Bankruptcies

Originally posted 18 August 2016 Equifax Canada, one of Canada's largest consumer debt rating monitoring firms,  released today (18 August) information about average debt and delinquency rates by age categories, major city, and provincial breakdowns. In Calgary, the average debt level (excluding mortgages) was the highest in Canada at $28,572 up by only 1.2 per cent year-over-year.  This was, significantly, the smallest increase in Canadian cities.  Calgary's delinquency rate at 1.1 per cent was the same as the average Canadian delinquency rate. The delinquency rate for Calgary rose by 32.2. per cent year over year, the second fastest in the country. (more…)

Redwater Resources -Update Originally published 21 May 2016 The Alberta Court of Appeal on 24 April upheld Justice Wittman's judgment supporting Grant Thornton as receiver in the Redwater Resources case. The Redwater court decision promises to become a showdown between the capacity of lenders to realize on the security of oil wells versus the rights of the Crown, the owner of the resource and the regulator. In a densely worded 58 page decision, Mr. Chief Justice Neil Wittman of the Alberta Court of Queen`s Bench ruled in favour of the trustee in bankruptcy of Redwater Energy Corporation, a secured creditor of Alberta Treasury Branches (ATB Financial- was owed $5.072 million). The highly anticipated decision favoured creditors`rights over environmental regulation.  According to Just...