On August 18, 2011, Mr. Justice Morawetz, of the Ontario Superior Court of Justice, released an important decision in regard to preference actions in the matter of Tucker v. Aero Inventory (UK) Limited (together with Aero Inventory plc, Aero).
Background
Canada, Ontario, Insolvency & Restructuring, Litigation, Norton Rose Fulbright, Bankruptcy, Unsecured debt, Personal property, Legal burden of proof, Secured creditor, Unsecured creditor, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, High Court of Justice (England & Wales), Ontario Superior Court of Justice
On September 18, 2009, after years of Parliamentary delay dating back to 2005, wide-ranging amendments to Canada’s Companies’ Creditors Arrangement Act (CCAA) and Bankruptcy and Insolvency Act (BIA) (the “Amendments”) came into force, providing, among other things, new protections for licensees of intellectual property.
It is important to note that the Amendments only apply in the CCAA restructuring and BIA proposal context, and not to conventional bankruptcies or receiverships.
Canada, Insolvency & Restructuring, Intellectual Property, Norton Rose Fulbright, Bankruptcy, Debtor, Waiver, Bankruptcy and Insolvency Act 1985 (Canada)