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News and discussion on implementing risk management

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Pre-judgment garnishment: A powerful but exacting tool

Pre-judgment garnishment is a powerful remedy that allows a creditor to secure their claims by garnishing funds owed to a debtor and holding them in court pending a further order or agreement of the parties.

 

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Rethinking internal auditing

In 1998, the magazine of the American Institute of Certified Public Accountants (AICPA), the Journal of Accountancy, approached the IIA. They said they wanted to write an article about progressive internal auditing leaders and (I thank them) the IIA pointed them to me.

 

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Practical legal advice and COVID-19: Relying on force majeure clauses or the doctrine of frustration

Until COVID-19, many business people had not heard about or given much consideration to force majeure clauses in their business contracts. Now, in the light of the COVID-19 outbreak across the globe, both force majeure clauses and the doctrine of frustration have become very relevant and much-discussed topics.

 

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COVID-19 issues: Frustration, subject-to clauses and contracts of purchase and sale

COVID-19 has resulted in a number of issues which put the performance of purchase contracts for real property at risk. Some of the more obvious concerns include reduced cashflows, layoffs, economic slow down, dropping housing prices and general inability to conduct business in ordinary fashion.

 

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UPDATE: Competition compliance during the COVID-19 crisis: Price-gouging, deceptive marketing and collusion

In a policy statement on April 8, 2020, the Commissioner of Competition acknowledged the extraordinary circumstances of the COVID-19 crisis and advised businesses that the Bureau would be unlikely to challenge good faith efforts at competitor collaboration that were aimed at responding to the crisis and meeting the essential needs of Canadians.

 

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Board oversight during the COVID-19 pandemic: A checklist for directors

The global COVID-19 pandemic and its rapid evolution has placed enormous pressure on organizations as they seek to adapt to the situation and communicate their response. It is crucial that boards and management collaborate to find the best way forward for the organization.

 

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Alberta government announces relief for energy industry

Alberta oil and gas producers, who are dealing with both historically low commodity prices and the COVID-19 crisis, received some relief from the Alberta government over the last several weeks as the Government announced several measures designed to reduce and defer producers’ costs and ease the administrative burden on producers.

 

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Transfer pricing & APA considerations during an economic disruption

At times like this, when health and safety are at the forefront of everyone’s mind, tax planning, including transfer pricing, understandably, is generally put aside. However, in light of the potential economic downturn arising from the COVID-19 pandemic, it would be prudent for Canadian companies to consider transfer pricing matters at this time.

 

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Canadian tax – The new 75% wage subsidy

On April 11, 2020, the legislation implementing the Federal Government’s new Canada Emergency Wage Subsidy (“CEWS”) was enacted. The CEWS is a $73 billion subsidy intended to support the well-being of workers, maintain employment relationships and reduce claims on the employment insurance regime.

 

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Competition compliance during the COVID-19 crisis: Price-gouging, deceptive marketing and collusion

In response to the COVID-19 pandemic, Canadian businesses are facing unprecedented challenges in obtaining access to financing, maintaining their supply chains, serving their customers and keeping their employees healthy and safe. But as businesses struggle to maintain their normal business operations, they need to remain vigilant to ensure compliance with Canada’s competition and consumer protection laws.

 

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Blumbergs’ COVID-19 FAQs for registered charities and non-profits

This COVID-19 FAQ, provided by Blumbergs, deals with common issues affecting Canadian registered charities and non-profit corporations during the COVID-19 pandemic.

 

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Time to wake up to risk reality

For 11 years, the ERM Initiative at North Carolina University has surveyed executives (this year they were again all financial executives) about what they call “the current state of risk oversight processes in organizations of all types and sizes to obtain an understanding of the relative maturity of underlying activities executives and boards use to monitor the rapidly changing risk landscape”.

 

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COVID-19 market impacts and the risk of opportunism

The COVID-19 pandemic has taken a sledgehammer to stock markets, with the S&P/TSX 60 and S&P 500 each plunging approximately 20% during the first quarter of 2020. While boards and management must contend with a long list of pressing and unprecedented issues affecting business operations, they should also consider that the current drop in stock prices may fuel a wave of activism and opportunistic M&A activity once the immediate crisis subsides, and prepare accordingly.

 

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Protecting Canadian public companies from the potential class action fallout of COVID-19

One of the key metrics to determining how attractive a target a company is for class action lawyers is the length of the anticipated “class period” – i.e. the period between the date of the first misrepresentation and the date of the corrective disclosure.

 

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