Cinram International Income Fund (TSX: CRW.UN), a Canadian company that is one of the world’s largest providers of multi-media products, has agreed to sell virtually all of its assets and businesses in the United States, Canada, the United Kingdom, France and Germany to Najafi Companies after obtaining creditor protection under the Companies' Creditors Arrangement Act (CCAA).

It is always an interesting question as to what rights a lender has with respect to a motor vehicle owned by a consumer who becomes insolvent, and whether a secured creditor is able to seize a motor vehicle in order to satisfy an obligation due under a loan. The answer may be surprising. The recent BC Court of Appeal case, Atwal (Re) (2011 BCSC 687), highlights the rights of a debtor vis-à-vis a trustee in bankruptcy with respect to the ownership of a motor vehicle.

Whether a lease is a “true” or “finance” lease has been debated in Canadian courts for decades in many different contexts. The consequences of the categorization of a lease can have a material impact on the recovery that a lessor may have in an insolvency of its lessee. The Alberta Court of Queen’s Bench recently released its decision in the matter of Royal Bank of Canada v. Cow Harbour Ltd. and 1134252 Alberta Ltd. (“Cow Harbour”) on January 23, 2012.

The Repair and Storage Liens Act¹ (the “RSLA”) endeavors to protect the rights of persons that maintain or increase the value of collateral though repair and/or storage services.

Lawrence Gold recently presented on abuses of the Repair and Storage Liens Act (Ontario) (“RSLA”) impacting commercial finance and insurance companies to the Ontario Personal Property Security Legislation Committee (“PPSL Committee”). As changes to the RSLA will likely not be implemented in the near future, concerns regarding abuse of lien claimant rights are of significant importance to the industry.

Arctic Glacier Income Fund (CSNX:AG.UN) (the “Fund”) has obtained creditor protection from the Manitoba Court of Queen's Bench to allow its subsidiaries to continue normal operations as the Fund seeks new investors.

The Arctic Glacier Income Fund is an unincorporated, open-end mutual fund trust. The Fund's head office is located in Winnipeg, Manitoba. Arctic Glacier's operating subsidiaries manufacture and distribute packaged ice products in Canada and United States.

A liquidator has been appointed to supervise the winding up and sale of the assets of Union of Canada Life, one of Canada's oldest life insurance companies, by order of the Ontario Superior Court of Justice.

Union of Canada applied under the Winding Up and Restructuring Act (WURA) for a Winding Up Order and the appointment of Grant Thornton as liquidator to take possession and control of the company and conduct the sale under the protection of a stay of proceedings.

The definition of “eligible wages” under theWage Earner Protection Program Act¹ (“WEPPA”) was amended on December 15, 2011. Under the original definition, employees could claim under the wage earner protection program (“WEPP”) for payment of wages earned during either (i) the six-month period ending on the date of bankruptcy of the former employer, or (ii) the six-month period ending on the first day on which there was a receiver in relation to the former employer. The definition did not deal with CCAA or BIA restructurings.

Catalyst Paper Corporation (TSX:CTL) has taken the unusual step of publicly announcing that, although it is not in bankruptcy, the company is seeking court protection under Chapter 15 of the US Bankruptcy Code.

The Richmond, BC-based company reported earlier that it had received an initial court order under the Canada Business Corporations Act (CBCA) to begin a consensual restructuring process with its noteholders. It made the new announcement to correct allegations of bankruptcy that appeared in some media reports following its initial statement.

Timminco Limited (TSX:TIM) has been granted creditor protection under theCompanies' Creditors Arrangement Act until February 2, 2012 by the Ontario Superior Court of Justice. Timminco produces silicon metal for the chemical, aluminum and electronics/solar industries through its 51%-owned production partnership with Dow Corning, known as Québec Silicon. Timminco is also a producer of solar grade silicon for the solar photovoltaic energy industry, through Timminco Solar, a division of its wholly owned subsidiary, Bécancour Silicon.