Fulltext Search
Ontario Court rejects reverse vesting order for the first time

In 2015, Justice Wilson-Siegel approved a new form of vesting order, referred to as the "reverse vesting order" (or RVO) as part of the restructuring in Plasco Energy (Re). An RVO is a court order that transfers unwanted assets and liabilities out of a debtor company into a (oftentimes newly incorporated) affiliated company, referred to as "ResidualCo." The debtor company is left holding only the assets and liabilities the purchaser wants to acquire.

Canada, Ontario, Insolvency & Restructuring, Litigation, Gowling WLG, Court of Appeal for Ontario
Recent Ontario Court of Appeal decision provides insight on the recognition of foreign orders

Many describe the United States as Canada's most important trade partner. Cross-border insolvency proceedings between the two jurisdictions are frequent and the recognition by one country's court of the other's bankruptcy orders is an important tool in facilitating the restructuring of companies with operations that spread across North America. A recent decision from the Ontario Court of Appeal (leave to appeal of which was denied by the Supreme Court of Canada) invites us to reflect on the delicate balance between comity for foreign orders and Canada's sovereignty over domestic laws.

Canada, USA, Ontario, Insolvency & Restructuring, Litigation, Gowling WLG, Court of Appeal for Ontario, Ontario Superior Court of Justice
To vest or not to vest: interests in land and the powers of insolvency courts

On June 19, 2019, the Ontario Court of Appeal released its decision in Third Eye Capital Corporation v. Ressources Dianor Inc./Dianor Resources Inc. [1], addressing the following issues:

Canada, Ontario, Capital Markets, Insolvency & Restructuring, Litigation, Gowling WLG
Third time's a charm for Alberta regulator: How the SCC decision in Redwater could change the role of environmental orders in Ontario insolvency proceedings

1. Introduction

Canada, Alberta, Environment & Climate Change, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Court of Appeal of Alberta
Litigation. Major Russian legislation changes for 2015

1. Adoption and entry into force of the Russian Federation Code of Administrative Procedure dated March 8, 2015, No. 21-FZ

Russia, Arbitration & ADR, Insolvency & Restructuring, Litigation, Dentons
Creditors will struggle in bankrupt individuals cases starting 1 October 2015

The new personal bankruptcy law enters into force on 1 October 2015

The new personal bankruptcy law enters into force on 1 October 2015. Individuals will now be allowed to go bankrupt while creditors are left to struggle. The rules have caused much apprehension and it remains to be seen how business will operate in the new environment.

Russia, Insolvency & Restructuring, Dentons, Bankruptcy
The Russian judicial system: reforms continue

Russia has continually been working to improve the functioning of its judicial system and the administration of justice for more than two decades. The active reforms began with a decree by the Russian president creating the judiciary as a branch of the state, separate from the legislature and the executive, and these reforms have yet to be completed. In fact, we are now seeing a new level of reform, in which the Supreme Arbitration Court of the Russian Federation will cease to exist and its powers will pass to the newly formed Supreme Court of Russia.

Russia, Insolvency & Restructuring, Litigation, Dentons