Party Litigation Funding?
Third-party litigation funding is the
terminology used to describe the financing
of lawsuits by specialized lenders who are
not parties to the litigation. This type of
funding offers a unique loan arrangement
whereby the borrower (who is the plaintiff in
a lawsuit) does not have to service the debt
or repay the loan until the lawsuit has been
resolved. In addition, litigation loans can
also be offered on a “non-recourse” basis, so
that nothing is owed if the case was lost: the
litigation funder loses the amount lent.
In the insolvency context, litigation
funding can be provided to trustees in
bankruptcy, liquidators, administrators,
receivers and other creditors, as long as
they have commenced legal proceedings
By Pierre Gregoire and Lyne Provencher
Mr. Gregoire is President and Ms. Provencher is Vice-President of Lexfund
Management Inc., a third-party litigation funding company offering non-recourse
loans in commercial and bankruptcy litigation matters.
and are the named plaintiff in the lawsuit
against a debtor of the insolvent/bankrupt
estate. The funding can be used to pay
for a portion of the legal fees, as well as
all types of legal disbursements, such as
forensic accounting and auditing reports,
court filing and transcript fees, etc.
By way of example, an insolvent plaintiff
sought third-party funding to take its case
to the Supreme Court of Canada. The case
involved fraud and breach of fiduciary duty
and the plaintiff had obtained a multimillion-dollar judgment. Its lawyers refused to
take the case to the Supreme Court unless
their legal fees and disbursements were
paid in advance. The third-party funder
provided the necessary funding.
Typical Loan Terms:
Usually, the loan agreement is between
the plaintiff and the lender. There is
no requirement for the insolvency and
restructuring professionals to guarantee
the loan: the only security for the loan is
the lawsuit itself. Consequently, the merits
of the case are assessed when determining
whether to grant a loan or not.
A litigation loan typically starts at $50,000
and has no cap. The case must have a value
of at least $500,000. By their nature,
litigation loans do not have a maturity
date because the litigation period is not
known. Once the case is resolved, only
the principal plus the lender’s charges on
the loan have to be repaid.
Benefits of Litigation Funding:
For insolvency and restructuring professionals, litigation funding plays an
important role in permitting the insol-
Spring 2009
vent estate or creditors to pursue debts or
wrongdoers where this would otherwise
be impossible due to a lack of funds.
Litigation funding reduces risks for
creditors and the insolvency professional
in pursuing meritorious claims at the
expense and risk of the litigation funder.
When used for costly expert reports
and assessments, the funding also helps
strengthen the lawsuit and ensures that
the highest possible settlement or award
is achieved.
What the Future Holds:
Beyond Canada, other common-law
jurisdictions such as the U.S., U.K.,
Australia and New Zealand have longer
histories and more experience in utilizing
third-party funding.
Since 1995, the Australians have become
the pioneers of litigation funding in
the insolvency context. Many actions
pursued by insolvency professionals in
Australia are for voidable transactions or
misfeasance by company officers.
In England, the Civil Justice Council,
the advisory public body mandated with
implementing the modernization of the
civil justice system, recently held that
third-party litigation funding has a major
role to play in facilitating access to justice.
The Access to Justice Act in the U.K. was
amended in 2000, obliging lawyers to
discuss with their clients the existence
and availability of third-party funding for
legal costs.
Judging by developments abroad, litigation funding is poised to become a major
source of funding for insolvency-related
lawsuits in Canada. RS
Les professionnels de l’insolvabilité et
de la réorganisation peuvent désormais
avoir accès à du financement pour
exercer leurs recours judiciaires
D
e nombreux syndics de faillite,
liquidateurs, administrateurs et
séquestres ne sont pas en mesure
d’exercer les recours valables dont ils disposent par manque de fonds. Le financement des procédures de recouvrement
est un instrument qui peut leur venir en
aide. L’expérience de certains autres pays
comme l’Australie, la Nouvelle-Zélande
et l’Angleterre démontre que cet instrument est promis à un rôle important au
Canada, et plus particulièrement auprès
des praticiens de l’insolvabilité.
Qu’est-ce que le financement des
procédures de recouvrement ?
C’est la terminologie employée pour décrire
le financement par des prêteurs spécialisés
de recours en justice auxquels ils ne sont
pas parties. Ce genre de financement
très particulier évite à un emprunteur (le
demandeur dans une action en justice) de
verser des intérêts ou rembourser le capital
avant le règlement de l’action. De plus, ce
financement est également offert « sans
recours », et l’emprunteur n’est pas tenu
de rembourser le prêt s’il perd sa cause.
Dans un contexte d’insolvabilité, ce type
de financement est à la disposition de
tout syndic, liquidateur, administrateur,
séquestre ou créancier qui a entrepris a
titre de demandeur un recours contre le
débiteur d’un actif en état d’insolvabilité
ou de faillite. Ce financement peut servir
à payer une partie des honoraires professionnels des avocats, de même que tous
les frais incidents pour des rapports
d’expertises en juricomptabilité ou en
vérification, le dépôt des procédures, les
frais de transcription, etc.
À titre d’exemple, un demandeur insolvable recherchait du financement pour
pouvoir porter sa cause devant la Cour
suprême du Canada. Il s’agissait d’une
affaire de fraude et de manquement à
l’obligation fiduciaire, et le demandeur
Par Pierre Gregoire et Lyne Provencher
M. Grégoire est président et Mme. Provencher, vice-présidente, de Lexfund
Management Inc., une société spécialisée dans le financement sans recours des procédures
de recouvrement en matière de commerce et de faillite.
avait obtenu en appel un jugement pour
plusieurs millions de dollars. Ses avocats
refusaient de porter l’affaire en Cour
suprême à moins qu’il n’avance leurs
honoraires et leurs frais. Le financement
nécessaire a pu être trouvé.
assumer en partie par le prêteur, et à ses
frais. Lorsqu’il est utilisé pour la préparation de rapports d’expertise importants,
ce financement permet aussi de consolider
l’action et garantit l’obtention du règlement ou du jugement le plus élevé.
Conditions habituelles du prêt :
Le contrat intervient généralement entre
le demandeur et le prêteur. Le professionnel de l’insolvabilité et de la réorganisation n’est pas tenu de garantir
le prêt. L’action en justice constitue la
seule garantie. Il s’ensuit que le mérite de
l’action fait l’objet d’une étude attentive
avant que le prêt ne soit accordé.
Perspectives d’avenir :
D’autres pays de common law (les É.-U., le
R.-U., l’Australie et la Nouvelle-Zélande)
ont une tradition et une expérience beaucoup plus longues dans le recours à ce
type de financement.
Le montant minimum de ce genre de
prêt est généralement de 50 000 $. Il n’y
a aucun plafond. La valeur de l’action doit
être au minimum de 500 000 $. Ce genre
de prêt ne comporte aucune échéance, car
la durée du litige est inconnue. Une fois
l’affaire réglée, seuls le capital et les honoraires sur le prêt doivent être remboursés.
Avantages de ce type de financement :
Pour les professionnels de l’insolvabilité et
de la réorganisation, le financement des
procédures de recouvrement vient jouer
un rôle important en permettant à l’actif
en état d’insolvabilité ou aux créanciers
de recouvrer les sommes qui lui sont dues
ou de poursuivre des parties responsables
dans des cas où la chose serait impossible
par manque de fonds. Le financement
des procédures réduit le risque pour les
créanciers et le professionnel au dossier
d’exercer un recours valable en le faisant
Depuis 1995, les Australiens sont à l’avantgarde de son utilisation dans le cadre de
situations d’insolvabilité. Plusieurs des
actions entreprises par les professionnels
australiens le sont pour cause de transactions révisables ou de fautes commises
par les administrateurs de sociétés.
En Angleterre, le Civil Justice Council,
l’organisme consultatif public chargé de
la modernisation de la justice civile, a
récemment conclu que le financement
des procédures de recouvrement avait un
rôle important à jouer dans la facilitation
de l’accès à la justice. Le Access to Justice
Act du R.-U. a été modifié en 2000 pour
obliger les avocats à informer leurs clients
de l’existence et de la disponibilité d’un
instrument leur permettant de financer
leurs recours judiciaires.
À en juger par les développements à
l’étranger, ce genre d’instrument est
appelé à devenir une source importante
de financement des procédures en matière
d’insolvabilité au Canada. RS
Volume 8 Issue 1
Rebuilding Success
21
Deepening
Insolvency
in Canada?
By Jassmine Girgis,
LL.B., LL.M.
Ms. Girgis is an Assistant Professor
in the Faculty of Law, University
of Calgary.
This is an excerpt of a longer article
originally published in (2008) 53
McGill L.J. 167. The article was
written for the Canadian Insolvency
Foundation and funded by the
Second Annual Lloyd Houlden
Research Fellowship.
T
he Canadian legal landscape on
corporate directors’ liability has
been quiet since the release of the
Supreme Court of Canada’s landmark
decision in Peoples Department Stores
Inc. (Trustee of) v. Wise (2004 SCC 68).
In Peoples, the Court decided against
imposing a duty on directors to consider
the interests of creditors when carrying
out their fiduciary duties to a corporation
approaching insolvency. It appears,
however, that Peoples may not be the
last word on the subject of Canadian
directors’ liabilities in cases of looming
Spring 2009
insolvency. An American doctrine that
holds directors and related third parties
liable for “deepening the insolvency” of
the corporation when its life has been
wrongfully prolonged, and one that is on
the radar in Canada, could potentially
affect the way Canadian courts view
director liability.
The duty rejected in Peoples called for
the consideration of creditors’ interests
when a corporation is in the “‘vicinity
of insolvency’” (Peoples, supra, at para.
46). The duty imposed by the deepening
insolvency doctrine is different. Deepening
insolvency holds directors liable for harms
suffered by the corporation when its life
is wrongfully prolonged. The doctrine
imposes on directors a duty to the
corporation, but it also indirectly benefits
creditors: first, by bringing money into
the debtor’s estate to repay creditors if the
claim against the directors is successful,
and second, by restraining the actions of
directors when the corporation is suffering
financially, through the threat of liability.
Peoples may have closed the door to
imposing director duties to creditors,
but the American doctrine of
“deepening insolvency”, if adopted
in Canada, has the potential to do an
end run around Peoples by indirectly
providing protection for creditors when
the corporation is facing insolvency.
This article discusses the implications
of adopting the deepening insolvency
doctrine in Canada and concludes
that the doctrine is not necessary, as
Canadian business law already has
several functionally equivalent or similar
remedies to address the harms deepening
insolvency seeks to overcome. Most
importantly, the oppression remedy, a
doctrine deemed by the Supreme Court
of Canada to deal with situations of
near insolvency, could be expanded to
address the concerns of creditors. Other
potential avenues include claims for
breach of fiduciary duties and duties of
care, as well as claims for negligent or
fraudulent misrepresentation.
Prior to Peoples, the Canadian position
had slowly been moving toward the
recognition that directors’ fiduciary duties
take into account the interests of creditors
as a corporation approaches insolvency,
a position similar to the statutory duty
imposed in the United Kingdom under its
“wrongful trading” provisions (Insolvency
Act 1986 (U.K.), 1986, c. 45, s. 214).
This move was sharply halted when the
Court in Peoples decided against imposing
such duties and determined that although
directors’ duties of care could encompass
various constituents, their fiduciary duties
are owed only to the corporation (with
some statutory exceptions) and do not
change to encompass creditors as the
corporation approaches insolvency.
The doctrine of “deepening insolvency”
originated in the United States in 1980
and has gained ground most significantly
in the last seven years. Since the seminal
decision Official Committee of Unsecured
Creditors v. R.F. Lafferty & Co. (267 F.3d
340 (3d Cir. 2001)) determined that
deepening insolvency constituted a valid
cause of action under Pennsylvania law,
numerous claims for deepening insolvency
have been made throughout the United
States. The reactions of U.S. courts to
these claims, however, have fallen along
a spectrum and have ranged anywhere
from recognition of the doctrine as an
independent tort, to its recognition as
a theory of damages, to a rejection of
the doctrine altogether. The doctrine’s
development has been a cautious and
uneven one, but over the last 20 years its
contours have been coming into focus
and it has become, albeit somewhat
grudgingly, a commonly recognized
phrase in American jurisprudence.
However, although jurisprudence on
deepening insolvency has been gaining
momentum, the doctrine’s validity was
recently dealt a significant blow in the
United States. The Supreme Court of
Delaware, through its affirmation of
the Delaware Chancery Court’s farreaching decision in Trenwick American
Litigation Trust v. Ernst & Young, LLP,
(906 A.2d 168 at 174 (Del. Ch. 2006),
aff’d 2007 Del. LEXIS 357 (Del. Sup. Ct.
2007)) refused to recognize deepening
insolvency as a cause of action, leading
some commentators to question whether
WE’RE HERE
TO HELP
“Oh, No, it’s the Bailiffs.”
When your company faces insolvency or a
related business crisis, you need experienced,
proactive legal counsel.
Lawson Lundell knows the territory like nobody
else and delivers strategic, results-driven advice
where and when you need it.
For more information please visit
www.lawsonlundell.com or contact:
Heather M. Ferris at 604.631.9145
or [email protected]
Volume 8 Issue 1
Rebuilding Success
23
DEEPENING INSOLVENCY IN CANADA?
the decisions have effectively brought
an end to the doctrine. While making
a determination of this nature is still
premature, the future of the deepening
insolvency doctrine has been brought into
question. That is not to say, however, that
all proponents of the doctrine have fallen
sway to the recent criticisms. Indeed, some
commentators continue to believe that
the doctrine remains a viable theory that
can, and should, be salvaged. Courts have
also continued to recognize deepening
insolvency, both as a viable doctrine and
as a theory of damages. Subsequent to
the Trenwick decision of the Delaware
Chancery Court, the United States
District Court for the Southern District
of New York recognized that a claim for
deepening insolvency would lie where the
defendant either breached a duty owed to
the company or “committed an actionable
tort that contributed to the continued
operation of [the] corporation and its
increased debt” (Devon Mobile Comm.
Liquidating Trust v. Adelphia Communic.
While much
about deepening
insolvency has yet
to be settled in
the United States,
questions about
the doctrine’s
applicability and
functionality in
Canada are presently
at the forefront
of Canadian
commercial law.
Corp. (In re Adelphia Communic. Corp.),
2006 WL 687153 (Bankr. S.D.N.Y. 2006)
(WL)). With regard to use of the doctrine
as a viable theory of damages, which is not
necessarily inconsistent with Trenwick,
the United States Bankruptcy Court for
