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First Circuit Holds that Fifth Amendment Takings Claims Must be Paid in Full

The U.S. Court of Appeals for the First Circuit recently ruled in the Puerto Rico bankruptcy case that Fifth Amendment takings claims cannot be discharged or impaired by a bankruptcy plan. As a matter of first impression in that circuit, the Court disagreed with the Ninth Circuit and held that former property owners affected by prepetition takings must be paid in full.

In re Fin. Oversight & Mgmt. Bd., 41 F.4th 29 (1st Cir. 2022)

USA, Insolvency & Restructuring, Litigation, Dechert LLP, US Congress, Supreme Court of the United States, Ninth Circuit
End of the Road: The Supreme Court of Canada Denies Leave to Appeal in Iona Contractors Ltd. v Guarantee Company of North America

The Supreme Court of Canada today released its highly anticipated decision in Iona Contractors Ltd. v Guarantee Company of North America, 2015 ABCA 240 dismissing the application for leave to appeal by the Trustee in Bankruptcy (the "Trustee") of the bankrupt, Iona Contractors Inc. ("Iona").

Canada, Alberta, Construction, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Supreme Court of Canada, Court of Appeal of Alberta
Builders’ Lien Act trust survives challenge

​Iona Contractors Ltd. v. Guarantee Company of North America

The Alberta Court of Appeal released its much anticipated decision addressing the interaction between the trust provisions of the Builders’ Lien Act (“BLA”) and the Bankruptcy and Insolvency Act (“BIA”) in Iona Contractors Ltd. v Guarantee Company of North America, 2015 ABCA 240 on July 16, 2015.

Canada, Alberta, Construction, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, General contractor, Court of Appeal of Alberta