The Supreme Court of Canada (“SCC”) has released its decision in Canada North, conclusively resolving the priority dispute between deemed trusts created under the federal “fiscal statutes” (being the Income Tax Act (the “ITA”), the

The Companies (Rescue Process for Small and Micro Companies) Bill 2021 (Bill) detailing the government's proposed rescue process for small and micro companies (SCARP) has successfully passed through the Oireachtas and is expected to be signed into law shortly by the President. The legislation will be commenced at a future date by the Minister.

On June 17, 2021, McCarthy Tétrault virtually hosted A Panel Discussion about the CCAA with Partners Heather Meredith, Jacques Rousse, and Awanish Sinha. The discussion focused on the Companies’ Creditors Arrangement Act (“CCAA”), reasons why organizations use the CCAA, and particular insights about the Laurentian University CCAA proceeding.

The following are some key takeaways from the panel:

Background

The European Union (Insurance and Reinsurance) (Amendment) Regulations 2021 (2021 Regulations) will come into operation on 30 June 2021, giving effect to Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 (2019 Directive).

The 2019 Directive amends the Solvency II Directive (2009/138/EC), the MiFID II Directive (2014/65/EU) and the 4th Anti-Money Laundering Directive (2015/849/EU).

In a recent High Court decision, a provisional liquidator was ordered to pay the costs of the official liquidator (who replaced the provisional liquidator and was appointed as the new liquidator of the company) and Revenue without being entitled to have recourse to the assets of the company.

Dans l’affaire Chandos Construction Ltd c Restructuration Deloitte Inc, la Cour suprême rend une décision concernant le test applicable à la règle anti-privation, qui a pour but d’empêcher de contourner les règles législatives et de common law d’insolvabilité par voie contractuelle.

In the matter of Chandos Construction Ltd v Restructuring Deloitte Inc, the Supreme Court of Canada issued a judgment on the anti-deprivation rule, which is intended to prevent contracts from frustrating statutory and common law rules relating to insolvency. The Court established that a clause triggered by an event of insolvency or bankruptcy and which has the effect of removing value from the insolvent’s estate is void and unenforceable.

The Examinership of Norwegian Air

Key Features

// C O R P O R AT E R E S T R U C T U R I N G & I N S O LV E N C Y

The Examinership of Norwegian Air Group Key Features

On 26 May 2021 Norwegian Air Shuttle ASA (NAS) and related companies (Norwegian Air) exited examinership in Ireland. Through the restructuring Norwegian Air:

raised NOK 6 billion (590 million) in new capital through share and hybrid debt offerings;

The Department of Enterprise, Trade and Employment has published the outline of proposed legislation for a dedicated rescue and restructuring framework for insolvent or potentially insolvent small and micro companies – see here.

Dans l'affaire de la Loi sur les arrangements avec les créanciers des compagnies du détaillant nord-américain Groupe Dynamite, le Juge Kalichman, siégeant alors à la Cour supérieure du Québec, rend un jugement sur le traitement des taxes de vente pré-dépôt devant être remises par les débiteurs. La Cour exerce son pouvoir discrétionnaire afin de modifier l’ordonnance pour préciser que seules les taxes de vente accumulées ou perçues après la date de l’ordonnance initiale doivent être payées immédiatement aux autorités fiscales.