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Creditors Rejoice: Ontario Court of Appeal Confirms Summary Judgment Is ‘Tailor-Made’ to Enforce Liquidated Claims

2275518 Ontario Inc. v. The Toronto-Dominion Bank, 2024 ONCA 343

On May 6, 2024, the Ontario Court of Appeal upheld a summary judgment motion decision in favour of The Toronto-Dominion Bank (“TD Bank”) in 2275518 Ontario Inc. v. The Toronto-Dominion Bank, 2024 ONCA 343.[1]

Canada, Ontario, Banking, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP
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
When Can a CCAA Monitor Bring an Oppression Claim Against a Stakeholder?

Until a court orders otherwise, a monitor appointed under the Companies’ Creditors Arrangement Act is a neutral party and may not take sides in favour of one stakeholder over another.

Canada, Ontario, Company & Commercial, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Court of Appeal for Ontario
Mineral Royalties: When Do They “Run With the Land”?

The challenging commodity price environment will likely bring renewed focus on the rights and obligations that will be impacted if insolvency overtakes exploration and production companies. The British Columbia Supreme Court’s recent decision in Re: Walter Energy Canada Holdings, Inc. is a case in point. The case dealt squarely with the question of whether a mineral royalty “runs with the land” – a question that takes on significantly greater importance in the insolvency context.

Canada, British Columbia, Energy & Natural Resources, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Royalty payment, Commodity