Recent Developments
Recent Developments
Recent Developments
Global—On 26 October 2012, the U.S. Court of Appeals for the Second Circuit, in a ruling that may impact sovereign debt restructurings, upheld a lower court order enjoining Argentina from making payments on restructured defaulted debt without making comparable payments to bondholders who did not participate in the restructuring.
Recent Developments
Recent Developments
It is always an interesting question as to what rights a lender has with respect to a motor vehicle owned by a consumer who becomes insolvent, and whether a secured creditor is able to seize a motor vehicle in order to satisfy an obligation due under a loan. The answer may be surprising. The recent BC Court of Appeal case, Atwal (Re) (2011 BCSC 687), highlights the rights of a debtor vis-à-vis a trustee in bankruptcy with respect to the ownership of a motor vehicle.
Whether a lease is a “true” or “finance” lease has been debated in Canadian courts for decades in many different contexts. The consequences of the categorization of a lease can have a material impact on the recovery that a lessor may have in an insolvency of its lessee. The Alberta Court of Queen’s Bench recently released its decision in the matter of Royal Bank of Canada v. Cow Harbour Ltd. and 1134252 Alberta Ltd. (“Cow Harbour”) on January 23, 2012.