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Citibank Gets Its Money Back

A February 16, 2021 decision of the United States District Court for the Southern District of New York held, in In re Citibank August 11, 2020 Wire Transfers, 520 F. Supp. 3d 390, that lenders who received almost $900 million mistakenly wired to them by Citibank (the administrative agent for a $1.8-billion syndicated seven-year term loan to Revlon [2016 Loan]) were entitled to keep the money.

USA, New York, Banking, Insolvency & Restructuring, Litigation, Davies Ward Phillips & Vineberg LLP, Clawback/avoidance/preferences/fraudulent transfers, Avoidance/clawback, Citibank, U.S. Court of Appeals
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)
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)