Introduction

On January 31, 2019, the Supreme Court of Canada released its landmark decision in Orphan Well Association v Grant Thornton Ltd, 2019 SCC 5 ("Redwater").

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38144 Ronald Baldovi v. Her Majesty the Queen 

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In Callidus Capital Corporation v. Her Majesty the Queen,[1] the Supreme Court of Canada overturned a troubling 2017 decision of the Federal Court of Appeal. The Supreme Court held unanimously that the bankruptcy of a debtor extinguishes the deemed trust for unremitted GST and HST created in favour of the Crown (“CRA”) by section 222 of the Excise Tax Act (“ETA”).

On January 31, 2019, the Supreme Court of Canada (SCC) released its decision in Orphan Well Association, et. al. v. Grant Thornton Limited, et. al. – a case commonly known as Redwater.

• Draft regulations implementing Canada’s “bail-in” solvency support regime for banks came into effect on September 23, 2018.
• The bail-in regime essentially requires that banks maintain “embedded contingent capital” in the form of bonds that convert automatically to equity in the event that the issuing bank has ceased or is about to cease to be viable.
• Key to the regime is the concept of “total loss-absorbing capacity”, or TLAC, which is the amount of embedded contingent capital that a bank will now be required to maintain (on a consolidated basis).
• As discussed b

• Le règlement mettant en œuvre le régime de « recapitalisation interne (émission) » au soutien de la solvabilité des banques au Canada est entré en vigueur le 23 septembre 2018.
• Ce régime de recapitalisation interne exige essentiellement des banques qu’elles maintiennent des « fonds propres d’urgence intégrés » sous forme d’obligations pouvant être automatiquement converties en actions si jamais elles cessent d’être viables ou sont sur le point de ne plus l’être.
• La clé du régime est le concept de capacité totale d’absorption des pertes

In Water Matrix Inc. v Carnevale, Justice Sanfilippo found that a consent judgment may survive bankruptcy if it arises from a claim that is based in fraud. This allowed a company that was defrauded by a former employee to continue to enforce the company’s judgment after bankruptcy.

Background

• On November 8, 2018, the Supreme Court of Canada (“SCC”) reversed the Federal Court of Appeal decision in Callidus Capital Corporation v.

• Dans son arrêt du 8 novembre 2018, la Cour suprême du Canada a infirmé la décision de la Cour d’appel fédérale (Callidus Capital Corporation c.