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ARTICLE · 13 SEPTEMBER 2023

Asserting Limitation Period Defences In The Bankruptcy Context

Aird & Berlis LLP
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The Court of Appeal for Ontario in AssessNet Inc. v. Ferro Estate, 2023 ONCA 577 recently considered when an action commenced in respect of a claim that has been assigned pursuant to s. 38 of the Bankruptcy...

CanadaInsolvency/Bankruptcy/Re-Structuring
Matilda Lici
Matilda Lici
Sam Babe
Sam Babe
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The Court of Appeal for Ontario in AssessNet Inc. v. Ferro Estate, 2023 ONCA 577 recently considered when an action commenced in respect of a claim that has been assigned pursuant to s. 38 of the Bankruptcy and Insolvency Act (the "BIA") will be statute-barred under the Limitations Act, 2002 (the "Limitations Act"). Being a creditor of the bankruptcy estate of Lucio Anthony Ferro, AssessNet Inc. (the "Appellant") asserted a claim against an accounting firm and an employee thereof (the "Respondents"), collectively being the former bankruptcy trustee of Ferro's estate (the "Original Trustee"), for their alleged acts and omissions in the administration of Ferro's bankruptcy.

Ferro made an assignment in bankruptcy in March 2015. He was the principal of a law firm to whom AssessNet supplied medical reports for its clients' personal injury claims. The principal of AssessNet was appointed as one of two inspectors of the bankrupt estate. In November 2015, the Original

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