the District of Columbia maintained that
the “deepening of a company’s insolvency
can be harmful,” and refused to disallow
deepening insolvency as a viable theory of
damages unless told otherwise by a higher
court in its own circuit (Alberts v. Tuft (In re
Greater Southeast Cmty. Hosp. Corp.), 353
B.R. 324 at 337-38 (D.D.C. 2006)). The
United States Bankruptcy Court for the
District of Delaware recently confirmed
the use of the doctrine as a theory of
damages in George L. Miller v. McCown
De Leeuw & Co. (In re The Brown Schools),
2008 Bankr. LEXIS 1226 (Bankr. D. Del.
April 24, 2008).
While much about deepening insolvency
has yet to be settled in the United States,
questions about the doctrine’s applicability
and functionality in Canada are presently
Proposals · Bankruptcy · Receiverships · Consulting
Kathy M. Lenart, BA, CA·CIRP, President
Julie A. Savage, BA, CIRP, Vice President
Les Mitchnick, BA, LLB., Associate
No Charge for Initial Consultation.
HAMILTON (Principal office)
8th Floor, 105 Main St. E.
(905) 523-0003
BURLINGTON
ST. CATHARINES
(905) 637-0071
(905) 680-4728
1st Floor, 3410
South Service Rd.
Toll Free:
43 Church St.,
Unit 604
1-888-287-2525
www.freshstartnow.ca
Spring 2009
at the forefront of Canadian commercial
law. Contact between Canadian and
American lawyers has been increasing
along with the number of cross-border
insolvencies. Such interaction, coupled
with the availability of a doctrine that has
been developing for over 20 years and has
the potential to provide for the indirect
protection of creditors (and, thus, do an
end run around Peoples), indicates that it
is a matter of time before an innovative
lawyer attempts to make a deepening
insolvency claim in Canada. When that
happens, judges will need to determine
how claims for deepening insolvency
will be handled. The principle of holding
directors and third parties liable for
wrongfully prolonging a corporation’s
life is appealing on an intuitive level and
seems to come with many advantages.
Indeed, the benefit to creditors of
the deepening insolvency doctrine is
indisputable: the successful pursuit of
directors and third parties in a deepening
insolvency action allows for money to be
brought into the corporate debtor’s estate
to repay creditors. However, before the
legal profession gets carried away with
the idea of importing this U.S. doctrine
into Canada, it is important to look to
the remedies in Canadian law that may
already address those harms.
This analysis indicates that the statutory
oppression remedy, in a slightly
Deepening
insolvency holds
directors liable for
harms suffered by
the corporation when
its life is wrongfully
prolonged.
broadened interpretation, is capable of
addressing the harm that the deepening
insolvency doctrine seeks to address.
While the interpretation proposed
may require courts to expand their
understanding and application of the
oppression remedy, doing so would
allow Canadians to develop an existing
remedy rather than import an ill-defined
doctrine from the United States. A
claim for breach of fiduciary duty can
also be used as a functional equivalent
to the deepening insolvency doctrine.
Claims for fraudulent or negligent
misrepresentation may provide additional
legal protection for certain creditors,
though their similarities with deepening
insolvency are less pronounced.
Therefore, before Canadians become as
enamoured with deepening insolvency
as U.S. courts have been in recent years,
examining the current state of Canadian
law will necessarily lead to the conclusion
that importing the deepening insolvency
doctrine into Canada is not necessary. RS
Your Gateway to a
Worldwide Marketplace!
For 50 years we’ve provided
quality, professional service
to clients from every sector across North America.
Contact info: 1-800-667-2075
[email protected] • www.hodginsauctioneers.com
Volume 8 Issue 1
Rebuilding Success
25
Le Canada doit-il
adopter la théorie
de l’aggravation
de l’insolvabilité ?
L
e paysage juridique en matière de
responsabilité des administrateurs
de sociétés est demeuré tranquille
depuis la décision de la Cour suprême du
Canada dans l’affaire Magasins à rayons
Peoples inc. (Syndic de) c. Wise en 2004.
Dans l’arrêt Peoples, la Cour a décidé de
ne pas imposer une obligation fiduciaire
aux administrateurs dont l’entreprise
s’approche de l’insolvabilité. Il semble
toutefois qu’une théorie américaine qui
tient les administrateurs responsables de
l’aggravation de l’insolvabilité de l’entreprise lorsque son existence est prolongée
abusivement, et qui apparaît maintenant
Spring 2009
sur les écrans radar des professionnels
canadiens, soit en mesure d’influencer les
tribunaux canadiaens envers la responsabilité des administrateurs.
L’obligation écartée par l’arrêt Peoples
exigeait la prise en compte des intérêts
des créanciers dès lors qu’une entreprise
se retrouve « au bord de l’insolvabilité »
(Peoples, supra, au par. 46). L’obligation
qu’impose la théorie de l’aggravation de la
responsabilité est différente. En effet, elle
tient les administrateurs responsables de
tout préjudice subi par l’entreprise lorsque
sa vie est prolongée abusivement. Tout en
Par Jassmine Girgis,
LL.B., LL.M.
Mme Girgis est professeure adjointe
à la faculté de droit de l’université
de Calgary.
Extrait d’un article plus long publié
initialement dans (2008) 53 McGill
L.J. 167. Cet article a été rédigé
pour la Fondation canadienne
de l’insolvabilité et financé par la
deuxième Bourse annuelle de recherche
Lloyd Houlden.
imposant aux administrateurs une obligation envers les créanciers, elle se trouve
également à leur profiter indirectement:
tout d’abord en faisant rentrer de l’argent
dans l’actif de l’entreprise débitrice pour
rembourser les créanciers si le tribunal
fait droit à leur réclamation, et ensuite en
incitant les administrateurs à la prudence
lorsque l’entreprise traverse des difficultés
financières, sous peine de poursuites en
cas contraire.
L’arrêt Peoples a peut-être fermé la porte
à l’imposition aux administrateurs
d’obligations envers les créanciers, mais
la théorie américaine de l’aggravation de
l’insolvabilité est en mesure de le courtcircuiter en accordant une protection
aux créanciers lorsqu’une entreprise se
retrouve au bord de l’insolvabilité. Cet
article examine les répercussions qu’aurait
l’adoption de la théorie de l’aggravation
de l’insolvabilité et conclut à l’inutilité de
la chose, tous les recours qu’elle offre étant
déjà disponibles au Canada. De façon
plus importante, le principe du recours en
cas d’abus, reconnu par la Cour suprême
du Canada pour le règlement des cas à
la limite de l’insolvabilité, pourrait être
élargi de façon à prendre en compte les
préoccupations des créanciers. Comme
autres voies de solution, signalons le
recours pour manquement à l’obligation
fiduciaire et au devoir d’agir avec soin,
ou pour représentations frauduleuses
ou négligentes.
(la loi prévoyant tout de même certaines
exceptions), et à l’exclusion des créanciers,
l’obligation fiduciaire des administrateurs
à l’approche de l’insolvabilité, même
si leur devoir d’agir avec soin pouvait
s’étendre à d’autres parties.
La théorie américaine de l’aggravation
de l’insolvabilité a vu le jour aux ÉtatsUnis en 1980 et s’est surtout affirmée au
cours des sept dernières années. Depuis la
décision rendue dans l’arrêt de référence
Official Committee of Unsecured Creditors
v. R.F. Lafferty & Co. (267 F.3d 340 (3d
Cir. 2001)) à l’effet qu’une aggravation
de l’insolvabilité constituait un motif
d’action valide en vertu des lois de la
Pennsylvanie, de nombreuses actions
pour motif d’aggravation d’insolvabilité
ont été entreprises à travers les États-Unis.
Avant l’arrêt Peoples, la position canadienne évoluait tranquillement dans le
sens d’une reconnaissance que l’obligation
Il semble bien
que, nonobstant la
direction qu’elle
prendra aux
États-Unis, cette
théorie soit rendue
sur les écrans radar
au Canada.
•
•
•
•
•
•
fiduciaire des administrateurs comportait
celle de tenir compte des intérêts des
créanciers à l’approche de l’insolvabilité,
soit sensiblement la même obligation que
celle qu’imposaient les dispositions sur le
« wrongful trading » dans la législation
du Royaume-Uni (Insolvency Act 1986
(U.K.), 1986, c. 45, s. 214). Cette évolution allait connaître un arrêt brutal avec
la décision du tribunal dans l’arrêt Peoples
de ne pas imposer une telle obligation,
et de limiter au bénéfice de l’entreprise
Volume 8 Issue 1
Rebuilding Success
27
LE CANADA DOIT-IL ADOPTER LA THÉORIE DE L’AGGRAVATION DE L’INSOLVABILITÉ
La réaction des tribunaux américains
recouvre toutefois un spectre assez large
qui va de la reconnaissance de cette
théorie comme un délit distinct, à sa
reconnaissance à des fins de dommages,
ou alors à son rejet total. Cette théorie
s’est élaborée prudemment et de façon
inégale, mais elle a pris corps au cours
des vingt dernières années pour devenir
bon gré mal gré un concept généralement
reconnu en jurisprudence américaine.
Bien que la jurisprudence en la matière ait
commencé à s’imposer, la théorie de l’aggravation de l’insolvabilité a récemment
essuyé un revers important aux ÉtatsUnis. La cour suprême du Delaware, en
confirmant la décision aux conséquences
très larges rendue par la cour de chancellerie du même État dans l’affaire Trenwick
American Litigation Trust v. Ernst & Young,
LLP (906 A.2d 168 at 174 (Del. Ch.
2006), aff’d 2007 Del. LEXIS 357 (Del.
Sup. Ct. 2007)), a refusé de reconnaître
l’aggravation de l’insolvabilité comme un
motif d’action, ce qui en a amené certains
à se demander si ces décisions ne venaient
pas de sonner le glas de cette théorie. Bien
qu’il soit encore trop tôt pour tirer cette
conclusion, la question de l’avenir de la
théorie de l’aggravation de l’insolvabilité
se pose désormais. Cela ne veut pas dire
pour autant que tous ses propagateurs
aient été anéantis par les critiques. En fait
certains d’entre eux continuent de croire
qu’elle demeure viable et qu’elle pourrait,
et devrait être, rescapée. Un commentateur explique la décision rendue dans
l’affaire Trenwick en citant le vieil adage
selon lequel on ne fait pas du bon droit
avec des faits boiteux. Les tribunaux ont
également continué à reconnaître l’aggravation de l’insolvabilité autant comme une
théorie viable que comme un préjudice
ouvrant droit à dommages-intérêts. Après
la décision rendue dans l’affaire Trenwick
par la cour de chancellerie du Delaware,
la cour de district des États-Unis pour
le district sud de New York a confirmé
l’existence d’un recours en aggravation
d’insolvabilité lorsque le défendeur soit
ne s’est pas acquitté d’un devoir qu’il avait
envers la société, soit « a commis un délit
susceptible de poursuite qui a contribué à
la prolongation de l’existence de la société
et à l’augmentation de son endettement. »
Spring 2009
(Devon Mobile Comm. Liquidating Trust v.
Adelphia Communic. Corp. (In re Adelphia
Communic. Corp.), 2006 WL 687153
(Bankr. S.D.N.Y. 2006) (WL)). En ce qui
a trait à l’utilisation de cette théorie aux
fins de réclamer des dommages-intérêts,
la United States Bankruptcy Court du
District de Columbia a conclu que l’aggravation de l’insolvabilité d’une société
pouvait constituer un préjudice, et a refusé
de ne pas appliquer cette théorie à moins
qu’un tribunal supérieur du même circuit
ne vienne lui dire d’agir autrement (Alberts
v. Tuft (In re Greater Southeast Cmty. Hosp.
Corp.), 353 B.R. 324 at 337-38 (D.D.C.
2006)). La United States Bankruptcy
En effet, elle tient
les administrateurs
responsables de
tout préjudice subi
par l’entreprise
lorsque sa vie
est prolongée
abusivement.
Court du district du Delaware a récemment confirmé le recours à cette théorie
pour justifier un dédommagement dans
l’arrêt George L. Miller v. McCown De
Leeuw & Co. (In re The Brown Schools),
2008 Bankr. LEXIS 1226 (Bankr. D. Del.
le 24 avril 2008).
Il semble bien que, nonobstant la direction qu’elle prendra aux États-Unis, cette
théorie soit rendue sur les écrans radar
au Canada. Les contacts entre avocats
canadiens et américains se multiplient au
gré du nombre des dossiers d’insolvabilité
en contexte international. Ces échanges,
combinés à la possibilité de recourir à une
théorie en développement depuis plus de
vingt ans permettant de protéger indirec-
tement les créanciers et de court-circuiter
l’arrêt Peoples, constituent un signe que
ce n’est plus qu’une question de temps
avant qu’un avocat canadien désireux
d’innover entreprenne une action en
aggravation d’insolvabilité. Et lorsque
cela se produira, les tribunaux devront
décider quel accueil il convient de réserver
à ce genre d’initiative. À prime abord, il
peut sembler attrayant et très avantageux
de tenir les administrateurs et toute autre
partie responsables de la prolongation
abusive de la vie d’une entreprise. En effet,
l’avantage du principe de l’aggravation de
l’insolvabilité pour les créanciers semble
incontestable : la condamnation des
administrateurs et de toute autre partie
responsable dans une action en aggravation de l’insolvabilité permet de renflouer
l’actif et de rembourser les créanciers.
Cependant, avant de s’emballer à l’idée
d’importer ce recours au Canada, les
professionnels canadiens du droit auraient
intérêt à examiner ceux que les lois canadiennes prévoient déjà pour remédier à ce
genre de préjudice.
Comme le démontre cet analyse, en
élargissant en élargissant légèrement la
portée du recours en cas d’abus prévu
par la loi, il serait possible de prendre
en considération le préjudice auquel la
théorie de l’aggravation de l’insolvabilité
prétend remédier.
Bien que l’interprétation proposée plus
haut oblige peut-être les tribunaux à revoir
leur compréhension et leur application
du recours en cas d’abus, elle permettrait
d’élargir la portée d’un recours existant
plutôt que d’ouvrir la porte à un recours
américain mal défini. On peut aussi bien
invoquer un manquement à l’obligation
fiduciaire que l’aggravation de l’insolvabilité pour obtenir le même résultat. Et
certains créanciers pourront obtenir une
protection supplémentaire en invoquant
des représentations frauduleuses ou négligentes. Donc, et avant que les Canadiens
ne se mettent à favoriser la théorie de
l’aggravation de l’insolvabilité autant que
les tribunaux américains l’ont fait ces
dernières années, l’analyse de l’état actuel
du droit canadien mènera invariablement
à la conclusion que le Canada n’a pas
besoin de faire appel à cette théorie. RS
Remember
when this was
a crisis?
Times have changed. But you can
still use help to make it through the
tough periods.
With over 20 lawyers specializing in insolvency, bankruptcy and debt
restructuring, Heenan Blaikie is uniquely qualified to provide timely and practical
assistance. We advise trustees, monitors, receivers and other insolvency
practitioners, helping them in the recovery of assets and the administration
of insolvent estates. We represent debtors and creditors with restructuring and
recapitalization strategies. We demonstrate our problem-solving skills in both
the boardroom and the courtroom.
Co-chairs – Financial Services Law Group
Quebec • Keith D. Wilson • 514 846.2325
Ontario • Kenneth D. Kraft • 416 643.6822
Western Canada • William E. J. Skelly • 604 891.1177
Heenan Blaikie
Heenan Blaikie LLP • Lawyers I Patent & Trade-mark Agents • Montreal Toronto Vancouver
Quebec Calgary Sherbrooke Ottawa Trois-Rivières Victoria • heenanblaikie.com
L’insolvabilité
personnelle
est parfois
imprévisible
To view an English translation of this article visit
http://www.cairp.ca/english/communications_advo/spring_2009_en.asp
Par Martin Poirier,
CA, CIRP, Syndic
Monsieur Poirier est Associé, Lemieux
Nolet inc., Lévis, QC
L
a pratique de consommateur, qui
en apparence peut ressembler à
une pratique tranquille, de volume
et sans histoire, s’avère parfois pleine de
rebondissements et de situations inattendues et même dans certains cas, aussi
compliquée qu’un dossier commercial.
Le risque professionnel doit être géré avec
rigueur même dans ce type de pratique!
