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Supreme Court of Canada Callidus Decision Provides Certainty to CRA Deemed Trust Rules

On November 8, 2018, in a decision delivered unanimously from the bench, the Supreme Court of Canada confirmed that the Crown’s superpriority over unremitted Goods and Services Tax/Harmonized Sales Tax (GST/HST) is ineffective against a secured creditor who received, prior to a tax debtor’s bankruptcy, proceeds from that taxpayer’s assets.1

Canada, Insolvency & Restructuring, Litigation, Tax, Borden Ladner Gervais LLP, Bankruptcy, Debtor, Harmonised sales tax, Dissenting opinion, Secured creditor, Goods and services tax (Canada), Unsecured creditor, Supreme Court of Canada, Federal Court of Appeal (Canada)
Supreme Court of Canada to Rule on CRA Superpriorities

​Canada v Callidus Capital Corporation

Canada, Insolvency & Restructuring, Litigation, Tax, Borden Ladner Gervais LLP, Canada Revenue Agency, Supreme Court of Canada
Insurers rush to check access, co-operation and assistance obligations, following Federal Court decision

In a significant decision for the insurance industry, the Federal Court of Australia has granted leave to shareholders to bring a direct action against a company’s insurers where the (insured) company was in liquidation. This is one of the earliest cases to make use of the new Civil Liability (Third Party Claims Against Insurers) Act 2017 (NSW) (Third Party Claim Act), and provides some useful guidance for the industry on how this new legislation will be applied.

The decision impacts plaintiff lawyers, policyholders and insurers alike. Importantly:

Australia, Insolvency & Restructuring, Insurance, Litigation, King & Wood Mallesons, Liquidation, Federal Court of Australia