In Toronto-Dominion Bank v Canada,1 the Federal Court of Appeal (FCA) upheld the Federal Court’s decision2 that the Toronto-Dominion Bank (TD) was required to pay to the Canada Revenue Agency (CRA) proceeds of $67,854 for unremitted GST that TD received as repayment from a borrower upon the discharge of a TD mortgage.
Canada, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Due diligence, Federal Court of Appeal (Canada)
The automatic stay is one of the most fundamental bankruptcy protections. It enjoins the initiation or continuance of any action by any creditor against the debtor or the debtor’s property, including causes of action possessed by the debtor at time of the bankruptcy filing. The automatic stay offers this protection while bringing all of the debtor’s assets and creditors into the same forum, the bankruptcy court.
USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Chadbourne & Parke LLP, Bankruptcy, Debtor, Injunction, Fraud, Class action, Limited liability company, Liquidation, Conveyancing, Investment company, Securities fraud, Securities Investor Protection Corporation, Racketeer Influenced and Corrupt Organizations Act 1970 (RICO) (USA), Trustee, United States bankruptcy court