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Protecting Your Interests in a Partnership Dissolution

One of the ways to form a business in Canada is through a partnership. Unlike a corporation, however, a partnership is not a separate entity, so the partners themselves are liable for any debts or legal obligations.

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Can I Get Out of Student Loan Debt by Filing for Bankruptcy?

Student debt in Canada now surpasses $18.2 billion just in government-backed student loans. If you factor in private loans, the total will be much higher. The average federally-backed loan currently comes in at $26,075.

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What to Expect If You Claim Insolvency

If your business in or around Toronto, Canada, is struggling financially and falling back in payments to creditors, the federal government has established two main legal avenues for resolving your problem.

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Preparing for Bankruptcy

Bankruptcy is a scary word, invoking visions of losing everything and having to start over in life with nothing, but that is almost never the case.

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Understanding Creditor and Debtor Rights

According to the Office of the Superintendent of Bankruptcy (OSB), personal insolvencies in Canada fell almost 30 percent during the height of the pandemic in 2020, from 137,178 filings to 96,458. In Ontario, filings fell by 10,860, or 24.2 percent. In both Canada as a whole and in the Province of Ontario, the highest percentage of filings by age group were by those 35 to 39 years old.

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What You Need to Know About Fiduciary Duty

When we hear the term fiduciary obligation, or fiduciary duty, perhaps the first thing that comes to mind is that of a broker or investment counselor caring for someone else’s money.

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Important Steps to Take When Your Business is Being Sued

If you run a business, the unexpected – and unwanted – can happen at any time. A supplier, a customer, a partner, an employee, or another party may slap you with a Statement of Claim. In other words, your business may suddenly be facing the prospect of a lawsuit.

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The Importance of Indemnity Clauses

Indemnity clauses are common in commercial and professional contracts. They are found in purchase and sale agreements for goods and services, supplier-distributor agreements, leases, property and business purchases, construction contracts, and more.

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Understanding Creditor and Debtor Rights

Many creditors in Canada hire third-party collection agencies to collect a debt. Having your debt turned over to a collection agency can be a nightmare. It is not uncommon for collection agencies to harass debtors and use dishonest, threatening, and other unfair (and illegal) practices when attempting to collect a debt.

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Pay Day Loans...the Debt that keeps on Giving

On almost every bankruptcy and proposal that passes by me, I see multiple pay day loans. Cash this, money that, they all have creative signs, funny dancing mascots, promised promotions, and spiffy commercials.

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