As part of a multinational commitment to end hidden ownership of companies, there are new requirements under the Business Corporations Act (British Columbia) (the “Act”) regarding beneficial ownership and control of companies which comes into effect May 1, 2020.
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.
As you may be aware, as part of a multinational initiative to combat money laundering and tax evasion, there are new requirements under the Canada Business Corporations Act regarding beneficial ownership of federal corporations.
There are innumerable reasons that parties may find themselves co-owning real property with friends, family or business partners and just as many reasons why that co-ownership relationship may turn sour.
While a contract can be formed by any combination of communications and oral and verbal agreements, it remains the most prudent course of action to reduce a contract to writing to avoid any ambiguities about what has or has not been agreed to.
In my previous article, Builders Liens: Strict Compliance or Lose Your Lien, I explored how a family company lost its lien rights by making the mistake of pursuing its lien in the name of its principal rather than the company.
In a number of previous articles, I have explored some of the difficulties encountered where parties fail to properly set out the contractual terms that dictate the rights and responsibilities between them.
As discussed in a previous article, settlement agreements are effectively contracts which can be enforced through legal action and replace whatever legal, contractual or equitable rights were involved in the fight that preceded settlement.
As discussed in my previous article, Invitations to Tender: Why it is Important Both Bidders and Solicitors to Follow Proper Process, the solicitation of bids for public projects must follow a fair and transparent process.
Settlement agreements that conclude litigation are often reached once the parties have gotten to a point of a loss of faith in one another or a complete breakdown in whatever relationship they may have enjoyed pre-litigation.
The purpose of security in a commercial financing transaction is to give the lender comfort (or security) that the lender will have access to assets if the borrower fails to meet its repayment commitments.
Most financial advisors provide exactly the kind of service you would expect: they provide you options for investing your money and inform you of the risks and rewards involved with choosing an investment vehicle or personal financial restructuring.
One of the earliest legal decisions founders of a new enterprise must make is one which has repercussions throughout the lifetime of the business. That decision is known as the choice of entity. When it comes to choosing a business structure, there is no such thing as “one-size-fits-all”. As such, lawyers and their clients must […]
A not-for-profit organization in Canada that wishes to incorporate can choose to incorporate provincially/territorially (under the legislation of a specific province or territory), or federally (under Canadian federal legislation). There are reasons to choose one form over another and we will discuss those benefits in a later article. In this article, we will focus on […]
There is an old saying that an ounce of prevention is worth a pound of cure. This is almost never truer than when it comes to getting timely and competent legal advice. Very often people find themselves seeking the assistance of a litigator because at the beginning of a transaction or when a person became […]
From Our Business Law Group – Acting for Swankies Gourmet Hot Dogs to help them establish franchises in Canada and internationally. We are also assisting Swankies with trademark applications. Swankies’ first location is in Kelowna, but the gourmet hot dog restaurant is quickly expanding.Find out more about our Business Law Group: http://www.pushormitchell.com/service/business-law.
From Our Business Law Group – Acted for large northern BC timber product manufacturer in negotiating and finalizing agreements with an international lumber company. Find out more about our Business Law Group: http://www.pushormitchell.com/service/business-law
From Our Business Law Group – Acting as counsel for various parties in the fruit growing and wine industries, including land owners, wineries, fruit processing, marketing and packing facilities. Find out more about our Business Law Group: www.pushormitchell.com/service/business-law
From Our Business Law Group – Represented a major bank providing financing to various car dealerships throughout British Columbia, including preparing all necessary security documents. The loans ranged in amount from $2,000,000 to $15,000,000.Find out more about our Business Law Group: www.pushormitchell.com/service/business-law
From Our Business Law Group – Represented a Canadian mining company in the sale of its interests to a public American mining company.Find out more about our Business Law Group: www.pushormitchell.com/service/business-law
From Our Business Law Group – Act as corporate counsel for a Western Canadian oil and gas company with projects across British Columbia, Albert and Saskatchewan. Find out more about our Business Law Group: http://www.pushormitchell.com/service/business-law
From Our Business Law Group – Act as corporate and franchise counsel for national retail franchisor with over 200 franchise locations across Canada. Find out more about our Business Law Group: http://www.pushormitchell.com/service/business-law
Although there are commonalities, no two commercial financings are the same. Typically, your legal counsel is not involved until after you have signed a letter of offer or credit agreement with your bank setting out the business terms of the financing. That said, we are happy to help at this stage with advice regarding the security you are being asked to provide. Where the bank is taking security for their loan, they [...]
