On January 1st 2020, the Small Claims Limit in Ontario increased from $25,000 to $35,000.
Creditors can now sue larger outstanding debts in the Ontario Small Claims system which could mean a quicker collection result.
No matter how much you are owed though the debt collection questions remain – is it worth suing? And, will a judgment enable you to collect? These are questions a professional collection agency can often answer before a creditor spends time and money on a court process.
On June 22, 2017 Sears Canada Inc. applied to the Ontario Superior Court of Justice for protection from its creditors. The application was made under the Companies’ Creditors Arrangement Act (or as it is known – the CCAA). This is an act that allows companies with a large amount of debt to seek court protection from its creditors while it works on making some sort of formal offer to its creditors for payment or settlement of all its debt.
CGI Credit Guard Inc. will, once again, take part in the Credit Institute of Canada’s biennial National Credit Conference, being held June 13 to 16 at the Pan Pacific Hotel Vancouver.
The Credit Institute of Canada’s National Conference is an excellent opportunity to network with other credit managers, some likely to be working in the same industry as yours, and to keep up to date with industry changes and best practices. Learn credit management skills that could save your company money by delivering profits to your business through effective credit management.
Visit us at CGI Credit Guard’s exhibition booth at the conference centre or take part in the institute’s famous National Golf Tournament, which our agency has been proudly supporting for many years.