On 29 May 2014, the Moldovan Parliament passed the Act No. 90/2014 on amending and supplementing of certain legislative acts (Act No. 90). Act No.90, which entered into force on 27 June 2014, implements simplified rules on the liquidation of companies in Moldova (in particular, at the decision of their shareholders), namely by inter alia amending the Civil Code of Moldova, Act No. 845/1992 on Entrepreneurship and Enterprises, Act No. 220/2007 on State Registration of Companies and Individual Entrepreneurs.
On October 28, 2013, the Ontario Ministry of the Environment (MOE) announced that it had reached a settlement with the former directors and officers of Northstar Aerospace whereby those former directors and officers agreed to pay $4.75 million for costs associated with the remediation of contaminated lands owned by the now-bankrupt company. The Environmental Review Tribunal approved the Minutes of Settlement at the hearing held on October 28.
On Friday, February 1, 2013, the Supreme Court of Canada released its highly anticipated decision in Indalex Limited (Re). The ruling stemmed from an appeal of an Ontario Court of Appeal decision that had created commercial uncertainty for financing transactions. The primary issue for lenders was a priority dispute between a court ordered super-priority charge granted to a lender that had provided “debtor-in-possession” (DIP) financing under the Compan
The Supreme Court of Canada released its highly anticipated decision in Indalex Limited (Re) this morning. The ruling stemmed from an appeal of an Ontario Court of Appeal decision that had created commercial uncertainty among many participants in the financial services, pensions and restructuring industries.
The Moldovan Parliament adopted a new insolvency law on 29 June 2012. The In-solvency Act No. 149 (Act No. 149), which will enter into force on 14 March 2013, is evolutionary rather than revolutionary, as its main goal appears to be the optimiza-tion of the existing insolvency procedures.
Following the new act’s entry into force, insolvency cases shall fall under the compe-tence of the court of appeal where the seat of the debtor is located. Also each such court of appeal shall hold a public register of insolvency cases.
Timing
In Re Crystallex, 2012 ONCA 404, the Ontario Court of Appeal unanimously upheld unusually broad DIP financing arrangements granted pursuant to section 11.2 of the Canadian Companies' Creditors Arrangement Act (CCAA) despite the vociferous objections of substantially all of Crystallex’s creditors. By dismissing the appeal, the Court endorsed the supervising CCAA judge’s approval of:
Currently, neither the Bankruptcy and Insolvency Act nor the Companies’ Creditors Arrangement Act defines “director.” However, pending legislative amendments to the Bankruptcy and Insolvency Act (BIA) and Companies’ Creditors Arrangement Act (CCAA) will include an expansive definition of “director” that includes any person “occupying the position of director,” regardless of his or her formal title.