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Faithless Fiduciaries May Not Be Released From Bankruptcy

In Convoy Supply Ltd. v.

Canada, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal for Ontario
Arbitration versus the “Single Proceeding Model” in Insolvency Proceedings - Which prevails?

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
Results of summary dismissal in PwC claim against perpetual over Sequoia Transaction

Background:

Canada, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Gowling WLG, PricewaterhouseCoopers
The Ontario Court of Appeal determines when it is appropriate to vest out a royalty interest as part of an insolvency proceeding

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
Energy

Early last week PricewaterhouseCoopers Inc., in its capacity as trustee in bankruptcy for Sequoia Resources Corp., filed a statement of claim against Perpetual Energy Inc., attempting to unwind an asset sale from Oct. 1, 2016. Alternatively, PwC is seeking $217-million in damages. Along with Perpetual, PwC has named certain subsidiaries and its CEO, Susan Riddell Rose, as defendants.

In its statement of claim, the plaintiff is relying upon legal principles associated with oppression, reviewable transactions in insolvencies and regulatory law in support of its action.

Canada, USA, Insolvency & Restructuring, Litigation, Gowling WLG
PwC files claim against Perpetual over Sequoia transaction

Early last week PricewaterhouseCoopers Inc., in its capacity as trustee in bankruptcy for Sequoia Resources Corp., filed a statement of claim against Perpetual Energy Inc., attempting to unwind an asset sale from Oct. 1, 2016. Alternatively, PwC is seeking $217-million in damages. Along with Perpetual, PwC has named certain subsidiaries and its CEO, Susan Riddell Rose, as defendants.

In its statement of claim, the plaintiff is relying upon legal principles associated with oppression, reviewable transactions in insolvencies and regulatory law in support of its action.

USA, Insolvency & Restructuring, Litigation, Gowling WLG