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B-1.1, r. 8 - Regulation respecting the guarantee plan for new residential buildings
FrançaisArticle 85
Versions de la disposition
85. Such an undertaking shall
1° hold security of a minimum value of $55,000 or $70,000 if the undertaking holds subclass licence 1.1.2 in the form of
a) personal security;
b) a letter of guarantee;
c) a hypothecary guarantee; or
d) security of a third person; and
2° meet the following financial criteria:
a) working capital ratio: 1.15;
b) debt/equity ratio: 80%;
c) net worth (10% of sales): 10%;
d) gross earnings: 18%;
e) net earnings: 5%.
All the above financial criteria shall be calculated using the average obtained over the last 3 years.
Where an undertaking possesses affiliates or related companies, the manager may require a consolidated balance sheet or financial statements from each of those companies.
85. Such an undertaking shall
1° hold security of a minimum value of $40,000 in the form of
a) personal security;
b) a letter of guarantee;
c) a hypothecary guarantee; or
d) security of a third person; and
2° meet the following financial criteria:
a) working capital ratio: 1.15;
b) debt/equity ratio: 80%;
c) net worth (10% of sales): 10%;
d) gross earnings: 18%;
e) net earnings: 5%.
All the above financial criteria shall be calculated using the average obtained over the last 3 years.
Where an undertaking possesses affiliates or related companies, the manager may require a consolidated balance sheet or financial statements from each of those companies.
