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February 2017 Archives

Commercial landlord remedies: Terminating the lease and re-entering

When a tenant defaults on rent, one of the remedies available to commercial landlords is that of terminating the lease and re-entering to take back possession. The Commercial Tenancy Act contains rules to regulate this remedy. When exercising this right, landlords do well to ensure that their actions are carried out closely in accordance with the Acts provisions.

Priority of creditors in bankruptcy

Under section 70 of the Bankruptcy and Insolvency Act (BIA), when a debtor assigns into bankruptcy, or is adjudge a bankrupt by a court, and subject to the rights of secured creditors and other provisions of the BIA, all of the debtor's non-exempt assets pass to and become vested in a Licensed Insolvency Trustee. The trustee will realize on the assets and, together with any other proceeds generated in the course of the bankruptcy, distribute the proceeds to creditors. However, not all creditors are treated equally.

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