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Corporate minds do not all think alike: The Supreme Court affirms a purposive approach to the corporate attribution doctrine

Two recent Supreme Court of Canada decisions demonstrate that the corporate attribution doctrine is not a one-size-fits-all approach.

Canada, Company & Commercial, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Supreme Court of Canada
There’s Something About (Hail) Mary: Appeals of Sale Processes and Pre-Receivership Sale Agreements

Court approval of a sale process in receivership or Bankruptcy and Insolvency Act (“BIA”) proposal proceedings is generally a procedural order and objectors do not have an appeal as of right; they must seek leave and meet a high test in order obtain it. However, in Peakhill Capital Inc. v.

Canada, Ontario, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP
Bankruptcy court (mostly) dismisses complaint against pre-petition lenders based on alleged inequitable conduct

Official Committee of Unsecured Creditors v Credit Suisse (In re Champion Enterprises, Inc.), 2010 WL 3522132 (Bankr. D. Del. 2010)

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USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Contractual term, Bankruptcy, Credit (finance), Unsecured debt, Breach of contract, Debt, Estoppel, Unjust enrichment, Default (finance), Line of credit, Credit Suisse, Title 11 of the US Code, United States bankruptcy court
Right to credit bid upheld under intercreditor agreement

Under section 363(f) of the bankruptcy code, a trustee may sell assets of the bankruptcy estate free and clear of liens and other interests. Generally, absent consent of the lienholder, a trustee may only sell assets free and clear of liens under one of the following conditions:

USA, Delaware, Insolvency & Restructuring, Litigation, Reed Smith LLP, Bankruptcy, Credit (finance), Debtor, Collateral (finance), Waiver, Option (finance), Debt, Consent, Good faith, Title 11 of the US Code, Trustee, United States bankruptcy court, US District Court for District of Delaware