Richter & Associates Inc v. The Queen, 2005 TCC 92 -- summary under Paragraph 141.1(3)(b)

By services, 28 November, 2015

The trustee in bankruptcy for a company ("Castor") which had essentially only engaged in investing in high-yield loans brought an action in its capacity of trustee for the Castor estate against the former auditors ("C&L") for $40 million in damages for breach of contract, and also began a "litigation support business" of providing assistance to most of the creditors (the "Participating Creditors"), including hiring professionals and experts, in connection with their action sounding in negligence against C&L for $800 million in damages. Archambault J stated (at para. 38):

Given that Castor's main activities involved making exempt supplies, the activities of the Trustee would be deemed [by s. 141.1(3)(b)] not to be carried on in the course of commercial activities. Therefore, the costs of the litigation support services that the Estate enjoyed in prosecuting its own claim against C&L would not qualify for ITCs. … However, the portion of the services and properties in question that was acquired for the purpose of prosecuting the claims of the Participating Creditors would be considered to have been acquired in the course of commercial activities.

See summary under s. 141.01(2).

Topics and taglines
Tagline
action brought by trustee for bankrupt financial institution deemed to be not in course of commercial activity
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
332134
Extra import data
{
"field_legacy_header": "<strong><em>Richter &amp; Associates Inc. as trustee of Castor Holdings Ltd. v. The Queen</em></strong>, 2005 TCC 92 <strong>[action brought by trustee for bankrupt financial institution deemed to be not in course of commercial activity]</strong>",
"field_override_history": false,
"field_sid": "",
"field_topic_category": "seealso"
}