Determinants of bankruptcy protection duration for Canadian firms

The present thesis examines the determinants of the bankruptcy protection duration for Canadian firms. Using a sample of Canadian firms that filed for bankruptcy protection between the calendar years 1992 and 2009, we fmd that the firm age, the industry adjusted operating margin, the default spread, the industrial production growth rate or the interest rate are influential factors on determining the length of the protection period. Older firms tend to stay longer under protection from creditors. As older firms have more complicated structures and issues to settle, the risk of exiting soon the protection (the hazard rate) is small. We also find that firms that perform better than their benchmark as measured by the industry they belong to, tend to leave quickly the bankruptcy protection state. We conclude that the fate of relatively successful companies is determined faster. Moreover, we report that it takes less time to achieve a final solution to firms under bankrupt~y when the default spread is low or when the appetite for risk is high. Conversely, during periods of high default spreads and flight for quality, it takes longer time to resolve the bankruptcy issue. This last finding may suggest that troubled firms should place themselves under protection when spreads are low. However, this ignores the endogeneity issue: high default spread may cause and incidentally reflect higher bankruptcy rates in the economy. Indeed, we find that bankruptcy protection is longer during economic downturns. We explain this relation by the natural increase in default rate among firms (and individuals) during economically troubled times. Default spreads are usually larger during these harsh periods as investors become more risk averse since their wealth shrinks. Using a Log-logistic hazard model, we also fmd that firms that file under the Companies' Creditors Arrangement Act (CCAA) protection spend longer time restructuring than firms that filed under the Bankruptcy and Insolvency Act (BIA). As BIA is more statutory and less flexible, solutions can be reached faster by court orders.

Leaf from a Liturgical Music Manuscript for Holy Saturday

The text reads as follows: nomen Domini invocabo. V. Date magnitudinem Deo nostro: Deus, vera opera eius, et omnes viae eius indicia. V. Deus fidelis, in quo….. Translated: I will invoke the name of the Lord. V. Give ye magnificence to our God: The works of God are perfect, and all his ways are judgments. V. Let my doctrine gather as the rain…..

Leaf from a Liturgical Music Manuscript for Good Friday

The text reads as follows: Narrator: Passio domini nostri iesu christi secundum matheum. In illo tempore dixit iusus discipulis suis. Christ: Scritis quia post biduum pascha fiet, et filius hominis tradetur ut crucifigatur. Narrator: Tumc congregati sunt principes sacerdotum et seniores populi, in atrium principis… Translated: Narrator: The Passion of Our Lord Jesus Christ according to Matthew. “And it came to pass when Jesus had finished all of these words that he said to his disciples: Christ: You know that after two days the Passover will be here; and the Son of Man will be delivered up to be crucified. Narrator: Then the chief priests and the elders of the people gathered together in the court of the high priest…

Sean O'Sullivan fonds

Sean O’Sullivan was born in Hamilton, Ontario, in 1952. At an early age, he demonstrated an interest in politics. A chance meeting with John Diefenbaker in 1963, when Sean was just 11 years old, marked the beginning of his involvement with the Progressive Conservative Party. Diefenbaker became a mentor to him, and the two exchanged correspondence for many years. Sean became an active member of the Party, and his political career took off quickly. In 1965, he was elected to the executive of the Hamilton Area Young Progressive Conservatives, in 1968 was elected President, and also served as Youth Director for Diefenbaker’s re-election campaign. In 1970 he was elected President of the Ontario Young Progressive Conservatives, and in 1971 became Youth Adviser to Premier William Davis. Later that year, Diefenbaker chose Sean to be his Executive Assistant. In addition to his political activities, Sean enrolled at Brock University in 1969 to study political science. In 1972, he resigned as Diefenbaker’s assistant in order to run as a candidate for Hamilton-Wentworth in the federal election that year. At just 20 years of age, Sean was the youngest MP elected to the House of Commons. While working as an MP, Sean continued his studies at Brock University part-time, graduating with distinction. After being re-elected in 1974, he rose to greater prominence when he succeeded in having a private member’s bill passed making the beaver one of Canada’s national symbols. In 1977, he resigned as MP in order to pursue religious studies and become a Catholic priest. After completing four years of studies at the Irish College of Rome’s Gregorian University, Sean was ordained a priest in Toronto in 1981. In July, 1982, he was appointed Director of Vocations (full-time recruiter) for the archdiocese of Toronto. In this capacity, he implemented a controversial and widely publicized campaign to recruit priests. The recruitment succeeded in generating interest in the priesthood, doubling the number of students in the archdiocese. He was one of the founding members of Serra House, a residence for students considering the priesthood. After his term as Vocations Director ended in 1985, O’Sullivan became publisher of The Catholic Register, a weekly church newspaper. That same year, he was awarded an honorary doctorate from Brock University. In January 1987, he was appointed a Member of the Order of Canada. Later that year, he submitted a report to the Attorney General of Ontario, titled You’ve got a Friend, after conducting an independent review of Advocacy for Vulnerable Adults in Ontario at the request of the government. In 1983, O’Sullivan was diagnosed with leukemia. The disease went into remission after treatment, but was incurable. In 1989, he had a bone marrow transplant at Princess Margaret Hospital in Toronto, but died shortly afterwards. He was 37 years old. A memorial fund was established in his name, and included contributions from prominent business, church and political leaders such as Prime Minister Brian Mulroney, Toronto Sun Chairman Doug Crieghton and His Eminence G. Emmett Carter. The O’Sullivan family requested that Brock University be the beneficiary of the proceeds of the campaign.

Morris Norman collection, 1863-1971, n.d.

Morris Norman is a chartered accountant and partner at Norman, Goldberg & Co. LLP, an accounting firm in Toronto. He is an avid collector of Canadiana and generously donates much of the material he acquires to various Archives.