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ARTICLE · 26 MARCH 2014

It’s Time To Amend The Bank Act So Clients Can Collect On Judgments

Minden Gross LLP
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Ontario utilizes a "loser pays" legal system in which the losing party is usually ordered by the court to pay a portion of the successful party’s legal fees.

CanadaFinance and Banking
Minden Gross LLP
Minden Gross LLP
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Originally published on Slaw.

Ontario utilizes a "loser pays" legal system in which the losing party is usually ordered by the court to pay a portion of the successful party's legal fees. As a result, regardless of who wins, someone ends up with a piece of paper requiring the other party to pay money.

Assuming that the losing party does not voluntarily cut a cheque, a bank garnishment ought to be the most straightforward and direct means to collect. I emphasize the word "ought".

Put simply, once a bank is served with a Notice of Garnishment it is required to seize any funds the debtor holds at the bank and pay those funds (up to the amount owed to the creditor) to the sheriff. Ultimately the sheriff hands the money over to the creditor.

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