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As the global health crisis continues to erode the economic outlook, a material increase in credit agreement covenant defaults is inevitable.

In Aujla v. R., the Federal Court of Appeal considered whether two brothers could be held personally liable, as directors of Aujla Construction Ltd. (the Company), for taxes owed by the Company under the Excise Tax Act, R.S.C. 1985 (the “Act”). Subsection 323(1) of the Act provides that if a corporation has failed to pay the amounts owing under the Act, the directors of the corporation at the time of such failure may be liable for the amount.