Prenons d’abord le cas de M.A. que
nous nommerons « le débiteur ». Ce
dernier vint me rencontrer avec un criant
problème de dettes. Le débiteur était alors
célibataire et bénéficiait de l’aide sociale
avec un revenu de 550 $ par mois. Il avait
pour seuls actifs un véhicule en location
et une demi-indivise de deux immeubles
avec sa mère comme associée.
Au niveau des créanciers, les immeubles étaient financés par deux créanciers
garantis et les dettes non-garanties au
montant de 120 000 $ étaient constituées
principalement de dix cartes de crédit.
Après avoir déposé la faillite du débiteur,
non sans complications, car le débiteur
refusait de faire affaire avec mon adjointe,
refusait d’être assermenté, etc., j’accordai
Spring 2009
mainlevée à la compagnie de location
automobile en raison de l’absence d’équité
pour les créanciers.
toires en vertu de la LFI, d’où un changement d’administration de sommaire
à ordinaire.
Après analyse, les deux demi-indivises
des immeubles ne présentaient aucune
réelle équité pour la masse des créanciers et je conclus donc une transaction
pour la vente de mes droits à la mère
du débiteur.
Après quatre heures d’interrogatoire bien
serré du débiteur et de sa mère, nous
avions une cause… du moins, cela ne
faisait que commencer.
En cours de dossier, je reçus, bien entendu,
les réclamations des compagnies de crédit.
Plusieurs étaient frustrés de la situation et
avec raison, car plusieurs avances de fonds
avaient été faites dans les mois précédents la faillite. Environ 40 000 $, soit le
tiers des dettes non garanties, représentaient des avances récentes dont la majorité avaient servi à rembourser la mère
du débiteur.
Le débiteur avait emprunté auprès de sa
mère pour sa mise de fonds dans le projet
des deux immeubles. Il avait également
effectué la rénovation des immeubles à
l’aide de ses cartes de crédit.
Dans ces circonstances, je mandatai un
procureur pour procéder à des interroga-
Nous avons par la suite déposé des requêtes
pour récupérer les sommes auprès de la
mère et produit le rapport de libération
du débiteur avec les motifs d’opposition
touchant les articles 173 (1)e) et 173 (1)h)
de la LFI. Enfin, après négociations, nous
avons finalement convenu d’un règlement
acceptable avec la mère du débiteur et
ainsi évité un procès et les coûts qui sont
reliés à de telles procédures.
Le débiteur a par la suite obtenu sa libération devant le registraire de faillite.
Mais croyez-le ou non, la saga n’était
pas terminée. Le débiteur, après avoir
commis des infractions et obtenu sa libération sans contraintes, décide de loger
une opposition à ma libération de syndic
et à mon relevé des recettes et débours,
« une première en carrière »!!! Hé bien !
Nous avons dû le plaider devant le juge,
et ce, même s’il s’agissait du débiteur et
non d’un créancier qui aurait pu, dans
ce cas, avoir un intérêt financier dans le
dossier. Il s’agit d’un aspect particulier, car
qu’un créancier soit en désaccord avec le
coût d’un dossier, je peux en convenir;
mais que l’instigateur du problème sans
intérêt financier quel qu’il soit conteste
le travail du syndic, est à mon point de
vue inconcevable; sans compter les frais et
les dépenses assumés par le syndic pour se
défendre. Bien évidemment, nous avons
eu gain de cause, mais à quel prix ? Je vous
laisse deviner…
Le second dossier qui me vint immédiatement à l’esprit est celui d’un débiteur
insolvable que j’ai rencontré en prison.
Rassurez-vous, j’avais un rendez-vous avec
ce dernier ! Eh non, je n’y effectuais pas un
séjour ! Ha ! J’oubliais ! Ce dernier était
derrière les barreaux pour avoir proféré,
alors qu’il était en libération conditionnelle, des menaces de mort à l’encontre
du nouveau conjoint de son ex-femme.
Le débiteur avait reçu son jugement de
divorce quelque temps avant la faillite et
le partage du patrimoine familial n’était
pas complété entre les ex-époux. Il avait
pour actifs : la demi-indivise d’une
résidence sise en banlieue d’une valeur
d’environ 17 000 $, la seconde demie
devant lui être transférée en vertu du jugement de divorce. Un solde de 10 000 $
découlant du jugement de divorce ainsi
que le transfert d’un REER de 7 000 $
de son ex-épouse et divers autres biens
personnels faisaient partie de ses actifs.
Au niveau des dettes, seules des nongaranties pour environ 150 000 $.
Après l’assemblée des créanciers, j’entrepris de compléter avec l’ex-conjointe
le partage des biens conformément au
jugement de divorce. Je rencontrai Madame
pour lui expliquer la démarche et pris les
dispositions avec elle pour transférer la
demi-indivise de la résidence au nom du
syndic et faire visiter les lieux par les deux
familles afin que ceux-ci puissent récupérer
leurs effets personnels respectifs. Le débiteur étant en prison et sous l’interdiction
de s’approcher de Madame et le climat
étant assez tendu entre les deux parties,
j’envoyai, par prudence, mon homme
d’inventaire pour superviser la rencontre
afin de s’assurer de son bon déroulement.
Je fis le transfert de la demie de la résidence et après l’avoir mise en vente, je
procédai à une transaction quelques mois
plus tard. Le REER fût transféré au syndic.
Le solde à recevoir en vertu du jugement
de divorce fit l’objet d’une compensation
avec la réclamation de l’ex-conjointe.
Jusqu’ici, malgré l’originalité de la situation en ce qui a trait à la prise du dossier
et de la gestion des conflits entre les deux
familles, ce dossier en était un comme
les autres.
Comme les autres, jusqu’à ce que je reçoive
une requête pour permission d’interroger
le débiteur en vertu de l’article 163(2) de
la LFI de la part de l’ex-conjointe et de
son procureur. Le débiteur, en vertu du
jugement de divorce, devait remettre à
l’ex-conjointe une remorque qui semblait
être disparue et une seconde qui aurait
dû se retrouver dans la liste des actifs du
débiteur. L’interrogatoire révéla une série
de fausses déclarations, le tout sous le
couvert d’un débiteur confus tout au long
du dossier. Ce dernier avait effectué des
ventes et dissimulé des biens afin d’éviter
de les remettre à son ex-conjointe, et bien
entendu, au syndic.
Presqu’au même moment vint l’audition
de libération à laquelle s’opposaient le
syndic et l’ex-conjointe. Lors de l’audi-
tion, le débiteur déclara avoir vendu
des actifs à sa sœur en deçà de la valeur
marchande et à des tiers pour éviter de
les perdre. Sa sœur était d’ailleurs absente
malgré un subpoena l’enjoignant d’être
présente à l’audition.
La registraire dut ramener le débiteur à
l’ordre plusieurs fois, car celui-ci tentait de
refaire le partage de ses biens qui avait été
établi dans le jugement de divorce. Devant
l’attitude du débiteur, elle prononça un
jugement l’enjoignant de remettre les
remorques au syndic, de payer des frais
à son ex-conjointe pour compenser les
frais judiciaires qu’il lui avait fait encourir
et finalement, elle suspendit sa libération
pour une période de 6 mois. Je vous ferai
grâce des démarches pour récupérer les
remorques…qui furent périlleuses!
La morale de ces histoires est qu’un dossier
de faillite personnelle en apparence sans
histoire peut être intellectuellement intéressant et plein de rebondissements. Il
faut s’attendre à l’imprévu et souvent
composer avec des moyens modestes dans
des circonstances des plus hétéroclites.
Retenons que la gestion de notre risque
professionnel et l’intérêt des créanciers,
même dans des dossiers de faillite personnelles, demeurent et demeureront des
enjeux de premier ordre. RS
AUCTIONS
CERTIFIED APPRAISALS
* Professional accredited appraisal services
* Monthly catalogued public auction sales
* Specializing in Fine Art, jewellery and
watches, antiques and fine furniture, rare
coins and more.
* Established 1964. Permanent full-time
galleries in Toronto and Montréal
www.empireauctions.com
165 Tycos Drive
Toronto. M6B 1W6
416-784-4261
[email protected]
5500 Rue Paré
Montréal. H4P 2M1
514-737-6586
[email protected]
Volume 8 Issue 1
Rebuilding Success
33
When Securities
Firms Fail:
An Inside Look
at the Marlow Group
Bankruptcy
Pour visionner la traduction française de cet article, visitez le
http://www.cairp.ca/french/communications_advo/spring_2009_fr.asp
By Allan Nackan,
CA•CIRP, CIRP
F
ollowing the U.S. financial
meltdown that began in September
2008, stock markets around the
world have experienced unprecedented
volatility. While the impact of the crisis
reverberated in many sectors, the financial
services industry was particularly hard
hit. Brokerage firms saw fee revenues fall
as a result of reduced trading activity.
Declining margin loans also put a squeeze
on interest revenues.
Notably, however, the January 2006 case
of Ashley v. Marlow Group Private Portfolio
Management Inc. (Marlow) addressed some
of these issues. By reviewing the outcomes
of that case, insolvency and restructuring
professionals can gain important insight
into the full extent of Canada’s investor
protection laws. At the same time, you can
begin to better understand the role of Part
XII of the Bankruptcy and Insolvency Act
(BIA) in securities firm bankruptcies.
In addition to shattering investor confidence, the credit crunch called investment
firm practices into question. With media
headlines predicting the failure of securities firms and other market intermediaries,
investors have become worried about the
safety of their investments.
To appreciate the importance of Part XII of
the BIA, it helps to understand the legislative
state of affairs prior to its enactment in
1997. Until that time, the administration
of securities firm insolvencies was extremely
time-consuming and uncertain.
What happens when a securities firm goes
bankrupt? How can investors protect their
money? If you have ever administered
the bankruptcy of a securities firm,
or represented anxious investors, you
know there are no easy answers to these
questions. Unravelling the affairs of a
failed securities firm, and distributing its
remaining assets, is fraught with legal and
practical complexities.
In an effort to recover their shares,
customers of bankrupt securities firms
invariably raised trust claims, invoking
centuries-old “tracing” concepts. As one
U.S. court lamented (in Slattery & Co.),
“probably no branch of bankruptcy
administration presents more troublesome
questions of law and administration than
does the insolvency of a stock brokerage or
investment concern.”
Spring 2009
Mr. Nackan is a partner with
Toronto-based A. Farber & Partners
Inc., which for almost 30 years has
provided broad-based services and
advice in the areas of insolvency
and restructuring.
Meanwhile, as those claims inched
through the courts, the Receiver or trustee
would have in its possession volatile
securities, whose values could potentially
diminish while the various customers
battled to have their securities returned.
With the introduction of Part XII of
the BIA in 1997, Parliament sought to
oust all trust claims from securities firm
bankruptcies and allow for the return of
only “customer name securities.”
The goal of this rule was to promote a
simplified, and hopefully more equitable,
distribution process. Since it can be difficult
to trace the ownership of individual
securities, Part XII mandates that only
those securities registered in customers’
names will be returned to customers. All
other securities and cash would be put
into a general “customer pool”, to be
distributed pro rata to customers.
Enter the Marlow case. In March 2005,
the Marlow Group of companies, which
operated as securities dealers, investment
dealers and investment advisors, was
placed into receivership. Apparently,
more than $3 million had vanished from
clients’ trust accounts, causing the Ontario
Securities Commission to suspend
the company’s affairs. While investors
scrambled to locate their missing money,
the Ontario Court appointed our firm as
Receiver. Our mandate was to identify
and secure the Marlow Group’s assets,
quantify the losses and determine the
most suitable basis on which to distribute
the remaining funds.
Despite the fact that the Marlow case
seemed a perfect fit for Part XII of the
BIA, some investor groups challenged
its application. One group claimed that
certain securities, although not registered
in its customers’ names, were being held in
trust and should, therefore, be returned.
Another group, claiming Marlow wasn’t
yet technically bankrupt, tried to obtain
last-minute name registration of its
securities. Yet another argued that Marlow
was not a securities firm at all, but merely
an investment advisor, and that buying
and selling securities for its customers was
not its primary business activity.
To give these parties the opportunity to
have their positions heard, the Receiver
brought a motion for directions before
the Court to determine whether the
Marlow Group should become bankrupt
and whether its bankruptcy should be
administered in accordance with Part XII.
The various parties brought cross-motions,
setting out their respective positions.
In the end, though, the Court held that
the Marlow Group of companies was to
be assigned into bankruptcy. The Court
also affirmed that the bankruptcy of those
companies that were securities firms was
to be administered in accordance with
Part XII. In fact, the Judge went to great
lengths to consider what comprises a
“securities firm” and so falls under Part
XII. Essentially, the definition includes
“a person who carried on business of
buying and selling securities to, from
or for a customer, whether or not as a
member of an exchange, as principal or
agent...” The Marlow case acts as clear
judicial affirmation that securities firm
bankruptcies should be administered
under Part XII.
The Court also considered the definition
of what constitutes a “customer name
security.” Its finding was that, unless
securities are registered in the name of the
customer, or are in the process of being
registered, they are not “customer name
securities.” As such, they do not need to be
To prevent investor
securities from
falling into a
general customer
pool for distribution,
advisors should try
to have securities
registered in
their customers’
names as soon as
the securities are
purchased.
returned to customers. Notably, current
practice is generally not to register securities in customers’ names as an electronic
system of registration of security interests
is employed. In Marlow, most investments
were purchased and held in the name of a
Marlow entity and shares were notionally
allocated to individual investors. Thus,
even though Marlow held more shares of
a particular investment than there were
claims against those shares, they all fell
into the customer pool fund for pro rata
distribution to all customers.
This raises interesting questions regarding
the protection of investors’ money. Legal
and accounting professionals should
pay particular heed. To prevent investor
securities from falling into a general
customer pool for distribution, advisors
should try to have securities registered
in their customers’ names as soon as the
securities are purchased.
There are also other steps that advisors
should take in light of the Court’s
decision. For instance, to reduce the
risk of fraud or misappropriation,
investors should aim to deal with only
credible institutions. Large banks and
investment dealers are strictly regulated
and may be more likely to have better
controls over trust funds. Admittedly,
the failure of major U.S. investment
firms like Lehman Brothers and Merrill
Lynch can negate this argument.
However, Canadian investment firms
tend to be more closely regulated than
their American counterparts, which can
provide domestic investors with more
effective protection.
Similarly, the Canadian Investor
Protection Fund (CIPF) also protects
some of the cash and securities of eligible
customers of investment dealers that are
members of the Investment Industry
Regulatory Organization of Canada. This
was of little value, however, in the Marlow
case. Only one of the Marlow corporate
entities was a CIPF dealer member. While
