The Supreme Court of Canada (SCC) has denied leave to appeal in the proceedings of Nemaska Lithium Inc. and its subsidiaries (collectively, Nemaska) under the Companies’ Creditors Arrangement Act (CCAA). In November 2020, the Québec Court of Appeal (QCA) dismissed leave applications from the decision of the Superior Court of Québec (SCQ). In this decision, the SCQ granted, for the first time after a contested hearing, a “reverse vesting order” (RVO).

Although 2020 may be behind us, the economic conditions and lockdowns caused by the COVID-19 pandemic still linger. With the emerging picture for Canada in 2021 looking to largely resemble that of 2020, many are wondering how long struggling businesses and their creditors can hold their breath while waiting for improved cash flows and customer demand.

Amendments to Article 9.1 of the Insolvency Law¹ ("Law 149-FZ") came into effect on 24 April 2020. The amendments provide that the benefit of the insolvency filing moratorium can be waived (the "moratorium waiver"). In addition, on 21 April 2020, the Supreme Court of the Russian Federation ("Russian SC") adopted clarifications (the "Clarifications"),² which, in particular, explain that the moratorium will apply if the debtor meets the formal criterion of being included in the list of persons covered by the moratorium ("protected debtors").

The Russian Government has introduced a moratorium on the filing of insolvency claims (the "moratorium")¹ from 6 April through 6 October 2020. This will have important legal consequences both for the persons covered by it ("protected debtors") and for those with whom they do business. The moratorium imposes restrictions on transactions made by protected debtors.

Beauty Brands, LLC, along with two subsidiaries and affiliates, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10031).

Angel Medical Systems, Inc., a developer of medical devices based in Eatontown, NJ, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-12903).

Alcor Energy, LLC filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 18-12839).

White Eagle Asset Portfolio, LP, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12808).

Checkout Holding Corp. (dba Catalina Marketing), along with ten affiliates and subsidiaries, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12794).

interTouch Holdings LLC and its affiliate, interTouch TopCo LLC, have both filed petitions for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12772).