Business Disputes & Shareholder Disputes

While I consider myself a pacifist, as a forensic accountant, I have been occasionally referred to as a fraud “fighter”. So, in the spirit of International Fraud Awareness Week (November 13 to 19, 2022), I would like to share some...

What is Waste to Energy? Waste to energy refers to the process of converting municipal solid waste (MSW), otherwise known as trash, into usable heat, electricity, or fuel. The three main MSW categories include: Biomass or biogenic (plant or animal...

We usually think of Hallowe’en when October rolls around; however, did you know that October is also cyber security awareness month? NetDiligence recently released the 12th iteration of their Cyber Claims Study. They analyzed approximately 7,500 cyber claims from period...

Our first technical briefing introduced the Oil & Gas value chain, divided into: i) upstream; ii) midstream; and iii) downstream.  Here is a recap, before we explore natural gas in more detail. Upstream: this involves the exploration and extraction of...

The sanctions imposed on Russia amid the Russia-Ukraine conflict have impacted global gas markets, particularly those in Europe.  Russia is the second largest producer of natural gas globally and used to supply about 40% of Europe's natural gas.  However, supplies...

While every catastrophe (“CAT event”) leaves a wake of destruction in its path, there are times when the financial impact is more widespread than the physical damage would indicate. Consider the following examples: Pandemic – 2020 The impact of COVID-19...

Swiss Re’s website sigma-explorer.com noted insured losses for 170 natural catastrophes and 105 man-made disasters in 2021 alone.[i] While almost all of these events resulted in property damage and loss of earnings for the affected businesses, some of those entities...

Bitcoin. Ethereum. Litecoin. Dogecoin. NFTs. While they may seem like buzzwords or fads, cryptocurrencies or digital assets are experiencing a similar adoption pattern to the internet in the 1990s. In 1995, 14% of U.S. adults had internet access; by 2000,...

All mines, no matter how vast or intricate, are ultimately temporary and will one day be depleted. When all valuable materials are extracted, or at least those that are cost-effective, mining operations will cease, and the mine will be decommissioned....

The Allianz Risk Barometer 2022 reported that natural catastrophes are now the third-highest global business risk, while climate change has moved into the sixth position. These rankings represent 25% and 17% increases from last year.[i] Furthermore, the increasing complexity of...

Environmental, Social and Governance (“ESG”) factors have gained increasing importance in recent years as society has become more aware of how corporate conduct affects stakeholders, the environment and humanity at large. From issues such as climate change to socially responsible...

Since 1978, American regulators and policymakers have looked to incentivize the investment and development of generating renewable energy. Individual states began enacting Renewable Portfolio Standards (RPS) to support this mission by requiring a specific percentage of a utility’s energy portfolio...

The use of depreciation, depletion and amortization (DD&A) is an accounting method that allows the cost of an asset to be recorded as an expense over a period of time in order to reflect the use and consumption of the...

During the course of matrimonial disputes, there are often situations where solicitors and their clients find it helpful to engage specialist consultants. Forensic accountants can assist at various stages of divorce proceedings, in order to provide a clearer picture of...

Quantifying the financial impact stemming from the failure of an already commissioned single stand-alone wind turbine generator presents challenges, but these challenges increase exponentially when the failure occurs at a wind farm under construction. Additional complexities surface to the extent...

As the Ukrainian conflict unfolds, Europe’s energy dependence on Russia becomes an increasingly critical bargaining tool. The economic sanctions imposed by some Western nations in response to Russia’s invasion appear to be increasingly directed against Russian oil and gas supplies...

When it comes to Business Interruption policies for Oil & Gas risks, there are different types of coverage available in the market, including Gross Profit, Gross Earnings, Specified Standing Charges etc. Common Policy Wordings Gross Profit equates to Turnover less...

Any well-run business starts with a plan, and a mining operation is no exception. Plans and budgeting or forecasting allow management to prepare for a future period, whether in the short-term or in the long run. Based on projections, management...

The Consumer Product Safety Commission (CPSC) in the US works with standards organisations, manufacturers, and companies to develop voluntary safety standards, warn the public of products that present significant risks to consumers and enforce mandatory standards or banning consumer products...

What started off as a comment by CEO Frans van Houten in global electronics giant, Philips Q1 Quarterly Report of 2021 issued on 26 April 2021 that “regretfully, we have identified a quality issue in a component that is used...

The use of Linear Program models is common in refining, and other industries, to optimise their activities by using an algorithm subject to a set of inputs, constraints, and relationships. This article discusses the LP models in more detail and...

If you read our article on the original decision for Foster and Aviva related to the deductibility of the Canadian Emergency Response Benefit (“CERB”) and Canadian Recovery Benefit (“CRB”)[1] from Income Replacement Benefits (“IRBs”), we concluded that further clarification was...

The main types of jet fuels used by airlines are Jet A-1, Jet A and Jet B. Jet A is mainly used in the United States, whereas Jet A-1 is commonly used outside the United States and Jet B is...

There has been concern over the impact or the proper treatment of the Canadian Emergency Response Benefit (“CERB”) and Canadian Recovery Benefit (“CRB”) in calculations of Income Replacement Benefits (“IRB’s”) under the Statutory Accident Benefits Schedule (“SABS”). A new LAT...

This past summer’s heatwaves and wildfires served for many as alarming reminders of climate change. Hotter summers, colder winters, and more hurricanes are amongst the symptoms of a changing global climate[1]. These climatic effects will impact different businesses in different...