the investors of that company suffered
minimal losses, investors of the noninsured entities were not as fortunate.
From an investor protection standpoint,
then, it’s important for advisors to ensure
that securities firms are registered with
the CIPF in advance of making client
investments.
Other protection strategies include
working with more than one
securities firm to diversify the risks of
mismanagement and moving quickly to
protect assets at the first sign of trouble.
Sadly, by the time a trustee in bankruptcy
or Receiver enters the picture — after the
Ontario Securities Commission institutes
proceedings — it’s often too late.
Marlow investors recovered more
than $0.70 on the dollar. In too many
instances, losses cut much deeper. RS
Volume 8 Issue 1
Rebuilding Success
35
Gérer les comptes
spéciaux cas par cas :
Alain
Desrochers
To view an English translation of this article visit
http://www.cairp.ca/english/communications_advo/spring_2009_en.asp
M.
Alain Desrochers est un
homme affable, qui gère des
dossiers très délicats en tant
que vice-président des comptes spéciaux
de la Banque Laurentienne depuis trois
ans et demi. D’abord diplômé en génie
par l’Université de Sherbrooke, il a
commencé sa carrière comme ingénieur
civil, profession qu’il a pratiquée durant
quatre ans et demi. « Durant cette
période-là, dit-il, j’ai entrepris un MBA,
à McGill, que j’ai terminé en 1986 après
quoi je suis venu au secteur bancaire. J’ai
d’abord travaillé comme directeur de
comptes, secteur PME, principalement
pour la CIBC durant une douzaine
d’années. Je suis ensuite passé au Crédit
lyonnais pour un peu moins de deux ans.
Je me suis joint à la Banque Laurentienne
le 1er février 2000 comme directeur de
comptes, grande entreprise, puis dans
mes fonctions actuelles de vice-président
des comptes spéciaux. »
Le groupe des comptes spéciaux, dirigé
par M. Desrochers, mobilise en tout sept
employés dont six à Montréal et un à
Toronto. Il se rapporte au premier viceprésident, secteur crédit de la Banque
Laurentienne.
Spring 2009
Un niveau de risque plus élevé
Mais qu’est-ce qu’on entend par « comptes
spéciaux »? « Ce sont des comptes qui ne
respectent pas les termes et conditions
de leur crédit, répond M. Desrochers. Ils
présentent un niveau de risque plus élevé.
On les transfère ici parce que nos gens ont
de l’expérience et sont habilités à gérer ce
type de dossiers-là, soit dans une optique
de redressement ou, dans certains cas,
dans une optique de recouvrement. »
Le groupe de M. Desrochers gère en
ce moment 150 comptes spéciaux qui
représentent un crédit total de 100 M$. Il
s’agit essentiellement de PME actives
dans presque tous les domaines. « En fait,
notre portefeuille est très diversifié tant en
termes de secteurs qu’en terme de volume,
explique M. Desrochers. Les comptes
vont de quelques milliers à quinze millions
de dollars. »
Deux secteurs sont exclus du portefeuille
des comptes spéciaux : « Nous ne
sommes pas impliqués dans le secteur
immobilier, ni dans l’agriculture précise
M. Desrochers. Les gens du secteur
immobilier sont bien placés pour gérer
leurs propres dossiers, sauf dans certains
cas d’exception à l’étape du recouvrement.
Par ailleurs, nous n’avons personne
d’attitré au redressement agricole. »
Des signes de faiblesse
Mais comment un compte de la Banque
Laurentienne devient-il un compte
spécial? « Ce sont des comptes qui
présentent des signes de faiblesse, répond
M. Desrochers. Ils commencent à ne pas
respecter certains des termes et conditions
du crédit, ou encore les perspectives
se détériorent pour leur industrie. La
décision de nous transmettre ces dossiers
relève de notre secteur crédit. Bien
souvent, les modalités de remboursement
n’ont pas été respectées, soit au niveau
du remboursement de capital ou du
remboursement de l’intérêt. Nous avons
beaucoup de cas où il s’agit de marges de
crédit. Le montant autorisé est dépassé ou
encore les critères de margination pour
justifier les avances ne sont pas respectés.
Dans d’autres cas, l’entreprise accuse une
perte importante, qui fait en sorte qu’elle
est fragilisée ou que ses ratios financiers
ne sont plus respectés. Et, dans d’autres
cas, carrément, ce sont les entreprises
qui décident de se mettre à l’abri de
leurs créanciers. »
Lorsqu’un compte arrive au groupe de
M. Desrochers, le groupe doit déterminer
s’il faudra adopter une stratégie de
redressement ou de recouvrement. « La
première étape consiste à déterminer
quels sont les niveaux de risque, quelles
sont nos faiblesses, et puis à voir si cette
entreprise-là, effectivement, peut être
redressée, explique M. Desrochers.
L’objectif premier, c’est effectivement
de la maintenir, de faire en sorte qu’elle
puisse s’en sortir. »
Recouvrement ou redressement?
Recouvrement ou redressement, cette
première décision repose sur une
évaluation initiale. « C’est vraiment le
directeur de comptes qui fait ce que
j’appellerais la première évaluation,
poursuit le vice-président. Il peut alors
faire appel à des professionnels externes,
dont des membres de l’ACPIR, pour
établir ce qu’on appelle un premier look
see. Il s’agit de vérifier, dans une première
étape, la valeur réelle de nos sûretés.
Pour cela, nous pouvons faire appel à des
firmes de consultants pour aller sur place
et constater de visu quelles sont les sûretés
dont les clients disposent, leur qualité et la
valeur qu’on peut leur attribuer, en valeur
continue ou en valeur de liquidation. On
peut aussi demander à ces consultants,
qui ont une bonne connaissance de
l’industrie, de valider les prévisions de
l’entreprise. »
Lorsqu’il opte pour un redressement
d’entreprise, ce qui est le cas de 10 %
des dossiers actuels, le groupe de M.
Desrochers peut faire appel à nouveau
à des professionnels en redressement.
« Cela va dépendre, explique-t-il. Si nous
sommes satisfaits de la valeur de nos
sûretés, si nous sommes adéquatement
protégés, nous allons voir quelle est la
meilleure solution pour l’entreprise et
pour la Banque. Selon la manière dont
les choses se déroulent, on pourra avoir
besoin en cours de route de consultants
en redressement qui resteront impliqués
dans le dossier sur une base continue, ou
encore de façon ponctuelle. »
Comptables agréés
Les professionnels en redressement
auxquels a recours la Banque Laurentienne
viennent surtout des firmes de comptables
agréés. « Certaines firmes ont des unités
spécialisées en redressement, d’une part, et
un volet syndic, lorsque c’est nécessaire »,
précise M. Desrochers.
Comment la Banque choisit-elle ses
professionnels en redressement ? « Dans
les critères pour les professionnels, je
vous dirais qu’un des premiers éléments,
c’est l’absence de conflit d’intérêts au
départ, répond M. Desrochers. C’est
une vérification qui se doit d’être faite, et
il est important effectivement de voir la
compétence. C’est toujours la compétence
et plus particulièrement l’expertise dans
le secteur d’industrie concerné. Si à un
moment donné on est dans une industrie
très spécifique, on voudra voir quel est
le meilleur consultant ou la meilleure
personne pour faire le travail dans
« On cherche toujours
à faire ce qui sera le
mieux pour la Banque
en dernière analyse. Il
n’est pas dans notre
intérêt de précipiter
nécessairement nos
actions dans les
dossiers. »
— Alain Desrochers
cette industrie-là. Très important pour
nous aussi : le coût des services et leur
disponibilité. Alors est-ce que la personne
est vraiment disponible pour le faire?
A-t-elle le temps de le faire au moment
où on en a besoin. Voilà des critères qui
sont importants pour nous. Autre critère
important : le volume d’affaires que le
consultant fait avec la Banque en termes
de référencement, de dépôts et autres.
Nous allons avoir tendance à favoriser les
consultants qui font des affaires avec nous.
Je pense que c’est de bonne guerre. »
Un marché intéressant
« Le marché va être intéressant pour les
professionnels de l’insolvabilité et du
redressement, au cours des prochains mois
prédit Alain Desrochers. On anticipe
que ça va devenir plus serré dans le
marché pour les banquiers comme nous,
principalement parce qu’il va y avoir
moins de possibilités, avec le resserrement
du crédit, pour que certaines entreprises
puissent aller lever du capital sur le
marché, que ce soit en équité, en dettes
subordonnées ou encore en dettes senior. »
La Banque sera-t-elle plus pressée de
couper les vivres aux clients malmenés
par la crise financière? « C’est du cas
par cas, répond M. Desrochers. On
cherche toujours à faire ce qui sera
le mieux pour la Banque en dernière
analyse. Il n’est pas dans notre intérêt
de précipiter nécessairement nos actions
dans les dossiers. La coopération doit
toujours être là et, si le marché se
resserre, effectivement, la patience devra
aussi être de rigueur dans beaucoup
de dossiers. » RS
INSOLVENCY AND
DISTRESSED SITUATIONS
n Purchasing Distressed Loans
n Workout Financing
REAL ESTATE FINANCING
n 1st and 2nd Mortgages
n Purchases & Refinances
n Commercial or Residential
n Debt Consolidation / Equity Loans
n Bank Turndowns
Quick, reliable service
with flexibility and
insolvency knowledge
to meet your needs.
Yitz Levinson, CA, CIRP
416.849.0322
[email protected]
Lic#10453
Volume 8 Issue 1
Rebuilding Success
37
Realizing on
Real Estate
Assets
By Robert Shier,
MBA, CA•CIRP, CIRP
Mr. Shier is President of Stern
Cohen Shier Inc., the Insolvency and
Corporate Recovery division of Stern
Cohen LLP.
U
ntil recently, and for a period
of several years, Canada had
experienced a consistently rising
real estate market. In that environment,
trustees in bankruptcy may have enjoyed
a presumption that property values would
likely not change during the bankruptcy
administration to the detriment of the
unsecured creditors. Trustees could sell
their interests at a measured pace and,
in some situations, trustees even had the
opportunity to re-visit whether a positive
net equity existed years after the date of
the bankruptcy.
Now, however, we are experiencing
general economic volatility that will have
an impact on real property values and the
way trustees deal with realizations of such
assets. Depressed valuations at the date of
bankruptcy may be followed by material
future increases over the term of the
trustee’s administration. In any market
condition, trustees should be acutely
aware of the importance of their actions
so as to achieve appropriate realizations
Spring 2009
for the benefit of the bankrupt estates.
There are certain reported cases, cited
below, that provide guidance for trustees
on this matter.
In a rising real estate market, trustees
should, at the time of the bankruptcy,
obtain appropriate valuations in order
to assess the apparent equity (if any) in
the property and decide on an initial
realization strategy. Typically, this would
include having the trustee’s interest
registered on the title to any property with
a positive net equity. A decision to list
the property for sale on the open market
should be made in consultation with
the estate solicitor in order to consider
issues associated with certain terms in
the standard MLS listing agreement that
may not be appropriate in a bankruptcy
scenario. There may also be other issues to
consider if the property is jointly held by
a non-bankrupt individual.
In a rising real
estate market,
trustees should,
at the time of the
bankruptcy, obtain
appropriate valuations
in order to assess the
apparent equity (if
any) in the property
and decide on an
initial realization
strategy.
Trustees should consider negotiating a
purchase price if the bankrupt (or a family
member) is interested in re-purchasing
the trustee’s interest in the property. In
setting a re-purchase price, it is important
to note the jurisprudence in cases such as
Re: Rassell. The ruling in that case held
that the trustee should, when determining
the purchase price, negotiate deductions
such as notional commission and legal
fees. In Re: Gibson, the court stated: “It
would be inappropriate for the trustee
on the opening round of negotiations to
concede any real estate commission… the
process of negotiation and the reason for
the trustee recommending any sale price
should be contained in an Affidavit or
report and provided to the Court on the
application (for Court approval).” In Re:
Brisco, the Court held that the trustee
must maximize realizations for the estate
and, in so doing, does not have to sell the
property back to the bankrupt.
In turbulent times,
a steady hand
makes all the
difference.
Rescuing a troubled business means
coming out of denial, finding cash, and
creating the conditions for real change.
KPMG’s Restructuring professionals
have years of experience in helping
stressed and distressed companies
navigate through crises. We work with
management, lenders, and investors to
identify operational and financial
improvements that can help turn
around the performance of a business
and generate lasting value for
stakeholders.
For information on KPMG’s
Restructuring Services, contact Todd
Martin, Practice Leader
e-mail [email protected]; telephone
(416) 777-8245.
www.kpmg.ca
Volume 8 Issue 1
Rebuilding Success
39
REALIZING ON REAL ESTATE ASSETS
Trustees should also apply the abovementioned considerations in a declining
market; however, there is an even greater
need to act expeditiously if property
values show signs of ongoing decline.
If a re-purchase by the bankrupt is
contemplated, the trustee’s negotiations
should include fixing the purchase price
and securing payment of same as soon
as possible.
In any market
There may be undesired implications if the
trustee does not take timely and decisive
action in dealing with its interest in the
property. In Re: Marino, a husband and
wife disclosed equity of approximately
$75,000 in the family home at the date
of their bankruptcies. However, two
months after the date of bankruptcy, the
trustee told the bankrupts that it was
not worthwhile for it to make a claim
actions so as to
condition, trustees
should be acutely
aware of the
importance of their
achieve appropriate
realizations for
the benefit of the
bankrupt estates.
anbury Group
THE
ACCURACY • EXPERIENCE • RELIABILITY • PERFORMANCE
PUT 61 YEARS OF EXPERIENCE TO WORK
ASSET MANAGEMENT • RECOVERY SERVICES • FINANCIAL SOLUTIONS
We understand the real value of assets
and can provide unmatched insight, accuracy,
experience and speed to help you with your project
Call us at 1-800-263-1469 www.danburysales.com
“Our Special Kind of Service...Brings Results”
Spring 2009
regarding the property. Again, at the
time of the bankrupts’ discharges, the
trustee verbally reassured the bankrupts
that it was claiming no interest against
the home. Based on these assurances,
the bankrupts paid mortgage arrears
and incurred certain costs to upgrade
the property.
In due course, both bankrupts received
their discharges and the trustee
obtained its discharge in respect of
the wife’s estate. Later, two years after
the date of bankruptcies, the trustee
determined that there might in fact be
equity in the property and proceeded
to register its interest on title. It was
not until approximately five years
after the date of bankruptcy that the
trustee initiated correspondence and
discussions regarding the bankrupts’
possible purchase of the apparent
equity in the property. No agreement
was reached, and the trustee initiated
Court proceedings for directions to sell
the house.
At the hearings, the Court ordered the
property vested with the bankrupts
and dismissed the trustee’s appeal.
Notwithstanding the vesting of the
property in the trustee, in fairness, too
much time had passed before the trustee
advanced its claim to the equity in the
property. This was not consistent with
the BIA’s philosophy of providing the
bankrupts with a fresh start. This ruling
demonstrates that trustees should
communicate with the bankrupt clearly
and in writing regarding its intentions
in dealing with the property. If there
is equity, the trustee should inform
the bankrupt that it must be paid
out or the property sold. Appropriate
