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No “Stranger” to the Proceeding: CCAA Court Reaffirms Single Proceeding Model

The single proceeding model, which is a core tenet in insolvency proceedings, was recently reaffirmed in the Companies’ Creditors Arrangement Act (“CCAA”) proceedings of Bloom Lake in Re Bloom Lake, 2021 QCCS 3402.

Canada, Quebec, Insolvency & Restructuring, Litigation, Thornton Grout Finnigan, Coronavirus, Companies' Creditors Arrangement Act 1933 (Canada)
COVID-19 - Kabinettsbeschluss zu vorübergehender Aussetzung der Insolvenzantragspflicht

Der Gesetzesentwurf sieht Regelungen zu Aussetzung der Insolvenzantragspflicht, Zahlungsverboten, neuen Darlehen und Sicherheiten sowie zur Insolvenzanfechtbarkeit vor:

1. Insolvenzantragspflicht

Germany, Insolvency & Restructuring, McDermott Will & Emery, Coronavirus
COVID-19 - German Parliament Adopts Draft Bill on Temporary Suspension of Obligation to File for Insolvency

The draft bill provides regulations regarding the suspension of the obligation to file for insolvency, payment prohibitions for management, new loans and securities, as well as claw-back risks:

1. Obligation to File for Insolvency

Germany, Insolvency & Restructuring, McDermott Will & Emery, Coronavirus
COVID-19 - Temporary Suspension of the Obligation to File for Insolvency in Germany

According to the ministry, the draft bill has been prepared, and a first reading in the Bundestag is scheduled for March 25, 2020. It is expected that the law will come into force this month. According to the aforementioned press release, the temporary suspension of the obligation to file for insolvency will be subject to the following conditions:

Germany, Insolvency & Restructuring, McDermott Will & Emery, Coronavirus
COVID-19 - Vorübergehende Aussetzung der Insolvenzantragspflicht

Nach Informationen aus dem Ministerium werde derzeit am Gesetzesentwurf gearbeitet und eine erste Lesung im Bundestag sei für den 25.03.2020 geplant. Man gehe davon aus, dass das Gesetz noch in diesem Monat in Kraft treten werde.

Nach der Pressemitteilung vom 16.03.2020 soll die temporäre Aussetzung der Insolvenzantragspflicht an folgende Voraussetzungen geknüpft sein:

Germany, Insolvency & Restructuring, McDermott Will & Emery
Top Insolvency Cases and Highlights from 2017 - Part 2

We previously published Part 1 of our survey of interesting and important developments in Canadian insolvency and restructuring matters in 2017. This post is the second and final part – with an additional seven highlights and cases. You can also find a printable version containing the complete “Top Insolvency Cases and Highlights from 2017” bulletin on our website.

Canada, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy, Supreme Court of Canada, Court of Appeal of Alberta, Quebec Court of Appeal
Top Insolvency Cases and Highlights from 2017 - Part 1

2017 saw a number of interesting and important developments in Canadian insolvency and restructuring matters. Some of the highlights (which, in certain instances, will continue as issues in 2018 and beyond) are set forth below:

1) Trends: Fewer CCAA Filings and Retail Insolvencies in the News

Canada, Ontario, Quebec, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy, Liquidation, Secured creditor, Office of the Superintendent of Financial Institutions (Canada), Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Court of Appeal for Ontario
Proposed Amendments to Insolvency Legislation Granting Super-priority to Pension Plan Deficits and Employee Benefits

This fall, the NDP and the Bloc Québécois (“Bloc”) have both introduced private member’s bills seeking to amend the Bankruptcy and Insolvency Act(“BIA”) and the Companies’ Creditors Arrangement Act (“CCAA”).

Canada, Quebec, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy, Unemployment benefits, Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada)