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FCA confirms CRA super priority over secured creditors on a GST/HST debtors’ property

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)
House Bill Would Amend the Bankruptcy Code to Provide for the Resolution of Large Insolvent Financial Institutions

A U.S. House of Representatives Bill would amend the Bankruptcy Code to establish new provisions to address the special issues raised by troubled nonbank financial institutions.

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USA, Insolvency & Restructuring, Dechert LLP, Title 11 of the US Code
Certain Companies that May be Subject to FDIC Orderly Liquidation Authority under Dodd-Frank are Now Subject to Qualified Financial Contract Recordkeeping Requirements

Companies that the Financial Stability Oversight Council (FSOC) believes may be subject to FDIC receivership under the Orderly Liquidation Authority contained in Title II of the Dodd-Frank Act, and certain of their affiliates, are now subject to recordkeeping requirements related to their “qualified financial contracts”1 (QFCs).

USA, Banking, Capital Markets, Insolvency & Restructuring, Dechert LLP, Depository institution, Federal Deposit Insurance Corporation (USA), Financial Stability Oversight Council, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)