Ore grade refers to the metal content of an ore deposit, and it is the value of the contained metals or minerals less the cost of extracting and refining that drives the economics of a mine site. There can be...

What used to be considered an illicit drug in most countries is now a decriminalized plant with some medicinal potential. Cannabis is in the midst of a global transformation into a major industry with massive investment and growth potential. Canada...

Numerous large-scale product recalls have captured national, if not global, media attention. One example is the 2008 salmonella outbreak linked to products manufactured by the Peanut Corporation of America. This incident involved the recall of more than 4,000 products produced...

The summer has come to an end in Florida. Temperatures are still hot, and the afternoon thunderstorms are raging. So, when I open my electricity bill and gasp at the month’s cost, muttering some hopeless comments about how I should...

Covid-19 has led to major disruptions across various sectors and the petroleum industry is no exception.  Demand for oil and petroleum products, in general, declined due to reduced economic activity as governments worldwide imposed lockdowns and tightened border controls. Certain...

The UK’s energy wholesale markets have reached new highs, with daily average electricity prices rising above GBP 150 per MWh since early September 2021. A record high of GBP 424 per MWh, since at least January 2019, was reached on...

The Oil and Gas industry in the insurance market is usually categorised between Onshore/Offshore or Upstream/Downstream. It includes a chain of businesses relating to extraction, transportation, refining, petrochemical and chemical – essentially from the carbon in the ground to the...

Next to “you’re on mute”, perhaps one of the most common phrases of this past year has been “don’t click on that link”! The risk of suffering a severe financial loss due to a cyber event has never been greater....

When done right, mergers and acquisitions (“M&A”) can be a great way for companies to scale their businesses and create value through synergies, to enter new markets or to gain access to transformative new technology. When done poorly, however, M&A...

Earlier this month, Australia’s Bureau of Meteorology announced that the current La Niña conditions would likely continue over the coming months.[i] According to the National Oceanic and Atmospheric Administration, the La Niña effect occurs when there are “periods of below-average...

  Although hurricane season doesn’t normally conclude until November 30th, we have already exhausted the modern English alphabet in terms of named hurricanes. In the last year, we’ve also seen an ever increasing number of wildfires, explosions and tropical storms....

Calculating business interruption losses following a natural catastrophe (“CAT”) has always been as much of an art as a science, requiring forensic accountants to use their education, experience and training to resolve the complexities inherently present in quantifying business interruption...

Business Interruption (“BI”) has hit the headlines in the Middle East possibly more than ever this year, with disputed claims over COVID-19 closures, cyber incidents and anticipated losses following the recent Beirut explosion.  This is in addition to BI claims...

COVID-19 has sent shockwaves throughout much of the insurance world. Insurance company stocks have been some of the worst performing since the virus went, well… viral, in anticipation of declines in profits due in part to COVID-related claims. Much of...

On 17 October 2019 large numbers of protesters began appearing in Martyrs Square, Nejmeh Square, and Hamra Street, as well as many other areas of Beirut and throughout Lebanon.  The reasons for the protests are wide reaching from a social,...

In this two-part series, we write about the claim considerations related to the Beirut port explosion on 4 August 2020. On 4 August 2020 at approximately 18:00 local time, an explosion measuring 3.3 on the Richter scale ripped through Beirut...

Insurers around the globe currently have their attention firmly fixed on addressing the enormity of client claims relating to COVID-19 but is there another dark cloud gathering on the horizon? Recent scientific information includes NOAA issuing their forecast on May...

This is the second blog post co-authored by MDW Law Partner, Christine Doucet, and MDD Forensic Accountants Partner, Jarrett Reaume, addressing various aspects of COVID-19’s impact on business owners and family law issues.  Their first blog post was “Guideline Income...

Business owners don’t need an economist to tell them how dramatically their profits have been affected by the COVID-19 pandemic.  For those owners who are separated from their spouse, these poor results are impacting how much “available income” they have...

I hope this will be the final installment in this series, but one never knows. Back in the summer of 2018, I wrote a short piece questioning a sensational Forbes magazine article claiming that Kylie Jenner was worth $1B, based mainly...

Life is full of second chances. During this time of global economic uncertainty and (hopefully temporary) depressed company valuations, Canadian business owners may have a second chance to revisit their estate planning strategy to determine if an opportunity exists to...

As the markets react to each update on COVID-19, a quote from Warren Buffet has seen increased circulation: “Only when the tide goes out do you see who’s been swimming naked”. The current environment has seen increasing news of corporate...

On April 11, 2020, Parliament passed Bill C-14, also known as COVID-19 Emergency Response Act, No. 2.  The main item in Bill C-14 is the Canada Emergency Wage Subsidy (“CEWS”) which grants employers who meet specific criteria the ability to...

The current outbreak of coronavirus disease (COVID-19) was first reported from Wuhan, China, on 31 December 2019. According to the World Health Organization (“WHO”), by 26 February, China had reported over 78,000 cases of COVID-19 resulting in over 2,700 deaths....

A little over a year ago, I wrote a short blog post taking issue with a Forbes magazine article that had concluded that Kylie Jenner's net worth was around $900 million. In light of last week’s news that Coty Inc., a publicly traded cosmetics firm, is...

If you have not worked with forensic accountants before, an understanding of what they do in litigation support and how they differ from other accountants may be surprising to you. Modern television dramas’ common use of the word “forensic” may...