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Inside Internal Controls

News and discussion on implementing risk management

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2019

Allegations and investigations

What we should all note from the news is that a failure to perform an appropriate investigation is a serious source of risk to any organization.

 

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Compliance with the Quebec language requirements for display of trademarks to be ‎mandatory on November 24, 2019‎

This information bulletin addresses the language requirements pertaining to display, in a language other than French, of trademarks on real estate in Quebec.

 

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Ways to maintain proper books and records

A recent Tax Court of Canada (“TCC”) decision, Promised Land Ministries v. The Queen[1], serves as a reminder to charities of the importance of maintaining proper books and records.

 

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KPMG studies ERM and gets some things right but misses the key point

There’s some good material in KPMG’s Enterprise Risk Management Benchmarking Study, subtitled Evolving to an active, integrated and agile approach amidst change and disruption.

 

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Keeping things in context: B.C. Court of Appeal considers the roles of context and public debate in defamation cases

The B.C. Court of Appeal’s recent decision in Northwest Organics, Limited Partnership v. Fandrich demonstrates the importance of keeping things in context when determining whether an allegedly defamatory statement has a defamatory meaning.

 

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Prompt payment legislation in British Columbia: Long overdue?

The federal government and several provinces have now each proposed or enacted legislation to create “prompt payment” regimes for construction projects.

 

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Ten tips to a better month-end close

A better month-end close is possible. Like clockwork, a calendar month ends and in honour of this unchangeable fact, you must update the general ledger and prepare financial statements and management reports. The practical tips below can reduce stress, shorten the month-end cycle, increase accuracy and otherwise improve month-ends:

 

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New B.C. Business Corporations Act transparency register requirements: A primer

Beginning on a date to be announced, privately-held B.C. Business Corporations Act (“BCA”) companies ‎will be required to maintain a “transparency register” of “significant individuals”, being individuals who:‎

 

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The board and cyber security

There’s another useful article on Forbes. How to talk to the board about cybersecurity is written by an experienced CIO, John Matthews. Here are some useful excerpts with my highlights:

 

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Alberta Court of Appeal confirms super-priority status of restructuring charges

There were conflicting decisions from Nova Scotia (Rosedale) and Alberta (Canada North) on whether it was possible for CCAA and BIA created super-priority claims to rank senior to the Crown’s deemed trust claims under the fiscal statutes.

 

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Listing in the REIN: Cruel and unusual punishment under the Charter?

Does the automatic listing in the Register of enterprises ineligible for public contracts (REIN) constitute cruel and unusual punishment within the meaning of section 12 of the Canadian Charter of Rights and Freedoms?

 

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Court highlights value of first-settling defendant co-operation in “ice breaker” settlements

In a recent decision from the Ontario Superior Court of Justice, Di Filippo and Caron v. Bank of Nova Scotia et al, 2019 ONSC 3282 (Di Filippo), Justice Belobaba approved an “ice breaker” settlement in a price-fixing class action despite the “token” settlement amount — which represented less than 6% of the settlement paid by the same defendants in parallel proceedings in the U.S. — on the basis of the “inestimable value” of the first-settling defendants’ agreement to co-operate with class counsel.

 

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Recognizing tax implications for damage awards

THD Inc. c. Sa Majesté la Reine (2018 CCI 147), a recent Tax Court of Canada decision, provides a fresh reminder for lawyers to be mindful of potential tax implications of damage awards.

 

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Risk and the lemonade stand: how it matters in the simplest settings

This is a ‘risk management’ challenge. What are the parents’ objectives and how would you go about assessing whether the likelihood of achieving them is acceptable and, if not, what actions to take?

 

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Post-filing suppliers do not implicitly benefit from any priority on the proceeds of sales of assets in CCAA proceedings

The Québec Court of Appeal confirmed that unpaid post-filing suppliers, which had neither sought a court-ordered charge to secure their post-filing claims nor availed themselves of their right to stop supplying goods or services to the debtor, cannot claim an implicit priority on the proceeds of sales of assets in proceedings under the Companies’ Creditors Arrangement Act proceedings.

 

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