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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
Lehman/Nortel judgment: pension scheme is “supercreditor”

The High Court has decided that financial support directions can be issued against insolvent companies as well as solvent ones.

The administrators of 20 insolvent companies in the Lehman Brothers and Nortel groups had argued that the Pensions Regulator’s Determinations Panel had no legal power to determine that it would be reasonable to issue FSDs against these companies. The High Court disagreed and decided:

United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Nabarro LLP, Unsecured debt, Statutory interpretation, The Pensions Regulator (UK), Lehman Brothers