In Convoy Supply Ltd. v.
Canada, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal for Ontario
The Alberta Court of Appeal (the “ABCA”)’s anticipated decision in Manitok Energy Inc (Re), 2022 ABCA 117 (“Manitok”) confirmed that the sales proceeds of a debtor estate’s valuable petroleum and natural gas assets that are subject environmental claims including, notably, abandonment and reclamation obligations, must first be applied to abandonment and reclamation obligations, even where such assets are “unrelated” to the abandonment and reclamation obligations.
Canada, Alberta, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Supreme Court of Canada, Court of Appeal of Alberta
Overview and Why This Case Matters
Canada, British Columbia, Arbitration & ADR, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, UNCITRAL, Bankruptcy and Insolvency Act 1985 (Canada), Ontario Superior Court of Justice
The Ontario Court of Appeal determines when it is appropriate to vest out a royalty interest as part of an insolvency proceeding
The Importance of the Decision
Canada, Ontario, Energy & Natural Resources, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP