In its decision in Arrangement relatif à Métaux Kitco inc. 2017 QCCA 268, rendered on February 20th, the Quebec Court of Appeal upheld a Quebec Superior Court decision prohibiting Revenu Québec (“RQ”) from setting off input tax credits and refunds (“ITC/ITRs”) allegedly claimed illegally by Kitco Metals Inc. (“Kitco”) before filing a notice of intention to make a proposal to its creditors, against ITC/ITRs generated after the filing of the notice.
Canada recently adopted a "bail-in" or recapitalization regime which enhances the federal Government’s toolkit for the orderly resolution of distressed member institutions determined to be non-viable. This bulletin outlines the Government’s powers to intervene and stabilize failing financial institutions, with a focus on the new amendments relating to bail-in powers and the treatment of derivatives contracts.
What You Need To Know
The restructuring of Sanjel Corporation and its affiliates (previously discussed here) continues to provide interesting developments on the application and interpretation of the Companies’ Creditors Arrangement Act.
APPLICATIONS FOR LEAVE TO APPEAL GRANTED
37323
James Chadwick Rankin, carrying on business as Rankin’s Garage & Sales v. J.J. by his Litigation Guardian, J.A.J., J.A.J., A.J.
(Ont.)
Torts — Negligence — Duty of Care — Motor vehicles
Background
In 2009, the Calgary Airport Authority (CAA) entered into a construction agreement with Iona Contractors Ltd. for Iona to improve CAA’s north airfield. By October 2010, the work was substantially complete; however CAA withheld further payment to Iona on the basis that some of Iona’s subcontractors remained unpaid. Iona assigned into bankruptcy and a dispute arose over the entitlement to the withheld amounts (the Funds).
The Alberta Court of Queen’s Bench (Court) has provided clarity on how oppression claims will be adjudicated in the context of the Companies’ Creditors Arrangement Act (CCAA). In the recent decision in Lightstream Resources Ltd. (Re), the Court confirmed that it has jurisdiction to hear oppression claims, but held that the exercise of this discretion is limited to appropriate circumstances.
National Insolvency Review, February 2017
Most or all creditors who lend to farmers will be familiar with the Farm Debt Mediation Act, S.C. 1997, c. 21 (the “FDMA”) and the need to serve a notice under the FDMA before taking action against a farmer. However, there are some details of how the FDMA operates that may not be as well-known. This piece will highlight some of those details.
Hello:
There were only three short procedural decisions we summarized this week.
Have a good one.
John Polyzogopoulos Blaney McMurtry LLP [email protected] Tel: 416 593 2953 http://www.blaney.com/lawyers/john-polyzogopoulos
Table of Contents:
Civil Decisions:
From the public policy standpoint, there has been a shift towards more environmental stewardship in Canada, evidenced by heightened media attention on environmental issues and by an expanded legal framework relating to the management of environmental liabilities. For example, directors may be personally liable for violation of environmental statutes1 and may face reputational harm if the corporations they manage are found to have breached environmental rules or norms.
The Supreme Court of British Columbia made an order that the funds in a Registered Disability Savings Plan (RDSP) could not be seized by the Trustee-in-Bankruptcy of the bankrupt beneficiary to satisfy the claims of creditors.