Below are answers to frequently asked questions. If you have an
additional question, please
Q: What sort of issues does the PPSA govern?
A: The PPSA governs issues such as:
What must a creditor do to become secured?
Is a creditor's security in assets of a debtor valid and enforceable?
What can a secured creditor do in the event that a debtor fails to make a payment or perform a task when required to do so?
Which creditor should have the first opportunity to seize or sell property of a debtor in order to pay off debt owing to the creditor?
What the rights of a debtor are and what are the consequences for a secured creditor who does not act in compliance with those rights?
Q: What do you charge for your services?
A: Depending on the type and value of work we are doing our charges
to clients will be one of:
Our hourly rates on PPSA and commercial work can vary depending on
the scope and complexity of the matter. The current hourly rates we
charge on these matters is $350/hr for work done by Paul Schwartz,
$175/hr for work done by any associate lawyer in our practice,
$100/hr for legal research done by our researcher who has law degree
and who has experience in research both privately and for the federal
government. GST and PST is usually applicable to our legal fees.
a percentage of the value of the assets being secured
by us on behalf of a client, (on a sliding scale of 1% to 5%),
through our review, preparation and/or filing of security
documentation for a client; or,
in some litigation cases, a contingency agreement under which we are paid an agreed share of the value obtained or preserved by the litigation. In such cases you do not pay any legal fees to us unless we are successful in obtaining or preserving value for you. The share that we are paid varies from 10% to 33% depending on the stage of the proceedings at which we succeed on your behalf and the amount of money at issue.
Q: Your hourly rates are less than for lawyers of similar experience at large law firms.
Why is that?
A: There are several reasons. Our law firm has no debt and also has low overhead costs. Also, we are a corporation and not a partnership.
Pay is linked to work actually done. We do not set salaries for lawyers, researchers
or staff in advance at an arbitrary level nor do we have 'billing targets' assigned
to anyone on a file or for a month or year's work.
Q: We are located outside of B.C. but we are a creditor of a business with assets located in B.C. Can you help us?
A: Generally the answer is yes. Unless your documentation makes it clear that your relationship with the other business is subject to the laws of
another province or country then we should be able to help you.
Q. We already have lawyers who act for us generally. Do you have any problem with working with them on the PPSA aspects of a matter?
A: No. We regularly have work referred to us by other lawyers and we do
not seek to replace those lawyers in their existing relationship with you.
Q: We have a bailiff working for us on a matter and they think we should
hire a lawyer to advise them. Do you do that type of work?
A: Yes. We have work referred to us by all three court bailiffs that operate in the Greater Vancouver area and by various civil bailiff firms located across British Columbia.