Imperfections

1. Bulk Sales Exemption Order for Securitization 2. The Double Dip and Flip and Fifteen Day PMSI Rule 3. Invoice was Demand Obligation for Limitations Act, 2002 4. Ontario Statute Barred Debt Can be Used for BIA Claim 5. Personal Exemption for $5,000 in Owned Vehicle

1. Bill 55 - Finding Minister’s Orders and Registrar’s Orders 2. Amending Bank Act Security Priority Rules

Other Cases

1. GST Garnishment Served Pre-Bankruptcy Remains Effective Toronto-Dominion Bank v. Canada, 2012 SCC 1, 340 D.L.R. (4th) 400; on appeal from 2010 FCA 174 2. GST v. The Indian Act Robert Obonsawin v. The Queen, leave to appeal dismissed with costs, 34341 (February 9, 2012)

On February 6, 2012 the Ontario Bar Association through the work of the PPSL Subcommittee of the Business Section, issued its submission on perfecting security interest in cash collateral to the Government of Ontario.

1. The “Sovereign Man” - the shake-down 2. Auctioneer not liable for conversion 3. Deficient Collateral Description in Financing Statement 4. Delayed Payment Trigger did not Offend Limitations Legislation

Priority of Pension Trust Claim v. DIP Lender Re Indalex, 2011 ONCA 578, SCC leave to appeal granted December 1, 2011

1. Bill S-5: Section 427 Security vs. Unperfected Security Interest 2. New s. 10(2)(b) Interest Act Regulations

The Canada Revenue Agency released three new forms which are intended to assist Canadians in determining eligibility for reduced withholding rate on payments to non-residents of Canada.

The new UK Bribery Act’s extra-jurisdictional reach is wide enough to potentially apply to Canadian companies; Canadian companies are reminded that issues of corruption throughout their operations need to be carefully examined and addressed.