As Yeats said in his poem, The Second Coming: "mere anarchy is loosed upon the world". While perhaps not anarchy, certainly most insolvency practitioners expected the Alberta Court of Appeal decision in Redwater[1] to be upheld, preserving the priorities afforded to secured creditors and rendering the Provincial Government to be an unsecured Creditor.
- On November 8, 2018, the Supreme Court of Canada (“SCC”) reversed the Federal Court of Appeal decision in Callidus Capital Corporation v.
- Dans son arrêt du 8 novembre 2018, la Cour suprême du Canada a infirmé la décision de la Cour d’appel fédérale (Callidus Capital Corporation c.
- On January 12, 2018, the Federal Court of Appeal (“FCA”) delivered its judgment in North Shore Power Group Inc. v.
Le 20 février dernier, une formation de trois juges de la Cour d'appel du Québec, sous la plume du juge Paul Vézina, a confirmé le jugement de première instance de la Cour supérieure dans l'affaire Métaux Kitco Inc.1, lequel avait refusé à l'administration fiscale la possibilité d'opérer compensation entre une dette fiscale existant avant les procédures de restructuration et des crédits et remboursements de taxes sur intrants (« CTI/RTI ») en TPS et TVQ ayant
On February 1, 2016, the Superior Court of Québec delivered its judgment in the important Kitco Metals Inc. case 1.
In its decision in The Queen v. Callidus Capital Corporation1, rendered on August 17, 2015, the Federal Court of Canada examined, on a retrospective basis, the Crown's absolute priority regarding proceeds remitted to secured creditors from the assets of a tax debtor that are deemed to be held in trust (deemed trust) under section 222 of the Excise Tax Act (the "ETA") prior to such tax debtor's bankruptcy.
On September 4, 2014, the Supreme Court of Canada dismissed a taxpayer's application for leave to appeal in the matter of Rita Congiu et autre c. Agence du revenu du Québec et autre(35830/35833).
In a succinct decision rendered on January 12, the same day as the hearing, the Supreme Court of Canada finally settled the question of whether requirements to pay, issued pursuant to section 317 of the Excise Tax Act ("ETA") prior to the bankruptcy of a tax debtor, but not paid before such time, remain valid against the garnishee.1 Supreme Court Justice LeBel, speaking on behalf of the Court, simply stated that the Court agreed with the reasons of Noël J.A. of the Federal Court of Appeal.
In Century Services Inc. v. Canada (Attorney General)1, released just before Christmas 2010, the Supreme Court of Canada overturned the prevailing case law that held that the deemed trust created in favour of the Crown under the Excise Tax Act (ETA) for collected but unremitted amounts of Goods and Services Tax/Harmonized Sales Tax (GST/HST) survived in the context of a Companies' Creditors Arrangement Act (CCAA) reorganization.