From Our Business Law Group – Negotiated and successfully completed a multi-million dollar asset sale on behalf of a helicopter company, which included assignments of federal leases, licenses and air operator certificates. Find out more about our Business Law Group: http://www.pushormitchell.com/service/business-law
Anyone who is contemplating selling their business should start the planning process early in order to maximize the value that a third party will pay. Part of that planning should include readying their business for the purchaser’s “due diligence” review. This due diligence usually takes place after signing of a letter of intent or purchase agreement, but before the purchaser becomes legally obligated to complete the [...]
From Our Business Law Group – Represented a developer in the completion and registration of an air space subdivision plan that resulted in the first air space parcel for a residential /commercial project in Kelowna. Find out more about our Business Law Group: http://www.pushormitchell.com/service/business-law
From Our Business Law Group – Represented a family owned company in its buy out of family members including negotiations of the terms of the transaction. Find out more about our Business Law Group: http://www.pushormitchell.com/service/business-law
From Our Business Law Group – Negotiated and successfully completed a multi-million dollar refinancing for a hotel chain. Find out more about our Business Law Group: http://www.pushormitchell.com/service/business-law
We often get asked if oral contracts are enforceable. Generally, they are. The problem is proving the existence of the oral contract should you ever have to do so. We always recommend reducing your agreement to writing, but a court will enforce an oral agreement if you can provide enough evidence of the agreement. In addition to making it easier to enforce your agreement, putting an agreement in writing usually results in the parties [...]
From Our Business Law Group – Acted for a major Canadian Chartered Bank to secure a multi-million dollar financing package for a real estate company for its construction of a new multi-story commercial centre. Find out more about our Business Law Group: http://www.pushormitchell.com/service/business-law
From our Business Law Group – Completed transaction involving the purchase, sale, leasing and financing of commercial aircraft. Find out more about our Business Law Group: http://www.pushormitchell.com/service/business-law
From our Business Law Group – Represented a local start-up technology company which included assisting the company with its incorporation, extra-provincial registration and initial financing rounds. Find out more about our Business Law Group: http://www.pushormitchell.com/service/business-law
A few brief summaries of some sample selected transactions or continuing client relationships. Inclusion in the list has been authorized by our clients: Represented a family owned company in its buy-out of family members, including negotiation of the terms of transaction. Acted as British Columbia counsel to a Western-Canadian pharmacy chain in its recent financing. […]
Operating a business through a corporation is a long-standing and acceptable form of protecting individuals from claims of creditors of the business. Likewise, holding high-value investment assets (such as real estate or a stock portfolio) in a separate holding is a legitimate way to protect the value of those investments from future creditors of an operating company. But, as was demonstrated by the British Columbia Court of Appeal in [...]
As business lawyers, we are often asked to clarify the role of the board of directors of a corporation. The general role of directors is to supervise the management of the business and affairs of the corporation. The functions of the directors include:
Small businesses across British Columbia now have a free, comprehensive resource to boost their business-planning efforts and foster an online community of information and support, thanks to the Irving K. Barber Learning Centre at the University of British Columbia. The Small Business Accelerator, which launches today at www.sba-bc.ca, is a new gateway to business information […]
The 28th Angel Forum will be held in Vancouver on October 19. If your company is looking for investors, consider the 28th Angel Forum on Oct 19 in Vancouver. Here are the direct results so far from the 27th Angel Forum in May, despite the declining venture markets: Indel Therapeutics got $175,000 of commitments from 2 […]
Every once in a while it is a good idea to dust off copies of your major contracts and take a look and see what they say. What is considered a major contract varies from business to business, but some of the usual suspects include major suppliers, major customers, key employees, commercial leases and equipment leases. Major contracts are those which present the greatest benefit and pose the greatest risk to your business. [...]
In November’s issue of Legal Alert, we provided a brief summary of issues business owners should consider prior to selling their incorporated business. Our advice included starting the planning process early in order to maximize the value that a third party will place on the business. Part of that planning should include readying your business for a due diligence review by the purchaser. A purchaser’s due [...]
Studies have shown that a majority of Canada’s small business owners plan to retire within the next ten years. Many of these business owners plan to sell their business to either a family member or a third party. We believe that business owners hoping to sell should start the planning process as soon as possible.Asset Sale v. Share Sale