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Collective Redundancies on Insolvency: Irish Employee Rights Bolstered

The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2023 (Collective Redundancies AmendmentAct) came into operation on 1 July 2024.

Ireland, Employment & Labor, Insolvency & Restructuring, William Fry, Insolvency
Additional Rights to Information for Employees of Insolvent Companies

The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2023 (Act) came into effect on 1 July 2024.

Ireland, Employment & Labor, Insolvency & Restructuring, Litigation, William Fry, Insolvency
Court of Appeal of Alberta to Reconsider Whether Gross Overriding Royalties Run With The Land

A recent chambers decision holding that gross overriding royalties (“GOR”) can be vested off in a reverse vesting order (“RVO”) is on its way up to the Court of Appeal of Alberta (the “ABCA”). The ABCA has granted leave to appeal Invico Diversified Income Limited Partnership v NewGrange Energy Inc, 2024 ABKB 214 (“Invico”).

The Chambers Decision

Canada, Insolvency & Restructuring, Litigation, McMillan LLP, Court of Appeal of Alberta
Is this the Peak for Reverse Vesting Orders?: BC Court of Appeal Confirms Jurisdiction to Grant RVOs in Receiverships

The BC Court of Appeal has confirmed the jurisdiction for Canadian courts to make reverse vesting orders (“RVO”) in receivership proceedings. British Columbia v.

Canada, British Columbia, Insolvency & Restructuring, Litigation, Fasken, Insolvency, British Columbia Court of Appeal
The Oilers Stay Alive: Court of Appeal Denies Leave to Appeal the approval of a SISP and a Stalking Horse Purchase Agreement in the Canadian Overseas Petroleum Limited Matter

BP Canada Energy Group ULC (“BP”) has applied for leave to appeal a decision under section 13 of the Companies’ Creditors Arrangement Act (the “CCAA”) and for a stay of the orders rendered by Justice Yamauchi on April 24, 2024

Canada, Insolvency & Restructuring, Litigation, Fasken, Court of Appeal of Alberta
Corporate Restructuring Meets Intellectual Property: Quebec Superior Court Overturns Disclaimer Notice and Issues the First Canadian Interpretation of Usage Rights under the CCAA

In the Endoceutics case[1], the Superior Court recently clarified the application of section 32 of the Companies’ Creditors Arrangement Act

Canada, Quebec, Insolvency & Restructuring, Litigation, McMillan LLP
Application was Indirect Attempt to Enforce Foreign Revenue Debt

Redefine Australian Investments Limited (Company), an Irish-registered company was placed in voluntary liquidation on 24 January 2018. Martin Ferris was appointed as the liquidator (Liquidator).

The Proceedings

Ireland, Banking, Insolvency & Restructuring, Litigation, William Fry
Changes to the Realisation of Assets of Companies in Liquidation

The Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024 (Act) has been signed into law but awaits a commencement order to bring it into operation.

In summary, the Act amends the Companies Act 2014 (Companies Act) by modifying the attribution test for related companies to contribute to the debts of the company being wound up, broadening the operative time for unfair preferences, and varying the test for reckless trading.

1. Related company contribution

Ireland, Company & Commercial, Insolvency & Restructuring, Litigation, William Fry, Liquidation
Substance Over Process: Win under the Fraudulent Preference Act Raises Interesting Questions

Creditors want to recover as much money as they can from their debtors as quickly and painlessly as possible. When those debtors take steps to delay, defeat and hinder a creditor’s recovery, creditors can rely on the Fraudulent Preference Act, RSBC 1996, c. 164 (“FPA”) and the Fraudulent Conveyance Act, RSBC 1996, c. 163 (“FCA”) to set aside transactions that have that intention and effect. Generally, the FCA allows “creditors and others” to void dispositions of property designed to delay, hinder or defraud their claims.

Canada, British Columbia, Insolvency & Restructuring, Litigation, Fasken, Credit (finance), Financial Conduct Authority (UK), British Columbia Court of Appeal
Lenders Exhale: Qualex overturned on appeal, confirming the application of Redwater

Just over a year ago, the Alberta Court of King’s Bench (“ACKB”) decision in Qualex-Landmark Towers v 12-10 Capital Corp (“Qualex”)[1] extended the application of an environmental regulator’s priority entitlements in bankruptcy and insolvency to civ

Canada, Alberta, Company & Commercial, Insolvency & Restructuring, Litigation, McMillan LLP, Mediation, Due diligence, Supreme Court of Canada, Court of Appeal of Alberta