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Alberta Court of Appeal confirms super-priority status of restructuring charges

The ongoing priority dispute between deemed trusts created under federal “fiscal statutes” (being the Income Tax Act, the Canada Pension Plan Act and the Employment Insurance Act) and priming charges arising under restructuring and insolvency legislatio

Canada, Alberta, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Companies' Creditors Arrangement Act 1933 (Canada), Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada)
Court Confirmation of Strata Wind-Up Resolutions - The Experience So Far in B.C.

Introduction

Before July 2016, in order to wind-up a strata corporation voluntarily through a liquidator in B.C., unanimous approval of the strata owners was generally required. The unanimity requirement made strata wind-ups a rare event, and consequently it was exceedingly difficult for owners to sell a strata complex in its entirety for redevelopment. In an influential 2015 report, the B.C. Law Institute (“BCLI”) identified some of the problems with the unanimity requirement:

Canada, British Columbia, Insolvency & Restructuring, Litigation, Real Estate, McCarthy Tétrault LLP, Liquidator (law), British Columbia Supreme Court
Alberta Court of Queen’s Bench Reiterates Court’s Discretion to Grant an Interim Financing Charge “Super-Priority” Status in the Face of a Deemed Trust Under the Income Tax Act

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

Canada, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Secured creditor, Canada Revenue Agency, Bankruptcy and Insolvency Act 1985 (Canada)
Deemed Trust for Unremitted Withholdings Trumps Interim Financing Charge in Recent Nova Scotia Supreme Court Decision

In the recent decision of Rosedale Farms Limited, Hassett Holdings Inc., Resurgam Resources (Re) (“Rosedale”), the Supreme Court of Nova Scotia held that a deemed trust for unremitted withholdings under sections 227(4)

Canada, Nova Scotia, Alberta, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Canada Revenue Agency, Bankruptcy and Insolvency Act 1985 (Canada)