In Callidus Capital Corporation v. Her Majesty the Queen,[1] the Supreme Court of Canada overturned a troubling 2017 decision of the Federal Court of Appeal. The Supreme Court held unanimously that the bankruptcy of a debtor extinguishes the deemed trust for unremitted GST and HST created in favour of the Crown (“CRA”) by section 222 of the Excise Tax Act (“ETA”).

众所周知，采矿业面临着艰难的局面。在最近几年的市场繁荣时期，矿业公司承担了空前庞大的债务。目前，随着商品价格的下降和再融资来源的枯竭，这些巨额的债务令许多公司步履维艰，严重威胁着它们的生存。

加拿大

若无法与债权人商定业务解决方案，公司应该考虑向债权人寻求破产法项下的保护。在加拿大拥有资产或在加拿大经营业务且债务金额在五百万以上的公司可获得联邦《公司债权人安排法》（简称，“CCAA”）项下的保护。

CCAA允许公司在重组公司事务时暂缓债权人追诉，同时根据某些条件维持对公司经营的控制。公司，特别是未达到五百万债务门槛的公司，还可以考虑联邦《破产法》项下的和解机制。在本文中，我们将讨论CCAA项下的程序。

CCAA项下程序的第一步是获得法院命令，该命令将暂缓债权人在三十日的初始期限内行使其权利，从而允许公司制定重组方案。在获得首个暂缓命令前，公司无需通知债权人，尽管在许多情况下，建议公司通知其债权人。

若公司能够证明其很有可能将提交重组方案，并且延期不会有损于债权人的整体利益，暂缓命令的期限还可以延长。下达暂缓命令时，法院还将任命独立第三方在命令生效期间，监控公司业务及财务事宜。监控人须向法院报告公司的业务行为，但并不管理或指导公司业务。

PricewaterhouseCoopers LLC (PwC) won another victory in the MF Global litigation when the Second Circuit Court of Appeals affirmed the dismissal of claims brought by former commodities customers (the “Customers”) of MF Global Inc. (“MFGI”). This holding is important for its clear affirmation of the in pari delicto doctrine and as a visible limitation on claims by parties not in privity.

Compensation to be paid to a bankruptcy estate professional is many times subject to intense dispute. In the case of a bankruptcy trustee, section 326 of the Bankruptcy Code provides for a tiered system of compensation based upon the amount of money distributed by the trustee to parties in interest. However, as demonstrated by the recent decision in In re Virgin Offshore U.S.A., Inc., 2015 Bankr. LEXIS 233 (Bankr. E.D. La. Jan.

On January 7, the Bankruptcy Court for the District of Delaware issued an opinion that may have far reaching effects on cases involving asbestos liability.  Companies with potential asbestos liability, and actual and potential asbestos claimants, would be well advised to consider the Court’s opinion.

It is no secret that the mining sector is facing tough times. In recent boom years, mining companies took on unprecedented amounts of debt. Now that commodity prices have dropped and sources of refinancing have dried up, debt obligations have become overwhelming for many companies, posing a serious risk to their survival.

Canada

Imagine: you are a lender that has loaned substantial sums of money to an individual, secured by real property owned by the borrower. After the borrower defaults and negotiations fail, you seek and obtain the appointment of a receiver. But now litigation ensues—about the loan documents, about contract defaults, about interest rates, about foreign law. After a substantial investment of time and money, your trial date draws closer. At some point during this odyssey, your borrower secretly transfers the real property collateral to a newly-created, single-member LLC.

The British Columbia Court of Appeal has overturned the B.C. Supreme Court decision inKBA Canada1, which was reviewed in the September 2012 issue of Fully Secured.

On October 21, 2010, the New York Court of Appeals (the Appeals Court), New York’s highest appellate court, addressed two appeals, and then issued an important ruling regarding the parameters of the affirmative defense of in pari delicto in suits against outside auditors, holding that the doctrines of in pari delicto and imputation are a complete bar to recovery when the corporate wrongdoer’s actions are imputed to the company.

The Doctrines of In Pari Delicto and Imputation