documentation will ensure the trustee
is not seen as abandoning its interest in
the equity.
In light of possible future increases in
real property values, a trustee should
clearly document if it has advised the
bankrupt that it is not relinquishing its
interest in the property. If, on the other
hand, the trustee decides to advise the
bankrupt that it is making no claim, it
should be understood that the bankrupt
could rely on that information; and
that could (pursuant to the principles
of estoppel) disentitle the trustee from
making a future claim, as in the case where
the property’s value increases during the
term of the bankruptcy.
In Re: Shelson, the Court ruled on
another relevant issue: the timing of
the trustee’s realization of all assets
(including real property assets). Pursuant
to section 40(1) of the Act, property
found to be incapable of realization shall
(with Inspector approval) be returned
to the bankrupt prior to the trustee’s
application for discharge. The Court
has provided trustees with a message
that, based on the Act’s philosophy of
providing the bankrupt with a fresh start,
trustees should, as a general practice,
consider their discharge application
to be the last opportunity to deal with
asset realizations. If there is no apparent
equity in the property, the trustee should
release its interest to the bankrupt
or understand that proceeding to its
discharge may effectively act as a release
of its interest to the bankrupt. Unless
circumstances are such that it would not
be fair to the creditors, and a discharged
trustee has neither released its interest
nor returned the asset to the bankrupt,
then the trustee is considered to hold
that asset, in trust, for the bankrupt and
must return it to him or her.
It should be noted that in Re: Shelson,
the Court gave some examples where an
exception to the above may be considered,
such as when:
i) a previously unknown asset becomes
know to the trustee within a reasonable
time of its application for discharge;
and
ii) an asset previously considered unrealizable becomes known (within a
reasonable time of the trustee’s
application for its discharge) to have a
realizable value.
If, after obtaining its discharge, a material
and previously unknown property value
becomes evident to the trustee, it should
apply to the Court for re-appointment
as trustee of the bankrupt estate (section
41(11)). As a final note, the trustee may
also consider seeking advice and direction
from the Court in dealing with unresolved
real property realization issues. RS
Survive the crisis? Or thrive, despite it?
We can help you do both.
At Grant Thornton Limited and Raymond Chabot Grant Thornton we know about the tough situation many businesses
are facing today. And we know how to help. We have the expertise to help any company, regardless of size, in their efforts
to emerge from financial difficulties. Come in and talk to us. Our highly skilled licensed trustees can advise you on how to
manage today’s economic crisis—and take advantage of tomorrow’s economic opportunities.
Our respective corporate recovery and reorganization groups offer the following services:
• assisting your company through financial difficulty and working with you to manage debt load
• advising on comprehensive and flexible solutions
• working with you and your stakeholders to devise restructuring options
Calgary
T (403) 260-2500
Halifax
T (902) 421-1734
Toronto
T (416) 366-0100
Vancouver
T (604) 687-2711
www.GrantThornton.ca
Montreal
T (514) 878-2691
www.raymondchabot.com
Audit • Tax • Advisory
Grant Thornton Limited and Raymond Chabot Inc. are wholly owned subsidiaries of Grant Thornton LLP and Raymond Chabot Grant Thornton LLP respectively.
Grant Thornton LLP and Raymond Chabot Grant Thornton LLP are independently owned but collectively are the Canadian members of Grant Thornton International Ltd.
Volume 8 Issue 1
Rebuilding Success
41
CAIRP Members Building
Better Communities
Les Membres de l’ACPIR
construisant mieux des communautés
I
n each issue, Rebuilding Success profiles CAIRP
members from across Canada who have made a
significant contribution to their communities
as volunteers. CAIRP members are encouraged to
send a 150-word summary of their volunteerism to
Sheldon Gordon at [email protected]
D
ans chaque numéro de Réétablir le succès, nous
dressons le profil des membres de l’ACPIR qui,
d’un bout à l’autre du Canada, se sont démarqués
à titre de bénévoles dans leurs communautés. Nous
invitons donc les membres de l’ACPIR à soumettre un
sommaire de 150 mots sur leurs activités de bénévolat à
Sheldon Gordon à [email protected]
Charles Tremblay, BAA, CIRP, Tremblay & Cie Ltée, Chicoutimi, QC [418-5495642]. Détenteur d’une licence de syndic depuis juillet 2000, M. Tremblay travaille
dans l’insolvabilité depuis 1993, dans la région du Saguenay Lac St-Jean. Auparavant
gestionnaire de diverses entreprises, il choisit de réorienter sa carrière dans le domaine
de l’insolvabilité. Son implication dans la communauté se traduit par son adhésion à
titre de membre du Club Rotary d’Alma depuis huit ans dont deux à la présidence.
De plus, il a été bénévole pour la Société canadienne de la Croix Rouge. Récemment,
il accepte de devenir mentor auprès de jeunes entrepreneurs. Père de famille de trois
enfants, il s’implique dans le vélo de montagne avec le club local pour lequel sa fille
Anne compétitionne.
Lana Gilbertson, BA, CIRP, PricewaterhouseCoopers Inc., Surrey, BC [604-8067240] volunteers as a Mentor with the Advancing Women Leaders Mentorship
Program through the Women in Leadership Foundation (WIL), a national nonprofit dedicated to advancing women in leadership roles. She is currently mentoring
a recent UBC graduate on personal and professional goals, as well as work-life
balance. The experience has been incredibly rewarding for Gilbertson, who recognizes the important role female mentors have played — and continue to play — in
her own personal and professional development. She has also given her time to
Dress for Success (DFS), an international non-profit that promotes the economic
independence of disadvantaged women by providing professional attire, a support
network and career development tools. She was part of a team that sorted clothing,
organized and “cleaned house” for DFS Vancouver.
Spring 2009
Derek Cramm, FCMA, FCIRP, of PricewaterhouseCoopers Inc., Halifax, NS [902-491-7431]. Cramm is serving
a second term as Vice-President of the Darmouth Rotary Club. He previously was Treasurer and Secrectary and
has belonged to the organization for eight years. He is a member for the sixth year of the committee that organizes
the golf tournament in support of the Heart and Stroke Foundation of Nova Scotia at the Oakfield Golf and
Country Club. The event raises $35,000 to $50,000 annually with the participation of trustees, bankers, MDs and
other professionals. Cramm has also been active for eight years on the committee that oversees the golf tourney
in support of Dartmouth General Hospital. The yearly event, held at Brightwood Golf and Country Club, raised
$50,000 last September — the highest amount to date. Within the profession, Cramm has served four years on
the CAIRP Board and is a past-president of the Nova Scotia association.
Rahn Dodick, CA, CIRP, of Ernst & Young Inc., Toronto [416-943-3034]. In May
2008, Dodick was appointed Director and Treasurer of the Foundation Fighting
Blindness (FFB), Canada’s largest private contributor to vision research. Thanks to a
course sponsored by E&Y, he was well prepared to make a difference in his new role
with the FFB. Dodick has been especially passionate about the cause since having a
family member diagnosed with a retinal disease. The FFB’s vision is “to restore the
gift of sight to those affected by blindness.” Since 1974, the FFB has funded research
at hospitals and universities to find the causes, treatments and cures for more than
one million Canadians affected by retinal diseases such as retinitis pigmentosa and
macular degeneration. Its annual fundraisers include Ride for Sight and Comic
Vision. Visit www.ffb.ca for more information.
David Stevenson, BBA, FCA, CIRP, of Stevenson & Partners LLP, Riverview, NB
[506-387-4044]. Stevenson has been a member of the University of New Brunswick’s
Board of Governors since 2001, serving as Chair of the Board’s finance committee,
member of its investments and executive committees, and currently Chair of the
Board. During 1997-2001, he served as Secretary-Treasurer of the Board of the
Greater Moncton Airport Authority. He had previously been Chairman of Finance
for the Airport Authority’s Study Group (1992-1997) and a member of the Airport
Economic Development Board (1988-94). He has also been a director of the Multiple
Sclerosis Society, Atlantic Region; Junior Achievement of Greater Moncton; the St.
John Ambulance Association, NB Division; and the Greater Moncton YMCA. He
received the Moncton YMCA Policy Volunteer of the Year Award in 1986.
Volume 8 Issue 1
Rebuilding Success
43
KEEN TO BE
GREEN:
the Potential for
Paperless Insolvency
G
reen is in. Canadians are recycling,
reusing, recovering. They’re going
green with gusto. As for Canadian
businesses, when it comes to reducing
their environmental impact, many are
targeting paper consumption. So what
about the typical trustee office?
Lance DeCaire, president of Promeric
Technologies Inc., a software supplier
to the insolvency industry, has done
some rough calculations and estimates
that about 180 tons of paper related
Spring 2009
to consumer and corporate insolvency
files flow between trustees and creditors
every year in Canada. And this represents
only a portion of the insolvency process
and its stakeholders: debtors, the Office
of the Superintendent of Bankruptcy
(OSB), creditors, the courts, and others.
Each party generates paper: letters,
cheques, statements, court papers, privacy
documents, and on and on. Moreover,
handling this volume of paper generates
huge costs — all of it must be delivered,
received, tracked and stored, devouring
resources, energy and time.
So are insolvency and restructuring
professionals keen to go green by reducing
this volume of paper? Martin Poirier and
his colleagues at Lemieux Nolet inc.
in Lévis, QC, believe they are. Martin
volunteered his firm to test electronic
record-keeping in a year-long pilot
project with the OSB that concluded in
March 2008. He estimates that his firm
generates two to three inches of paper for
each summary administration. With up
to 400 filings a year, for Lemieux Nolet
the mountains of paper — and the costs
of storing them — are piling up.
In fact, the OSB is facing increasing
pressure on a number of fronts to reduce
the paper dependency of the insolvency
process; thus, several paperless initiatives
are underway.
The OSB dramatically reduced its own
paper consumption when electronic
insolvency filing became mandatory
after five years of trials and phased
implementation. Since June 2007,
trustees have been required to e-file
with the OSB all forms, documents and
supporting information for new summary
and ordinary administration bankruptcies
and Division I and II proposals.
While a reduction in paper consumption
was only one of the OSB’s e-filing goals, its
achievements in this regard are impressive.
Ginette Trahan, senior director, Outreach
and Service Innovation, says the e-system
“allows the complete administration
of files from beginning to end” and in
this capacity generates “about 2,700
transmissions every day.” Judy Filip,
national manager, Information Products,
Services and Business Applications,
estimates that if there were no electronic
filing, the OSB would have to process
over 2,750,000 pieces of paper each year.
Pierre Fortin, vice-president of Jean Fortin
& Associés Syndics Inc. in Longueuil,
QC, and chair of CAIRP’s e-filing subcommittee, says that for CIRPs, e-filing has
not generated substantial paper savings.
By automating the document submission
process, however, it has produced time
and cost savings: lower delivery costs,
faster processing of notices to creditors
and immediate acceptance and issuing of
certificates of appointment. While batch
e-filing is not yet in place, this will likely
soon be available, promising significantly
more time savings.
A couple of other technology initiatives
have also streamlined procedures
for insolvency and restructuring
professionals. Since 2006, when
Directive 5R2 - Estate Funds and
Banking, came into effect, for example,
they have been able to conduct most of
their banking operations electronically,
including payments from their estate
trust accounts. Revised Directive 8R4
– The Bankruptcy and Insolvency Act
Forms, also introduced in 2006, has
allowed trustees to electronically transfer
most of the statutory forms for creditors.
But the real paper and productivity
savings for CIRPs will arise from
electronic recordkeeping. The OSB’s
2008 Trustee Electronic Record Keeping
(TERK) pilot project was designed to
assess the feasibility of electronically
archiving most insolvency documents
(with the exception of statutory and
banking documents) for new summary
and consumer proposal estates.
We work in your world.
gmg remote office
Trouble Staying Afloat?
Sometimes it’s only breathing room you need.
Other times it may require a complete
corporate restructuring.
The lawyers at Gilbert McGloan Gillis can
provide the right advice at the right time.
We know the needs of Atlantic Canadians.
From agency to bankruptcy and insolvency,
CCAA or complete corporate restructuring,
Gilbert McGloan Gillis can help.
22 Rue King Street
P.O. Box / C.P. 7174
Saint John, NB
Canada E2L 4S6
www.gmglaw.com
Volume 8 Issue 1
T: 506.634.3600
F: 506.634.3612
1 888.2-gmglaw
1 888.246.4529
Rebuilding Success
45
KEEN TO BE GREEN
Poirier of Lemieux Nolet was pleased with
the results the pilot achieved for his firm.
TERK was designed to reduce the use
and retention of paper files by digitizing
documents. Lemieux Nolet updated its
equipment to facilitate text/image scanning
and conversion to digital documents. After
spending a year simultaneously managing
paper and electronic insolvency processes,
Poirier concluded that with appropriate
regulatory changes, the firm could reduce
paper by at least 50% and dramatically
lower paper storage costs.
Another objective of the project was to
facilitate the transmission of information
to the various parties involved in the
administration of a bankruptcy file. Poirier
found that transferring information became
significantly more efficient, especially
inter-office among the firm’s locations in
Lévis, Québec City and Rimouski.
Lemieux Nolet also realized additional
benefits from TERK. “We increased our
efficiency,” says Poirier. “We no longer
do things the same way… it was a good
re-engineering process.” And his overall
opinion of electronic record keeping?
“We’re ready to go!”
So how far away is “paperless insolvency”
for Canada’s insolvency and restructuring
professionals?
The technology is certainly on board.
Today’s software enables CIRPs to
efficiently and securely e-file and
e-transfer documents, while software
providers are adding functionality as
regulations change.
According to Judy Filip, the OSB is
also on board and “will continue to
facilitate initiatives that enable a paperless
insolvency system.” Pierre Fortin believes
“we’re on the fast track now,” adding that
many of the changes required “may be
able to be dealt with through Directives
rather than changes to the Act.”
Focus On Recovery.
Risk in enterprise is the fine line between reward and failure.
From the first signs of trouble, BDO Dunwoody’s Financial Recovery
Services team brings specialized experience and expertise to our
clients to implement creative recovery strategies to make business
renewal a possibility.
Our professionals understand the risks, and combine our business
management, analytical, insolvency and forensic skills with hands-on
industry experience to ensure your business receives the consistent,
