An Update on Criminal Interest Rate Amendments in Canada bennettjones.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bennettjones.com Daily Mail and Mail on Sunday newspapers.
Discover the implications of the Alberta Court of Appeal s decision in the Qualex-Landmark case, which limits the application of the Redwater ruling on environmental priority. Explore how this ruling affects environmental remediation claims, secured creditors, and private litigation in Alberta.
In the United States, corporate directors and, as confirmed by the Delaware Court in McDonald s Corp. Stockholder Derivative Litigation McDonald1, corporate officers owe, as a subset of their duty of loyalty, a duty to monitor and oversee the operations of a company. This duty of oversight is often referred to as the “Caremark” duty, named after the 1996 case establishing its parameters.2 A party seeking to bring a Caremark claim against a director and/or officer “must allege sufficient facts to support a reasonable inference that the fiduciary acted in bad faith.”3
As we previously reported in April 2023 in our blog, It s Official Proposed Criminal Interest Rate Amendments Introduced, the Government of Canada is proposing to lower the current criminal rate of interest to 35 percent. At the time, the Government indicated certain loans would be exempt from this lower rate. On December 23, 2023, the long-awaited exemptions were announced but were limited to certain commercial loans, pawn loans and payday loans. Importantly for many of our clients, a new exclusion from the criminal interest provisions for commercial loans over $500,000 will accompany the new lower criminal interest rate, if the proposed legislation is passed in its current form.
The Alberta Minister of Energy released Ministerial Order 043/2023 on March 16, 2023. The Order requires the Alberta Energy Regulator AER to take reasonable steps to confirm that a well licence applicant, transferee or transferor does not have outstanding municipal tax arrears exceeding a specific threshold amount.