First Reference company logo

Inside Internal Controls

News and discussion on implementing risk management

machine cogs image

Accounts payable and receivable

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.

 

, ,

IIROC defers collection of its fees for small and medium-size dealer firms

IIROC announced this week that it is deferring collection of its fees for small and medium-size IIROC dealer member firms in light of the COVID-19 situation. The deferral will benefit almost 90% of all IIROC dealers, but will only apply as follows:

 

, , ,

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.

 

, , , , , , ,

Everybody should be familiar with this

Scenario analysis is a method for creating responses to various future events with the aim of reducing uncertainty and maximizing the chances of achieving a desired outcome.

 

, , , , ,

COVID-19 update: Rent payment and commercial lease enforcement during the pandemic

In this brief update, we consider the last of the above remedies, being the landlord’s ability to terminate a commercial lease, re-enter and re-let the premises, in the context of the COVID-19 pandemic.

 

, , , , , ,

COVID-19: Updated consolidated briefing of federal/provincial measures

On March 20th, we provided you with a summary of the federal and provincial measures imposed in response to the COVID-19 pandemic. In this Bulletin, we provide an updated overview of the national action plan and select provincial measures, including the economic support measures imposed to date.

 

, , , , , , , , ,

COVID-19 and the law of frustration

Learn why you need to review your contracts and advocacy practices with Not-for-Profit PolicyPro

We are flying blind into this storm. The pandemic is certain to affect, and has already affected, all kinds of contractual relations. I think it possible, even probable, that COVID-19 will be held to be an “Act of God” and available to excuse performance of all kinds of contracts, contracts of employment and contracts of sale or supply.

 

, , , ,

COVID-19: Managing material contracts in crisis

Whether engaging external help or undertaking the process in-house, the checklist below can help organizations prioritize their contractual relationships and identify practical steps to manage material contracts through this current crisis.

 

, , , , ,

COVID-19 and force majeure: A word of caution

The insurgence of the novel COVID-19 pandemic and its ensuing effect on the domestic and global economies has required companies to consider potential remedies should they, or their counterparties, not be able to perform under contracts. One potential remedy is force majeure.

 

, , , , ,

Impact of COVID-19 on existing credit facilities

Access to existing debt facilities is one of the many potential impacts of the COVID-19 pandemic on the operations and financial health of organizations worldwide. In this article, we identify certain key risks and issues, along with pragmatic and legal steps that organizations can take to address their existing credit relationships and navigate through this difficult period.

 

, , ,

COVID-19: key issues every organization should consider

Competition law

The COVID-19 pandemic raises critical and unprecedented issues for all organizations. How an enterprise responds to these challenges will influence how it fares through the crisis and its positioning for recovery afterwards. We believe that the issues below warrant special attention by senior management and directors.

 

, , , , , , , , ,

COVID-19 Considerations from our bankruptcy & restructuring experts

Because of the speed with which the recent adverse circumstances have developed, businesses that may have otherwise been able to adapt may not have had an opportunity to do any meaningful contingency planning.

 

, , , , , ,

When a debtor puts assets out of reach: Use of fraudulent conveyance proceedings to recover debts

Getting a judgment isn’t the only challenging aspect of a legal dispute; collecting on a judgment can present a whole new set of challenges. Some parties actively make efforts to judgment proof themselves by alienating their assets. While such conduct can be appropriate, in certain circumstances it can trigger the Fraudulent Conveyance Act (the “Act”). The Act serves as a tool to help creditors get to assets that debtors have inappropriately alienated from themselves.

 

, , , ,

Pre-judgment garnishment: Full and frank disclosure is required

In my previous article, Prejudgment Garnishing Orders: Getting it Right, I discussed how pre-judgment garnishment is available to a party that is owed a debt so as to intercept funds intended for the party they are claiming against. I also discussed how that remedy is considered extraordinary and requires strict adherence to certain requirements.

 

, , ,

Construction disputes: A contractor’s right to be paid vs. owner’s claims for defective work

Learn why you need to review your contracts and advocacy practices with Not-for-Profit PolicyPro

It is one of the most common scenarios in construction litigation: work has completed, the contractor has rendered its final bill and an owner refuses to pay on the basis that there were delays or that there are defects or deficiencies with a contractor’s work. While contracts can and do provide allowances for such situations, that is not always the case.

 

, , , , , ,

Previous Posts