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Creditors Rejoice: Ontario Court of Appeal Confirms Summary Judgment Is ‘Tailor-Made’ to Enforce Liquidated Claims

2275518 Ontario Inc. v. The Toronto-Dominion Bank, 2024 ONCA 343

On May 6, 2024, the Ontario Court of Appeal upheld a summary judgment motion decision in favour of The Toronto-Dominion Bank (“TD Bank”) in 2275518 Ontario Inc. v. The Toronto-Dominion Bank, 2024 ONCA 343.[1]

Canada, Ontario, Banking, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP
When Can a CCAA Monitor Bring an Oppression Claim Against a Stakeholder?

Until a court orders otherwise, a monitor appointed under the Companies’ Creditors Arrangement Act is a neutral party and may not take sides in favour of one stakeholder over another.

Canada, Ontario, Company & Commercial, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Court of Appeal for Ontario
Supreme Tax Court Abolishes German Restructuring Privilege

Cancellation of debt a key element of most restructurings generally triggers taxable income. The German tax authorities had issued an administrative decree (the "Tax Restructuring Decree" - Sanierungserlass), however, declaring that, upon the satisfaction of certain requirements and conditioned on forfeiture of any loss carry forwards, the cancellation of debt income ("CODI") would not be taxed.

Germany, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP