The Supreme Court of Canada granted leave to appeal yesterday in Indalex Limited (Re). This is an appeal from the Ontario Court of Appeal (2011 ONCA 265). Please see our Financial Services and Banking E-news Bulletin dated April 25, 2011, for a detailed summary of the decision of the Ontario Court of Appeal.
Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Heenan Blaikie LLP, Debtor, Supreme Court of Canada, Court of Appeal for Ontario
Pre-pack sales continue to attract attention and create controversy. A pre-pack occurs when a deal is agreed for the sale of the business and assets of a struggling company prior to formal insolvency proceedings being instigated. The purchase is effected upon the appointment of the insolvency practitioner and the purchaser is very often a vehicle in which the directors/shareholders have a stake.