From 1 April 2016, conditional fee agreements (CFA), after the event premiums and success fees will no longer be recoverable in insolvency cases.
The legislative change is set to have the biggest impact on lower-value insolvency cases (damages less than £500,000 and legal costs lower than £200,000).
Last month, I appeared before the federal government’s Standing Committee on Industry, Science and Technology to convey our concerns regarding Bill C-501,An Act to amend the Bankruptcy and Insolvency Act and other Acts (pension protection), which if passed will alter the status of
Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Osler Hoskin & Harcourt LLP, Bond market, Bankruptcy, Credit (finance), Liability (financial accounting), Default (finance), Defined benefit pension plan, Competitiveness, US Federal Government, Bankruptcy and Insolvency Act 1985 (Canada)