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End of Debate: GST/HST Deemed Trusts Ruled Ineffective Against Secured Creditors Post Bankruptcy
Canada, Banking, Insolvency & Restructuring, Litigation, Tax, Stikeman Elliott LLP, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada
Fin du débat : les fiducies présumées en matière de TPS-TVH sont jugées inopposables aux créanciers garantis pour la période postérieure à la faillite
Canada, Banking, Insolvency & Restructuring, Litigation, Tax, Stikeman Elliott LLP, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada
GST/HST Credit Notes Are Not Effective Until Payment Is Made: FCA Rules on Insolvent Supplier’s Unfulfilled Commitment to Reimburse Customer
Canada, Insolvency & Restructuring, Litigation, Tax, Stikeman Elliott LLP, Federal Court of Appeal (Canada), Tax Court of Canada
La décision Métaux Kitco inc. devant la Cour d'appel du Québec : Comment restreindre le recours à la compensation par l'administration fiscale dans un contexte de restructuration (bis)

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

Canada, Insolvency & Restructuring, Litigation, Tax, Stikeman Elliott LLP, Supreme Court of Canada
The Kitco Metals Inc. decision: How to restrict the tax authorities' recourse to set-off in the context of a restructuring

On February 1, 2016, the Superior Court of Québec delivered its judgment in the important Kitco Metals Inc. case 1.

Canada, Quebec, Insolvency & Restructuring, Litigation, Tax, White Collar Crime, Stikeman Elliott LLP
GST/HST deemed trust is rendered ineffective against secured creditors post-bankruptcy

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.

Canada, Insolvency & Restructuring, Litigation, Tax, Stikeman Elliott LLP, Bankruptcy, Debtor, Secured creditor
Indalex pension decision considered by Ontario Court of Appeal

Following the Supreme Court of Canada decision in Sun Indalex Finance, LLC v. United Steelworkers, [2013] 1 S.C.R. 271 (Indalex), creditors and their advisors have been closely following jurisprudence which considers the scope of the decision.

Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Liquidation, Supreme Court of Canada, Court of Appeal for Ontario
GST/QST - a tax debtor's bankruptcy or arrangement does not extinguish the obligation to obtain a clearance certificate from a tax authority

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).

Canada, Insolvency & Restructuring, Litigation, Tax, Stikeman Elliott LLP, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada
Indalex – priorities and pension deficiencies

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

Canada, Banking, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Liquidation, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Court of Appeal for Ontario
Supreme Court decision in Toronto-Dominion Bank v. Her Majesty the Queen: garnishment notices regarding unpaid GST remain valid after bankruptcy

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.

Canada, Banking, Insolvency & Restructuring, Litigation, Tax, Stikeman Elliott LLP, Bankruptcy, Debtor, Supreme Court of Canada, Federal Court of Appeal (Canada)