personalized service you deserve.
In fact, if the OSB were to accept
electronic debtor signatures, “there would
be no need to have paper at all,” says Ric
Sack, director of Sales and Support for
insolvency software supplier ÜBERbase.
With electronic signatures gaining
acceptance in the marketplace and the
availability of tablet PCs and pads that
can capture these signatures, he says
“trustees could have an almost exclusively
paperless office.” That day may not be
far away. In the fall of 2008, the OSB
initiated discussions with Lemieux Nolet
and Jean Fortin & Associés regarding
a pilot project to assess the feasibility of
electronically capturing debtor signatures.
While bankruptcy may be a traditional
system unaccustomed to rapid change,
with today’s battered economy and rising
insolvencies, CIRPs are likely to embrace
new time-saving procedures. Pushing out of
the paper comfort zone and into the digital
age would mean faster processes, lower
costs, greater productivity, and higher profit
margins. And of course, less waste.
The bottom line is that it may be
the perfect time for insolvency and
restructuring professionals to be
going green. RS
Spring 2009
IT’S YOUR MESSAGE.
GIVE IT
THE EDGE.
A
fter twenty years in the associationpublishing field, Kevin Brown and I decided
six years ago to establish MediaEdge Publishing.
We wanted to use our skills, knowledge and love
of publishing to build a business with a focus on
providing exemplary customer service and leading
edge association communication solutions.
Today, MediaEdge is the leader in quality custom
publishing for associations. We treat every
client like our only client, and their agenda is
our agenda. These have remained our guiding
principles since we first opened our doors.
Customer service is our number one priority.
Robert Thompson
Senior Vice-President
Toronto 1.866.216.0860 ext. 229
Fax: 416.512.8344
Give yourself the EDGE
Toronto
1.866.216.0860
Winnipeg
1.866.201.3096
Gainesville 1.877.234.1863
w w w. m e d i a e d g e p u b l i s h i n g . c o m
What
Lenders
Need to
Know
about the
Limitation
Period
T
By Maanit Zemel, LL.B.
Ms. Zemel is a lawyer practising
commercial litigation with the law
firm of Miller Thomson LLP in
Toronto. She has expertise in the areas
of limitation periods, debt-collection
and cross-border disputes.
Spring 2009
he Ontario Limitations Act, 2002,
which came into effect on July 1,
2004, presents new hurdles for
lenders wishing to enforce their rights
against defaulting debtors in Ontario.
The most significant hurdle is Ontario’s
new two-year limitation period. This
means that a lender must commence
legal action to recover a debt within two
years. Prior to 2004, Ontario had a sixyear limitation period, which, in practical
terms, meant that lenders were unlikely
to miss the limitation deadline. That is
no longer the case. In the world of debtcollection litigation, two years can pass
very quickly. Once those two years have
expired, a lender has no legal recourse to
recover a debt.
When does the two-year period begin
to run? The answer depends on the
circumstances of the loan. In most
cases, the two years begin to run on the
day the debtor defaults on his or her
obligation, or on the day that demand
for repayment is made by the lender.
In cases where the lender obtained a
guarantee for the debt from a third-party
guarantor, the lender may have the right
to recover that debt directly from the
guarantor. Often, a lender may delay
commencing legal action against the
guarantor in the hope of first recovering
the debt from the principal debtor.
However, a lender should not wait to
enforce the debt against a guarantor. That
is because the limitation period to enforce
the guarantee may1 begin to run on the
date that the principal debtor defaults on
the underlying debt, and not on the date
the guarantor defaults on the guarantee.
What about the other provinces?
Each province has its own limitation
regime and the limitation periods differ
from one province to the next. For
example, British Columbia, Alberta and
Saskatchewan have a two-year limitation
period for debt-collection actions, while
Manitoba, New Brunswick and Nova
Scotia maintain a six-year limitation
period. If you are a lender seeking to
enforce your debt against a defaulting
debtor in one of Canada’s other provinces,
you should familiarize yourself with the
applicable limitation period.
With respect to enforcement of a
guarantee, in most of the other provinces
the limitation period begins to run on
the date the principal debtor defaults on
the underlying debt. In New Brunswick,
however, the Courts have followed a
different approach. According to a decision
of the New Brunswick Court of Appeal, in
an action by a lender against a guarantor
to enforce payment of a guarantee, the sixyear limitation period was found to begin
to run when the lender makes demand
for payment from the guarantor. Even in
cases where the limitation period against
the underlying debtor expires, the lender
in New Brunswick would still have legal
recourse against the guarantor.
What can lenders do to protect
themselves?
First and foremost, lenders must be
mindful of the limitation period. Lenders
who are not familiar with the issue might
arrive at their legal counsel’s office more
than two years after the clock began to
run. At that stage, there is very little that
legal counsel can do to assist.
When drafting a loan document or
guarantee, a lender should consider
including a provision that extends or
suspends the operation of the limitation
period. These types of provisions are
commonly referred to as “tolling”
provisions. In certain circumstances, a
lender may be able to avoid the operation
1. I use the word “may” because the law is in a state of flux in Ontario. In a recent decision of the Ontario Superior
Court of Justice (Bank of Nova Scotia v. Williamson, Nov., 2008) the Court held that, in the circumstances of
the case, the limitation period began to run on the date the demand was made on the guarantor. Until there is
a decision by a higher Appellate court, this issue will likely remain unsettled.
A Tradition of Business
With broad marketplace knowledge and extensive relations with major financial institutions, Aird & Berlis LLP is
well equipped to resolve complex bankruptcy and insolvency issues.
Our pre-eminent Insolvency and Restructuring Team is one of the largest in Canada and is recommended by
Chambers Global: The World’s Leading Lawyers for Business 2009, PLC Which lawyer? Yearbook 2009 and The
Best Lawyers in Canada 2009.
Count on us for legal counsel from a business perspective.
Partnership. Results. Success.®
For more information, please contact:
D. Robb English
[email protected]
416.865.4748
Brookfield Place, 181 Bay Street
Suite 1800, Box 754
Toronto, ON M5J 2T9 Canada
www.airdberlis.com
Volume 8 Issue 1
Rebuilding Success
49
WHAT LENDERS NEED TO KNOW
of the limitation period if he or she
incorporates a tolling provision into
the wording of a loan or guarantee. It is
advisable, however, to consult with legal
counsel when drafting a tolling provision,
to ensure that the wording of the provision
satisfies the requirements of the applicable
limitations statute.
or she should take proactive steps and
commence an action to recover the debt
against the debtor or the guarantor as
soon as possible. A lender should also
alert legal counsel to the existence of a
guarantee as soon as a debtor defaults on
an underlying debt.
have brought an action and obtained
a judgment against a debtor, you are in
luck. In Ontario, there is no limitation
period for beginning enforcement
proceedings against a debtor’s assets (such
as garnishments, property seizure etc.).
Other provinces take a similar approach,
with minor differences.
When a lender does not have a tolling
provision in the loan or guarantee, he
What if you already have a judgment?
If you are a judgment creditor, i.e., you
The situation may be very different,
however, if your judgment was issued
Don’t end up
on the rocks
…let us be your guide.
We have worked with a wide range of businesses, lenders
and insolvency professionals throughout Canada to
create innovative recovery and restructuring solutions.
Need a guide? Call Chris Besant of our
Insolvency & Restructuring Group at 416 869 5739.
© 2004–2008 Cassels Brock & Blackwell LLP. Cassels Brock and the CB logo are
registered trade-marks of Cassels Brock & Blackwell LLP. All rights reserved.
Spring 2009
When drafting a
loan document or
guarantee, a lender
should consider
including a provision
that extends or
suspends the
operation of the
limitation period.
by a foreign court, such as a U.S. court.
Assume, for example, that your debtor
holds some assets in Ontario. If you
intend to enforce the foreign judgment
against the Ontario assets, you will have to
start an Ontario enforcement proceeding.
What is the time limit for commencing
such enforcement proceeding? Unfortunately, the law in this area is unclear. There
is a possibility, however, that in Ontario,
and indeed in most other provinces, the
limitation period to start an action to
enforce a foreign judgment may end two
years after the judgment is issued by the
foreign court. If you spend the first two
years chasing your debtor’s assets abroad,
you may be out of luck in Canada. Therefore, if you obtain a foreign judgment
against a debtor who may have assets in
Canada, do not procrastinate. Contact
Canadian counsel immediately to discuss
your enforcement options. RS
By Mark Morgan,
CA•CIRP, CIRP
and Jane Woo, CIRP
Mr. Morgan and Ms. Woo are
Trustees in Bankruptcy with Torontobased A. Farber & Partners Inc.
Their practice focuses on consumer
and small business insolvency.
RECIDIVISM
:
The Revolving Door of Bankruptcy
C
onsumer debt is being accumulated at an unprecedented rate.
In fact, the Bank of Canada
estimates that Canadian consumers now
owe more than $750 billion to their
creditors. CIBC reported that consumer
debt rose by 3% in the first quarter
of 2008 alone — helping to push the
debt to income ratio for consumers to
130% from 122%. A portion of this
debt is being generated by people who
have already been discharged from a
bankruptcy proceeding. Increasingly,
previous bankrupts are again incurring
debt to acquire these “must-have” items,
often with the enthusiastic urging of
highly competitive financial institutions.
It is clear that taking on more debt than
one can afford to pay back is an undesirable
behaviour. It most often results in the need
for bankruptcy or some other insolvency
proceeding. The negative consequences
include surplus income payment requirements, a severe impact on one’s credit
rating and potential court sanctions for
fraudulent conveyances. The financial
counselling that is required through the
bankruptcy process is designed to train the
debtor to eliminate ill-advised behaviour.
Yet our industry has seen rising rates
of recidivism (in the form of repeat
bankruptcy filings) over the past decade
with no signs of slowing down in the
coming years. Is there anything that
we can do to reduce recidivism and
rehabilitate the consumer debtor?
appears to be a lack of consistency in the
courts where discharge orders and the
sanctions imposed for various bankruptcy
offences differ among jurisdictions.
Certain jurisdictions are tougher on
gambling offences while others are
tougher on repeat bankrupts. While no
two bankruptcies are the same, tougher
and more consistent sanctions may
provide the appropriate negative consequences necessary to reduce recidivism.
We see five possible strategies that
could help reduce recidivism over the
long term.
More involvement from creditors: The
bankruptcy system is in place to provide
the “honest but unfortunate debtor” with
a second chance. In many cases of repeat
bankruptcy, the issue of whether or not a
debtor is “honest but unfortunate” should
be examined more closely.
Improve consistency of sanctions
imposed in discharge orders: There
Creditors possess a large amount of useful
information, including details of spending
Volume 8 Issue 1
Rebuilding Success
51
RECIDIVISM
habits, pre-bankruptcy assets and income.
This information may indicate that a
consumer might have contributed to their
insolvency, or committed a bankruptcy
offence. In such circumstances, they
should provide the trustee with the
evidence for further investigation and/or
oppose the discharge. This would allow
the trustee or the court to impose the
appropriate sanctions. While creditors
have the right and the ability to oppose a
bankrupt’s discharge, in very few instances
is this currently happening.
It is unrealistic to assume that just two
sessions with a qualified counsellor are
sufficient to correct years of bad habits.
When a bankrupt has a substance problem
or some other addiction, we require them
to attend regular counselling to deal
with these issues. Perhaps we should
consider the appropriateness of requiring
mandatory monthly counselling over the
course of the bankruptcy. This may better
prepare the bankrupts to handle the
constant barrage of advertising to spend
money they do not have.
Improve or expand the counselling
process: Bankruptcy is designed to be a
rehabilitative process wherein consumer
debtors are provided with a fresh financial
start. The bankrupts are given two
mandatory financial counselling sessions
to help them avoid financial difficulties in
the future.
Education: The education system is not
currently equipping our youth with the
financial tools and knowledge needed
to survive in a consumer society. High
schools teach most of their students little
to nothing about personal financial issues
or budgeting. It is unlikely that anything
is taught about the benefits and risks
Senior Corporate Restructuring Associate
Our firm needs you!
Two openings: one in Edmonton, Alberta and one in Calgary, Alberta.
Our ideal candidate:
•licensedTrusteeinBankruptcyorcurrentparticipantinNIQPprogram
at a finalist level
•holdsaCA,CGAorCMAdesignation
Our firm:
WeareateamoftalentedprofessionalsinthreeAlbertacities.Weare
recognized by our clients and competitors for our professionalism, strong
ethicsandcreative,cost-effectivesolutions.
We offer:
•opportunityforautonomyandgrowth
•insightfulleadershipandskilledsupport
•anenvironmentwithanemphasison
professional development
•dynamiccolleagues
•competitivecompensation
Forward resume and letter of interest to:
JulieFredin,B.Comm.CGA,VPOperations
Email: [email protected]
Tel: 403.296.3292
www.alger.ca
Spring 2009
of consumer credit. Should this not be
a priority for our educational system
to tackle?
The materials our educational institutions would need are already available
from the Office of the Superintendant of
Bankruptcy (OSB). The OSB has created
a range of education aids (available on
their website) to assist in the education of
our youth. These various aids are mainly
designed for children aged five through
15, but also include a more detailed guide
for young adults attending post-secondary
institutions. These materials could be
made available in the public school system
to assist in teaching young Canadians on
how to avoid consumer debt difficulties.
Canada is a nation of diverse cultures
and backgrounds. Many Canadians are
born here and/or have had access to our
public education system. However, a
The Bank of
Canada estimates
that Canadian
consumers now
owe more than
$750 billion to
their creditors.
growing number of new Canadians have
immigrated here after their formative
educational years. They are immediately
exposed to a consumer society that
neither they nor their parents may have
previously experienced. How do they
learn to properly manage the credit that
is thrust upon them? New Canadians
should be provided with appropriate
education regarding the benefits and
risks of consumer credit as part of the
immigration process.
Amendments to the Bankruptcy and
Insolvency Act (BIA): Currently the
trustee has the discretion to require an
             
