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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
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
Celsius Bankruptcy Court Confirms That Customer Digital Assets Are Property of the Estate in Key Ruling

The bankruptcy court presiding over the Chapter 11 cases of digital asset platform Celsius Network LLC and its affiliates (Celsius) issued a key ruling on January 4, 2023 (the Decision), by concluding that a significant portion of digital assets held in Celsius’ customer accounts are property of the debtors’ estates, and holders of such accounts accordingly are unsecured creditors.

USA, Insolvency & Restructuring, IT & Data Protection, Litigation, Sidley Austin LLP, Blockchain
CFTC Proposes First Comprehensive Rewrite of Bankruptcy Rules Since 1983

How does one go bankrupt? Two ways — gradually and then suddenly.

(Paraphrase of Hemmingway, by way of CFTC Chairman Heath Tarbert)

USA, Banking, Derivatives, Insolvency & Restructuring, Sidley Austin LLP, Coronavirus, Commodity Futures Trading Commission (USA), Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA), Title 11 of the US Code