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Corporate minds do not all think alike: The Supreme Court affirms a purposive approach to the corporate attribution doctrine

Two recent Supreme Court of Canada decisions demonstrate that the corporate attribution doctrine is not a one-size-fits-all approach.

Canada, Company & Commercial, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Supreme Court of Canada
The Oilers Stay Alive: Court of Appeal Denies Leave to Appeal the approval of a SISP and a Stalking Horse Purchase Agreement in the Canadian Overseas Petroleum Limited Matter

BP Canada Energy Group ULC (“BP”) has applied for leave to appeal a decision under section 13 of the Companies’ Creditors Arrangement Act (the “CCAA”) and for a stay of the orders rendered by Justice Yamauchi on April 24, 2024

Canada, Insolvency & Restructuring, Litigation, Fasken, Court of Appeal of Alberta
There’s Something About (Hail) Mary: Appeals of Sale Processes and Pre-Receivership Sale Agreements

Court approval of a sale process in receivership or Bankruptcy and Insolvency Act (“BIA”) proposal proceedings is generally a procedural order and objectors do not have an appeal as of right; they must seek leave and meet a high test in order obtain it. However, in Peakhill Capital Inc. v.

Canada, Ontario, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP
Fasken 2023 Insolvency Insights

Case Trends

Canada, Insolvency & Restructuring, Litigation, Fasken, Insolvency, Supreme Court of Canada
The Québec Court of Appeal clarifies the application of the stay of proceedings to a bankrupt’s contestation of a notice of assessment

Introduction

Canada, Quebec, Insolvency & Restructuring, Litigation, Fasken
La Cour d’appel du Québec clarifie l’application d’une suspension des procédures dans le contexte de la contestation d’un avis de cotisation par un failli

Introduction

Canada, Insolvency & Restructuring, Litigation, Fasken
The Supreme Court finally clarifies the rules of compensation in restructuring and sends a clear message to public bodies seeking to establish the fraudulent nature of certain claims

On March 23, 2020, we commented on the Quebec Court of Appeal’s decision in the Arrangement relating to Consultants SM inc. case. The City of Montreal (the “City”) appealed this decision to the Supreme Court of Canada and the appeal was heard on May 20, 2021.

On December 10, 2021, the Supreme Court of Canada (the “Supreme Court”) dismissed the City’s appeal, thereby rendering an important decision with respect to “pre-post compensation” and “non-dischargeable debts” under the Companies’ Creditors Arrangement Act (the “CCAA”).

Canada, Insolvency & Restructuring, Litigation, Fasken, Due diligence
La cour suprême clarifie enfin les règles de compensation en matière de restructuration et envoie un message clair aux organismes publics souhaitant établir le caractère frauduleux de certaines créances

Le 23 mars 2020, nous avons commenté l’arrêt de la Cour d’appel du Québec dans le dossier Arrangement relatif à Consultants SM inc. La Ville de Montréal (la « Ville ») a porté cet arrêt devant la Cour suprême du Canada et l’audition du pourvoi a eu lieu le 20 mai 2021.

Canada, Insolvency & Restructuring, Litigation, Fasken
Maîtres chez nous : l'affaire Montréal C'est Électrique et la maîtrise (ou non) d'un compte bancaire à titre d’hypothèque

Le 2 décembre 2020, la Cour d’appel du Québec (la « Cour ») a rendu un arrêt important dans l’affaire Syndic de Montréal c’est électrique confirmant la décision du juge de première instance à l’effet que la Ville de Montréal (la « Ville ») ne détenait pas de sûreté sur les sommes détenues dans le compte bancaire de Montréal C’est Électrique (« MCE » ou la « débitrice »).

Canada, Quebec, Insolvency & Restructuring, Litigation, Fasken
UK Supreme Court clarifies and reduces ambit of “reflective loss” principle in “one of the most important company and commercial law decisions of the last thirty years”

The Supreme Court in Sevilleja v Marex Financial Ltd [2020] UKSC 31 has brought much needed clarity to the legal basis and scope of the so-called ‘reflective loss’ principle. The effect of the decision is a ‘bright line’ rule that bars claims by shareholders for loss in value of their shares arising as a consequence of the company having suffered loss, in respect of which the company has a cause of action against the same wrong-doer.

New Zealand, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay, Companies Act