Effective for accounting periods starting January 1, 2019, International Financial Reporting Standards 16 (IFRS 16) has replaced International Accounting Standards 17 (IAS 17) as the accounting standard for leases for all Canadian entities reporting under IFRS.
About 12 million Americans use high or very high interest loans every year (payday, title loans, etc.). The Trum administration may introduce new legislation that may significantly change the landscape. Here is an interesting article dealing with the subject.
Darren Gold, VP at UnitedLex Corp., wrote an interesting article about the London Interbank Offer Rate (LIBOR) which is used all over the world as the reference for a great number of loan contracts. The UK’s Financial Conduct Authority recently declared that it would no longer require banks to submit the data that enabled LIBOR to be calculated after the beginning of 2021.
Although there will be alternatives such as Secured Overnight Financing Rate (SOFR) in the USA and Sterling Overnight Index Average (SONIA) in the UK, this change does come with significant uncertainty and we must wonder what this will mean for current contracts and how they will be dealt with in the future.
Replacing LIBOR – Are you Thinking About This $200 Trillion Dollar Problem With Your Contracts?
The Margill Team is proud to formally announce the release of Margill Loan Manager 4.4. It is a really impressive version with a host of new features.
Here are the six most important improvements:
A Webinar will be held Wednesday, December 19 at 11:00 AM Eastern time (North America). You can join by following this link : Margill Webinar
If you cannot attend or have missed it, you can still follow the same link and watch it.
See you there!
The Margill team is proud to be one of the Top 10 Retail Banking Solution Providers of 2018 in Banking CIO Outlook magazine.
To help CIOs, CFOs, and CEOs find the right solutions for their retail banking initiatives, a distinguished panel comprising CEOs, CFOs, analysts, and Banking CIO Outlook’s editorial board has selected the top players of this select group.
You will also find, on page 28, an article about the company and its software.
Source: Banking CIO Outlook, November 21, 2018 issue.
How an obscure legal document called a “Confession of judgment” turned New York’s court system into a debt-collection machine that’s chewing up small businesses across America.
Source: Bloomberg, November 20, 2018
Story by Zachary R. Mider and Zeke Faux
Although not allowed in most states, a “confession of judgment” signed by the borrower allows a creditor, without proof, to accuse a borrower of not paying the expected monthly payment for example and then to legally seize their assets.
Read the full article at : www.bloomberg.com/graphics/2018-confessions-of-judgment
Every year since 1999, the MercadOr award is presented to exporting companies in every region of the province of Quebec. Six companies were awarded a MercadOr for the region of the Laurentians last October 11th (See article in French here). Among them, our company Jurismedia / Margill software was one of the finalists. Marc Gélinas, president, accepted the award that highlights Margill’s international influence through digital strategies and also for its contribution to the economic development of the Laurentians.
On November 7th, 2018, the first provincial gala, named “Gala MercadOr Québec“, will be held. Jurismedia / Margill is nominated for the award in the same category but at the provincial level.
We would like to take this opportunity to than Laurentides International for this recognition and also our loyal customers and collaborators, without whom, this would not have been possible. This award is a result of the collective work of the whole Jurismedia / Margill team and we are very proud of it!
Jurismedia / Margill team
The Margill Team is proud to announce the addition of 2 new customers, one in the US and one in UK. Please take a minute to visit their websites.
and
Summary: Canada Interest Act. This decision from the Ontario Court of Appeal shows the importance for lenders to state in their loan and promissory note documents, interest rates and even penalties on a annual basis, as opposed to daily or other equivalent interest rate.
The Margill Team would like to welcome new users of Margill Loan Manager: