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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
Plan Not In “Good Faith” When Impairment of Class’s Interests Is Contrived

Under the Bankruptcy Code, a reorganization plan may be approved if (1) proposed in “good faith” under  § 1129(a)(3), and (2) accepted by at least one class of creditors whose interests are impaired by the plan, see 11 U.S.C. § 1129(a)(10). In Village Green I, GP v. Fed.

USA, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Good faith
SCOTUS to decide whether order denying plan confirmation is “final,” appealable

The Supreme Court granted cert last Friday in the case of Bullard v.

USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Supreme Court of the United States
Sixth Circuit does not (yet) adopt “transparently plain” exception to reliance-on-counsel defense in bankruptcy

In In re Eifler, issued yesterday, the Sixth Circuit passed up an opportunity to join the First and Fifth Circuits in adopting a “transparently plain” exception to the reliance-on-counsel defense by which a bankrupt debtor can demonstrate a lack of fraudulent intent.

USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Sixth Circuit