In the matter of the Companies’ Creditors Arrangement Act (“CCAA”) of the S.M. Group, the Québec Court of Appeal rendered a ruling on the effect of the law of set-off on debts arising out of alleged fraud and the application of the same Court’s ruling in Kitco to this type of debts.
On 1 August 2020, the Companies (Miscellaneous Provisions) (COVID-19) Act 2020 (Act) was signed into law. This legislation, due to commence soon, will address certain specific company law issues arising because of the ongoing and unprecedented Coronavirus (COVID-19) crisis.
General Meetings
On 20 July 2020, the Companies (Miscellaneous Provisions) (COVID-19) Bill 2020 (the Bill) was initiated in Seanad Éireann (the upper house of the Irish parliament). This proposed legislation seeks to address certain specific company law issues which have arisen in the context of the ongoing and unprecedented Coronavirus (COVID-19) crisis.
General Meetings
In the matter of Aquadis, the Quebec Court of Appeal recently rendered a decision on the power of a judge supervising restructuring proceedings under the Companies' Creditors Arrangement Act ("CCAA") to approve a plan of arrangement giving the monitor the power to exercise rights against third parties on
Dans l’affaire d’Aquadis, la Cour d’appel du Québec rend un arrêt sur la possibilité pour un juge supervisant des procédures de restructuration en vertu de la Loi sur les arrangements avec les créanciers des compagnies (« LACC ») d'approuver un plan d'arrangement accordant au contrôleur le pouvoir d'exer
The Office of the Director of Corporate Enforcement (ODCE) has recently issued welcome guidance on how the impact of COVID-19 will be considered by the ODCE when evaluating potential restriction cases in respect of directors of insolvent companies – see here.
En raison de l'impact sans précédent de la pandémie de la COVID-19 ainsi que des mesures de confinement afférentes sur l'économie canadienne et la vie des citoyens canadiens, les législatures et les tribunaux accordent des assouplissements importants aux entreprises et aux particuliers, notamment eu égard à :
certains délais de dépôt et de paiement, notamment pour les déclarations d'impôt, les paiements et remises ainsi que les dépôts en matière de propriété intellectuelle; et
As a result of the unprecedented impact of the COVID-19 pandemic and its containment measures on the Canadian economy and the lives of Canadian citizens, the legislatures and courts have granted wide-ranging relief for businesses and individuals from, among other things:
certain filing and payment deadlines such as for tax filings, payments and remittances and intellectual property filings; and
The Revenue Commissioners have issued some recent welcome clarifications about certain provisions of the Government's temporary wage subsidy scheme.
Application for the Subsidy Scheme – An Admission of Insolvency?
The main provisions of the subsidy scheme are set out in Section 28 of the Emergency Measures in the Public Interest (Covid-19) Act 2020.
That section also contains the criteria for an employer's eligibility to avail of the subsidy scheme. One such criterion is that:
Jamais dans l’histoire les entreprises de toutes tailles et de pratiquement toutes les industries n’ont affronté une crise résultant à la fois d’un tarissement des sources d’approvisionnement et de la demande de façon simultanée. La crise de liquidités qui en découle engendre une insécurité omniprésente au sein des gestionnaires des entreprises et de l’ensemble des parties intéressées de celles-ci, incluant leurs employés, actionnaires, clients, fournisseurs, créanciers et les communautés dans lesquelles les entreprises opèrent.