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.Continue
Collection News Matters
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.Continue
On June 1st, the Small Claims Limit in BC increased from $25,000 to $35,000.
Creditors can now sue larger outstanding debts in the more streamlined BC Small Claims system which could mean a quicker collection result.Continue
The Ontario Government has introduced legislation that will extend the time limit allowed to file a construction lien if invoices remain unpaid.
Assuming the legislation becomes law, the new time limit to file a construction lien in Ontario will increase from the current 45 days to 90 days. The time limit to sue in court to enforce the lien will also increase from 45 to 90 days. The Attorney General’s office says it expects the new regulations to take effect in 2018.Continue