|The global pandemic of the disease caused by a novel coronavirus, COVID-19, has caused unprecedented disruption to global supply chains and consumer demand and resulted in government-mandated restrictions to almost all businesses. Many companies, small and large, are facing insolvency and forced to make rapid decisions about what steps that they should take.
Directors of companies have certain obligations under both common law and the laws of Canada and the provinces. In addition are specific obligations and liabilities that arise when a company is insolvent or close to insolvency. This article is intended as a general overview of such obligations under Canadian law and the laws of British Columbia and Alberta and does not constitute legal advice. Contact Lawson Lundell’s Insolvency and Restructuring Group for specific advice.
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Members of Lawson Lundell LLP’s Insolvency and Restructuring Group have considerable experience in advising businesses, creditors and individuals in insolvency proceedings of all sizes and complexity. Contact our partners for further information on how we can assist your company with the insolvency process, whether you are considering filing yourself or are a creditor to a company or individual who has.
NOTE: Due to the rapidly changing legal landscape with respect to COVID-19 and our government’s response to the pandemic, please understand that any blog posts written in the past may not reflect the current applicable obligations, rights and benefits of employers and employees.