Does the inclusion of a debt in a company's financial disclosure constitute acknowledgment of the debt?
Ontario, Canada
The following excerpt is from Noordam v 1377544 Ontario Inc, 2016 CanLII 99257 (ON SCSM):
61. In Meredith v. Vamar Estates, [1979] B.C.J. 522 Callaghan, J. reviewed English authorities discussing the effect of certain statements in a company’s financial reporting and disclosure. Callaghan, J. concluded that the inclusion of a debt in that disclosure amounts to an acknowledgment of the debt (excepting certain cases where the acknowledgment is a self-serving one relied on by the party making the statement).
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