http://www.creditgurublog.com Credit & Collection Management Weblog by CreditGuru.com Tue, 25 Aug 2009 23:13:23 +0000 http://backend.userland.com/rss092 en On January 1, 2010, the Small Claims Court monetary jurisdiction in Ontario will be increased from $10,000 to $25,000, pursuant to O. Reg. 439/08. This will bring Ontario in line with provinces like Alberta and British Columbia. [caption id="attachment_50" align="alignright" width="133" caption="Ontario Small Claims Court "][/caption] Currently in Ontario Small Claims Court you ... http://www.creditgurublog.com/?p=49 As part of the Fair and Accurate Credit Transactions (FACT) Act of 2003 the Federal Trade Commission (FTC), the National Credit Union Administration (NCUA) and the federal bank regulatory agencies together have initiated the ‘Red Flags Rules’ (regulations) that now requires financial institutions and creditors to implement written identity theft ... http://www.creditgurublog.com/?p=43 Feb 11, 2009: According to the latest stats released by the Office of the Superintendent of Bankruptcy for the year 2008, 6164 Business Bankruptcies were filed in Canada. This is a 2% drop from the year before i.e. 2007.   Although the absolute drop in numbers 2008 over 2007 is 2%, if ... http://www.creditgurublog.com/?p=40 Feb 09, 2009 Consumer Bankruptcies: Comparing 2008 numbers to 2007 The following numbers were released on Monday by the Office of the Superintendent of Bankruptcy Canada.     Number of Bankruptcies 2008 2007 % Change Newfoundland and Labrador 2 133 2 121 0.6 Prince Edward Island 444 297 49.5 Nova Scotia 3 970 3 487 13.9 New Brunswick 2 655 2 454 8.2 Quebec 28 317 25 072 12.9 Ontario 36 200 31 439 15.1 Manitoba 2 025 2 041 -0.8 Saskatchewan 1 451 1 463 -0.8 Alberta 6 066 4 768 27.2 British Columbia 7 293 6 651 9.7 Northwest Territories 22 31 -29 Yukon 27 20 35 Nunavut 7 3 133.3 Canada 90 610 79 847 13.5   Consumer bankruptcies in 2008 jumped up by 13.5% over 2007. In all of last year 90,620 Canadians ... http://www.creditgurublog.com/?p=37 What is Companies' Creditors Arrangement (CCAA)?  The Companies' Creditors Arrangement ("CC, double A" or “CCAA”) was legislated by the Government of Canada during the depression of the 1930's.   The Act allows financially troubled companies to file for financial and business restructuring. Under CCAA a financially distressed company (also referred to ... http://www.creditgurublog.com/?p=32 Sept 5, 2008: According to the latest Canadian Bankruptcy Statistics released by the Office of the Superintendent of Bankruptcy for the month of July 2008 business bankruptcies have declined by 4% over 2007 for the same 12 months period ending July 31, 2008. The total business number of bankruptcies for the ... http://www.creditgurublog.com/?p=22 [caption id="attachment_9" align="alignleft" width="276" caption="Notice Of Intent"][/caption] Commercial Proposals and Creditor's Rights There is a provision under Part III of the Canadian Bankruptcy and Insolvency Act (BIA) for an insolvent business to file a 'Proposal' with its creditors. In layperson's terms it is like making a modified arrangement with its creditors to ... http://www.creditgurublog.com/?p=10 Welcome to Credit Guru Blog. This is a blog sponsored by Creditguru.com for the corporate credit & collection community! http://www.creditgurublog.com/?p=1