Corporate Finance Archives

Appointment of Receiver-Manager Warranted Where Critical Supplier Cannot Otherwise be Paid

In Precision Feeds Ltd. v. Rock Lake Colony Ltd. (decided 1994), the Manitoba courts approved the appointment of a receiver-manager to take control of a non-profit corporation owned by a Hutterite colony where an internal dispute resulted in an impasse resulting in an inability to pay a critical supplier, which threatened irreparable harm to the corporation.

When Legal Costs Exceed the Value of Assets, Insolvency Must Ensue

The 1998 decision of the Saskatchewan Court of Queen's Bench in Dyck v. Dyck marked the final chapter in the demise of the Dyck Historical Society, which was destroyed by the legal costs incurred in a fight amongst the members over what type of society it should be.

Distinction between the Appointment of a Receiver-Manager and an Independent Adviser

In Lee v. Métis Nation-Saskatchewan Secretariat Inc. (decided February 2017), the Saskatchewan Court of Queen's Bench held that a firm of chartered professional accountants had been appointed as independent oversight advisers of a non-profit corporation established under The Métis Act (Saskatchewan) and that, therefore, the powers of the corporation's board had not been suspended under The Non-profit Corporations Act (Saskatchewan).

A Primer on NFP Corporate Finance

There are both similarities and differences between the financing techniques and options open to not-for-profit corporations and for-profit business corporations. Notably, NFP corporations cannot raise funds by issuing shares, as an NFP corporation is a corporation without share capital. Other differences and similarities are discussed below.

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