A bank failure may force firms into bankruptcy.
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Some companies with accounts at Canadian Commercial Bank, which collapsed last weekend, may face bankruptcy because other banks won’t honor CCB checks, a government appointed conservator said. “We’re trying to do all we can for CCB customers, but the Canadian banking system is not alowing us to do it,” said the president of Toronto-based Price, Waterhouse Ltd., Garth MacGirr, the conservator overseeing the closure of the Edmonton-based bank. MacGirr said Price, Waterhouse agreed to continue service on existing lines of credit for CCB’s creditworthy customers.
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