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Liquidation Proceedings in Canada

This article outlines the legislative framework behind and briefly describes the process of a bankruptcy proceeding,[1] the Canadian equivalent of a chapter 7 filing in the U.S. Proposals under the BIA and the Companies’ Creditors Arrangement Act, the Canadian equivalents to a chapter 11 filing in the U.S., will be dealt with in a subsequent article.

A Letter from Your Co-chairs

As the U.S. economy continues to limp along, six years after the official end of the Great Recession, it has become painfully clear that the world economy is highly interdependent. The ability of any one country to improve its own lot is limited by the conditions in other countries and the actions (or lack of actions) being taken in those countries. This is true not only of regulators and central bank officials, but of companies and industries as well: The U.S.

Legislative Update: European Edition

Europe has struggled during the last several years to triage a long series of critical blows to the economies of the 28 countries that comprise the European Union, as well as the collective viability of the 19 eurozone economies. Here we provide a snapshot of some recent changes implemented by certain European nations aimed at modernizing their respective insolvency laws to promote rehabilitation of ailing enterprises wherever possible and to level the playing field for stakeholders. 

The View from Up North: The Collapse of Commodity Prices and the...

The oil boom is over. This is not an earth-shattering statement, given that we are now nearly a year into the precipitous price collapse of oil, which began in November 2014, with the price for a barrel of WTI crude oil falling from the $100 region to the $40-$50 range recently. With lots of supply, sketchy demand, and only small and slow cut backs in production, it is unclear (read: unlikely) whether oil prices will rise any time soon.

Filing in Your “Home” Country Doesn’t Mean You Will Get Instant R...

A recent foreign recognition of a bankruptcy proceeding case out of Nova Scotia, Canada, has brought to light the situation where a Canadian company moves to the U.S., seeks protection under chapter 11 of the U.S. Bankruptcy Code, and then seeks to impose that stay on creditors from its former home. Not surprisingly, it didn’t get very far with the Canadian court.

A Note from the Co-chairs

Greetings! Welcome to the October newsletter for the International Committee. We trust you will find it informative and useful.

As described below, we have partnered with the Secured Credit Committee for a presentation at the Winter Leadership Conference. Please consider attending the WLC. Not only is our panel certain to be entertaining, but the WLC provides a great opportunity to network and socialize with your colleagues throughout the industry.