time bankrupt to receive an automatic
additional 12 months of surplus income
payments. This discretion is not being
discharge after 24 to 36 months. The
applied in a consistent manner within
term would depend on whether or not
provinces, let alone across the country. But
there is a surplus income requirement.
amendments to the BIA will standardize
This particular amendment may send
the surplus income requirements for both
mixed signals to potential second-time
the amount to be paid and the number of
bankrupts. The amendment removes the

months for it to be paid. This will require

risk of attendance at court if the minimum
that all bankrupts with surplus income be

standards and duties required of the
treated more equitably.

bankrupt are met. While this amendment
will likely reduce the extent of court
However, these amendments could also
resources being used, it may be sending
exacerbate the problem of recidivism.
The amendments would allow a secondthe wrong message to repeat filers.
Conclusions: Consumers associate bankruptcy less and less with the social stigma
it once had. Access to credit from the
increasingly competitive consumer debt
market has led to a consumer society
obsessed with buying at all costs. It is
increasingly common to see second- and
third-time bankrupts. Recidivism will
continue to be a problem as long as
society, creditors, the courts and the insolvency community allow it to be. It is time
we all put the brakes on recidivism and
took responsibility for implementing the
changes needed to the system. RS
CORPORATE
ASSETS INC


   
    
   
  

    





