Key points

• Information obtained by compulsion can be shared between officeholders of connected estates (parent/subsidiary)

• There must, however, be a possibility that there will be a surplus in the subsidiary estate

• The prospect must be real as opposed to fanciful

The facts

Key points

• Court reiterated circumstances in which it will sanction a proposed course of action by administrators

• Requirement that the course of action be “particularly momentous”

• Court sanctioned proposed settlement in the circumstances

The Facts

We have recently profiled conflicting cases (available here and here) dealing with a priority contest between supe

Key Points

This blog’s most recent post considered the Supreme Court of Nova Scotia’s June 2017 decision of Rosedale Farms Limited, Hassett Holdings Inc., Resurgam Resources (Re) (“Rosedale”) where the Cou

Key Points

• Floating charge is valid even where there are no unencumbered assets at the time it is taken
• Crystallisation of prior ranking floating charge does not impact enforceability of second ranking floating charge

The Facts

Key points

A recent unreported decision in the Alberta Court of Queen’s Bench has clarified the ranking of certain municipal tax claims against a bankrupt in Alberta. In Bank of Nova Scotia et al v. Virginia Hills Oil Corp.

Key Employee Retention Plans are a common feature in restructurings occurring under the Companies’ Creditors Arrangement Act. The basis for a KERP is simple and easily explainable.

Key Points 

• Directors cannot file a notice of intention to appoint (NoI) without a ‘settled intention’ to appoint an administrator

• NoIs cannot be used where there is no qualifying floating charge holder (QFCH)

• The judgment has implications for validity of appointments where requirements not met

The Facts