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Court-ordered charges under the Bankruptcy and Insolvency Act may rank before deemed trusts

On October 18, 2023, the Québec Court of Appeal confirmed the Superior Court’s authority to declare that court-ordered charges under the Bankruptcy and Insolvency Act (BIA) rank before deemed trusts in favour of the Crown for deductions at source.

Canada, Quebec, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Supreme Court of Canada
Les frais de démobilisation encourus par le locateur d’un bien loué selon un contrat résilié lors des procédures d’insolvabilité doivent-ils être payés par la débitrice?

Dans l’affaire de la Loi sur les arrangements avec les créanciers des compagnies relative à Nemaska Lithium, la Cour supérieure du Québec rend une décision intéressante en ce qui concerne la possibilité pour une débitrice de résilier des contrats auxquels elle est partie et sur son obligation, le cas échéant, de payer à son cocontractant les frais qu’il doit encourir pour reprendre possession de biens loués.

Canada, Insolvency & Restructuring, McCarthy Tétrault LLP, Companies' Creditors Arrangement Act 1933 (Canada)
Are demobilization costs incurred by the lessor of property leased pursuant to an agreement which was disclaimed during insolvency proceedings to be paid by the debtor?

In the matter of the Companies’ Creditors Arrangement Act of Nemaska Lithium, the Québec Superior Court rendered an interesting decision regarding the possibility for a debtor to disclaim agreements and its obligation, if any, to pay its counterparty the costs it must incur to repossess leased property.

Background: Nemaska Lithium disclaims a housing modules rental agreement

Canada, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Coal mining, Companies' Creditors Arrangement Act 1933 (Canada)
Quebec Court of Appeal decision in Bluberi CCAA proceedings

PLAN SPONSOR ENTITLED TO VOTE AS CREDITOR AND CREDITOR APPROVAL REQUIRED TO IMPLEMENT LITIGATION FUNDING AGREEMENT.

Canada, Quebec, Company & Commercial, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Companies' Creditors Arrangement Act 1933 (Canada), Quebec Court of Appeal