  
Volume 8 Issue 1
Rebuilding Success
53
ON OVERSEAS
ASSIGNMENT:
Transplanting Canadian Expertise
I
n the globalized economy, vast bridges need to be built among
dramatically different political systems and cultures. Insolvency
and restructuring professionals are part of the financial
construction teams doing that work; they travel overseas to share
knowledge, restructure foreign companies, or advise on the
development of an emerging country’s insolvency processes. In
return, they often gain valuable professional experience, enhance
their resumés and have an opportunity for personal growth.
Phil Clarke, a CIRP with the Halifax
office of PricewaterhouseCoopers Inc.,
began a one-year engagement in May
2008 in Kazakhstan in Central Asia.
His assignment, from a Canadian parent
company, was to do a look-see at an enterprise that was a joint venture between that
company’s Kazakhstan-based subsidiary
and a local Kazakhstan firm.
Phil Clarke, B.Comm., CIRP
Halifax office of
PricewaterhouseCoopers Inc.
Spring 2009
The Canadian parent company, Clarke’s
client, needed senior operational finance
experience to assess the situation, build
a plan, and execute it; the subsidiary’s director of finance was about to be
replaced, and the parent client “didn’t
have a clear understanding of some of
the issues on the ground... of the business
environment in Kazakhstan,” Clarke
explained. He had just done a secondment
as comptroller for a Canadian organization
under restructuring, and the Kazakhstan
assignment was similar — in theory.
Culture shock and language barriers
were his biggest challenges. Though
senior management spoke English,
sometimes-unreliable translators had to
be used with Russian-speaking locals.
Kazakhstan is among the world’s most
corrupt countries, credit is not routinely
used, physical infrastructure is shaky —
with brownouts a regular occurrence and
frequent phone system failures — and
“because the country is so new, you can’t
really rely on the rule of law. There’s no
guarantee of even the basic rights.” As
well, “the feel of communism, centralized
control, centralized thinking, is still pretty
strong” in this former Soviet republic, “so
you have to bridge that gap,” he said. “It
permeates everything.”
Clarke’s biggest worry, however, was
security. It’s not uncommon for foreigners
to be kidnapped and held for ransom. So
he set three conditions for going over: he
would fly Western airlines and be provided
safe, secure accommodations and a driver at
all times.
Rotating two weeks on location and two
weeks back home, Clarke built relationships among key stakeholders — from the
subsidiary’s CEO to local government. “A
big role was educating Parentco, saying
this is how it works on the ground, these
are the realities of process and timing,
etc.” Much of the communication was by
phone, email or instant messaging, which
lose nuances, he noted. “So communication was an issue.”
Clarke considers the assignment to have
been a “really impressive resumé builder.”
As the world becomes more economically
integrated, it becomes valuable “to have
first-hand experience on cross-border and
cultural issues and how they can have
such an impact.” What he will remember
most are the people with whom he
worked. Many of them understood how
business worked in Eastern Europe and
former Soviet republics, but they didn’t
grasp how the West does business. “There
was a lot of sharing of information and
mutual learning as well. This could be a
very marketable experience for me professionally,” he said. “I now have an appreciation of the challenges and nuances on
the ground.”
Guy Odhams, now Senior Vice-President,
Corporate, with Alger & Associates Inc.
in Calgary, was with KPMG Inc. when he
was assigned to South Korea from 1998
to 2001. He worked on a World Bank
project to improve restructuring expertise
among staff in local KPMG offices and
for a major bank in South Korea — in
the midst of a major Asian financial crisis.
The assignment offer was made to
employees by KPMG, and Odhams
was the one who volunteered. “Going
over there on short notice was a major
decision,” he noted, but he moved, with
Bank mandate lasted about a year, and I
was doing other engagements as well at
the same time.”
his family, for more than three years.
During that time, he helped develop a
KPMG-accredited local restructuring
department and worked on restructuring
some private companies as well. “It was
also an opportunity to sell KPMG restructuring and corporate finance services into
South Korea,” said Odhams. “The World
Odhams found that a major challenge
was “explaining restructuring techniques
to the bankers and the clients.” Crosscultural communication was a barrier.
CAIRP exclusive
CAIRP
CAIRP exclusive
exclusive
.
.
.
Group
Automobile and
Home Insurance
Program
Group
GroupAutomobile
Automobile and
and Home
Home Insurance
Insurance Program
Program
forfor
Members,
.
Partners
and
Staff
Members,
.
Partners
and
Staff
for Members, Partners and Staff.
aaquote
GetGet
a quote
at atwww.northcity.ca/CAIRP
Get
quote
atwww.northcity.ca/CAIRP
www.northcity.ca/CAIRP
or CALL
in Ontario
1-888-892-7176(Toronto
(Toronto 416-225-6000)
or CALL
in Ontario
1-888-892-7176
or CALL
in Ontario
1-888-892-7176 (Toronto416-225-6000)
416-225-6000)
Outside Ontario 1-877-787-7021
Outside
Ontario
1-877-787-7021
Outside
Ontario
1-877-787-7021
2175 Sheppard Avenue East, Suite 307,Willowdale, Ontario M2J 1W8
Sponsored by
Sponsoredand
by Restructuring Professionals
The Canadian Association of Insolvency
The Canadian Association of Insolvency and Restructuring Professionals
Sponsored by
The Canadian Association of Insolvency and Restructuring Professionals
Volume 8 Issue 1
Rebuilding Success
55
ON OVERSEAS ASSIGNMENT
“When you’re discussing Westerner to
Westerner, it’s quite easy to understand
what the other side is thinking. Where
you’re discussing cross-cultural, there
are different value systems and different
negotiating techniques.” Translators were
frequently used, with some better than
others. “Some tended to summarize, and
in restructuring every nuance matters.”
Guy Odhams, CA•CIRP, CIRP
Senior Vice-President, Corporate,
Alger & Associates Inc.
As well, being an outsider made building
trust more difficult. “In most societies,
it’s a relationship issue,” he noted, “and
in South Korea, you don’t build ‘fast’
relationships. They grow up over time.”
He overcame that by having local staff
vouch for him. Even so, “there was initial
resistance. But we did a lot of work for
them, provided a lot of information,
great value, and, in the end, did a lot of
work for the bank after the World Bank
mandate ended.”
but they work.” The family returned to
Canada annually for brief interludes, but
also vacationed throughout Asia, “so it
was a tremendous experience that way;”
as Odhams and his family “took away a
better understanding of other cultures.”
The experience, said Odhams, “vastly
widened my skill set in looking at other
approaches to problems, in better negotiating skills, and in the experience of international travel — very broadening, very
stressful, but obviously with the more
experience you have, the less stressful
it becomes.”
Odhams feels his major accomplishment
in South Korea was to leave behind “transplanted skills. I understood the insolvency
process a lot better, since I had to explain
every aspect of it. I also saw that the
Western system is not the only one that
works, that other systems are different,
CAIRPAd.eps 2/9/2009 9:01:59 AM
Fifth Annual Pan-Canadian Insolvency
and Restructuring Conference
C
October 1, 2009 - Fairmont Chateau Laurier Hotel, Ottawa, ON
M
Y
Mark your calendar!
CM
MY
CY
CMY
K
The National Bankruptcy and Insolvency Section
of the Canadian Bar Association will be hosting
the Fifth Annual Pan-Canadian Conference on
Insolvency and Restructuring Law, on October 1
in Ottawa.
Join members of the judiciary and leading
insolvency practitioners from across the country
Spring 2009
at this marquee event for a look at current and
future insolvency issues.
For more information, please contact Ashley
Woodford at the CBA National office,
613-237-2925 / 1-800-267-8860 ext. 186, or by
e-mail at [email protected].
Danute Jurksaitis, CGA, CIRP
Danute Jurksaitis embarked on a World
Bank project in 1996 for Deloitte &
Touche Eastern Europe to advise governments and courts on implementing
reform of bankruptcy law and practices
in Eastern Europe. The firm recruited
licensed trustees in bankruptcy for the
project and, wherever possible, trustees
who spoke the local language. When
Deloitte moved into the Baltics, she
accepted a two-year contract to work
with an international team of insolvency
professionals to co-ordinate seminars for
bankruptcy judges and court-appointed
administrators. “The judges were
without precedents and encountered
difficulty evaluating and approving
proposals submitted for restructuring of
insolvent enterprises,” noted Jurksaitis.
Property evaluation and net profit were
unfamiliar concepts to them.
 The work on the project and subsequent
engagements took her to Lithuania,
Latvia, Estonia, Romania, Poland and
Bulgaria. “I think the biggest challenge
was to go into post-Communist
countries and deal with every aspect of
developing professional practices and
career development for personnel,”
said Jurksaitis. It was a culture where
private property was “a novel concept”,
long-term goals did not extend beyond
one year, and Western standards
of professional ethics were lacking.
“We were told, ‘if you expect to do
business in this country, we have certain
local customs.’”
 As a Lithuanian-Canadian, Jurksaitis
personally found it “disappointing
what my people had learned from the
Soviets. But that was a means of survival
for them.” What she remembers vividly
about her posting is learning about
life during the Soviet occupation —
the anti-Western propaganda and the
deplorable living conditions.
Ultimately, she felt she did break
through the wall of incomprehension
about basic Western concepts. “In some
respects, they taught us how presumptuous some of our practices are... they
work to live and many Westerners went
over there like bulls in a china shop to
convince them they should learn to live
to work. They were very selective in the
amount of ‘Americanization’ they were
willing to accept.”
The experience proved to be a career
setback for Jurksaitis because she was
absent from the Canadian practice for
two years and “at the time, in 1998,
there was very little interest here in what
was going on over there. The global
community had not yet evolved.” Today,
the experience is “almost obsolete information,” although she does believe she
gained valuable insight into European
personalities and priorities. 
For all three CIRPs, working abroad
provided an opportunity for personal
growth and an awareness of how Canada’s
expertise in insolvency and restructure can
be useful to emerging markets. RS
AUCTION SERVICES
• Unreserved Auction
• Net Minimum Guarantee
• Complete Asset Purchase
• Online Sales
• Sealed Bid Tenders
LIQUIDATIONS
• Complete Management of Liquidations Retail, Commercial, and Industrial Sectors
APPRAISALS
Reid’s Auction Canada Inc. offers CPPAG Certified Appraisal Service
EXPERIENCE
Real Estate, Transportation, Printing, Restaurant, Automotive, Construction,
Retail, Industrial, Commercial Oil & Gas, Food Production, Hi-Tech Grocer
CLIENTS
Financial Institutions, Insolvency and Restructuring Professionals,
Law Firms, Government, Public & Private Corporations
Private equity investment / distressed opportunity investor
(transactions sizes $1 Million - $999 Million)
Rene Hajas
4636 1st Street S.E.
Calgary, AB T2G 2L2
[email protected]
www.reidsauctioncanada.com
Phone: (403) 287-1900
Cell: (403) 617-3597
Toll Free: 1-877-481-1900
Fax: (403) 287-9475
Reid’s Auction - 4636 1st Street S.E., Calgary, AB T2G 2L2
Phone: (403) 287-1900 n Toll Free: 1-877-481-1900 n Fax: (403) 287-9475 n [email protected]
Volume 8 Issue 1
Rebuilding Success
57
Rebuilding
Success
Advertisers Index
Heenan Blaikie LLP................30, 31
www.heenanblaikie.com
Hillmount Capital........................37
www.hillmount.ca
Hodgins Auctioneers....................25
www.hodginsauctioneers.com
KPMG Inc. .................................39
www.kpmg.ca
Lawson Lundell LLP.....................23
www.lawsonlundell.com
Lexfund Management Inc. ..........17
Aird & Berlis LLP.........................49
Chaitons LLP...............................27
www.lexfund.ca
Alger & Associates Inc. ................52
Corporate Assets Inc. ...................53
www.lormit.com
Asset Inc. ....................................... 9
Danbury Sales Inc. ......................40
www.mccarthy.ca
BDO Dunwoody Limited............46
Dye & Durham Corporation
.......................... Inside Back Cover
McNiven Law Office....................25
North City General
Insurance Brokers.......................55
Empire Auctions Inc. . .................33
Promeric Technologies Inc. ..........19
www.airdberlis.com
www.alger.ca
www.asset.net
www.bdo.ca
www.chaiton.com
www.corpassets.com
www.danburysales.com
Lormit Personal Services...............14
McCarthy Tétrault LLP.................. 4
Boyne Clarke................................33
www.boyneclarke.ca
CAIRP Continuing Education ....29
www.dyedurham.ca
www.cairp.ca
Ernst & Young LLP........................ 3
Canadian Bar Association /
L’Association du Barreau
Canadien ...................................... 56
www.ey.com
Raymond Chabot Grant Thornton
....................... Outside Back Cover
Firstbrook, Cassie & Anderson
......................... Inside Front Cover
www.rcgt.com
Reid’s Auction Canada Inc............57
Canadian Black Book ..................58
Fraser Milner Casgrain LLP..........15
Spergel & Associates Inc. .............18
Cassels Brock & Blackwell LLP....50
Gilbert McGloan Gillis LLP.........45
Taylor Leibow Inc. . .....................24
Century Services Inc. ...................25
Grant Thornton............................41
The Storage Yard Ltd. ..................24
www.cba.org
www.canadianblackbook.com
www.casselsbrock.com
www.centuryservices.com
www.empireauctions.com
www.fcainsurance.com
www.fmc-law.com
www.gmglaw.com
www.GrantThornton.ca
We’ve got your value. We’ve got your value. Printed or online. Printed or online. Updated 26 times a year. Updated 26 times a year. Wholesale and retail values. Wholesale and retail values. Current editions or archives. Current editions or archives. Residual forecast values. Residual forecast values. Portfolio analysis. Portfolio analysis. Contact us for a subscription or a free trial. Contact us for a subscription or a free trial. www.CanadianBlackBook.com www.CanadianBlackBook.com 1 800 562 3150 1 800 562 3150 58 Rebuilding Success
Spring 2009
www.northcity.ca
www.promeric.com
www.uptownsalesinc.com
www.spergel.ca
www.freshstartnow.ca
www.thestorageyard.ca
Canadian Black
Black Book
Book
Canadian
Remove the guess work from Remove the guess work from automotive values
automotive values
A Subsidiary Company of 0838513 B.C. Ltd.
Real Property
Filing
Process
Service
S OLVE
I NSOLVENCY.
Court
Filing
Full Support
1-800-661-1811
www.dyedurhambc.com
www.myetray.ca
Enfin!
Une carrière à la hauteur
de vos attentes.
Nous sommes à la recherche de candidats désireux de se joindre
à une équipe jeune et dynamique. Une opportunité combinant
valorisation et appréciation vous attend au sein de notre groupe
Redressement et insolvabilité.
CODE
POSTE
LIEU
R8-030
Assistante – Insolvabilité
Laval
R8-023
Assistante – Insolvabilité
St-Georges
R8-027
Assistante – Redressement et insolvabilité
Montréal
R8-031
Commis de bureau – Insolvabilité
Chicoutimi
R8-044
Commis de bureau – Insolvabilité des particuliers
Brossard
R8-036-42 Conseillers(ères) – Insolvabilité des particuliers
Rive-Sud, Montréal, Rive-Nord
R8-035
Directeur adjoint – Insolvabilité
Laval
R8-032
Directeur adjoint – Redressement
Québec
R8-002
Directeur adjoint – Redressement et insolvabilité
Montréal
R8-022
Directeur adjoint – Redressement et insolvabilité
Ottawa/Gatineau
R8-029
Syndic – Insolvabilité des particuliers
Brossard
R8-046
Technicien(ne) – Insolvabilité
Trois-Rivières, Montréal
Pour d’autres offres d’emploi et de plus amples renseignements, visitez
notre site Internet au www.raymondchabot.com/carrieres.
Raymond Chabot Grant Thornton et sa filiale Raymond Chabot inc. œuvrent
depuis plus de 25 ans dans les domaines de l’insolvabilité des particuliers,
de l’insolvabilité des compagnies et du redressement d’entreprises et forment
le plus important groupe au Québec dans ces domaines.
Sophie Racine
Conseillère principale
Ressources humaines
www.raymondchabot.com/carrieres 1 866 322-8585
2006-276 PUB RH 7X9,5.indd 1
1/7/09 7:24:58 AM

Taking Their Place - Voir la biographie

Transcription

Documents pareils

Bankruptcy and Insolvency Records Search Results

TABLE OF CONTENTS / TABLE DES MATIÈRES

Bankruptcy and Insolvency (BIA) Records

Non disponible - Home | Hertech Industries Inc.

Stephanie Ben

résum é — table des matières

Exelis Vehicle Remote Control Unit (VRCU) - French

actualité procédures collectives civiles et commerciales

Visa n° 16 – 226 du 3 juin 2016. - Société : GILEAD SCIENCES, INC

MERCI À NOS COMMANDITAIRES 2014!