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Ontario Court of Appeal Holds Contempt Motion Can Be Subject to Stay in Bankruptcy

In Walchuk v. Houghton, the Ontario Court of Appeal held that the stay of all proceedings against a bankrupt pursuant to the Bankruptcy and Insolvency Act applies to a contempt motion brought by a judgment credi​tor where the contempt arises after the bankruptcy.

Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Debtor, Contempt of court, Capital punishment, Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal for Ontario, Court of Appeal of Singapore
Alberta Court of Appeal Grants Intervener Status to Four Participants in Appeal of Re Redwater Energy Corp.

The much-debated and closely-monitored Re Redwater Energy Corp.

Canada, Alberta, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Natural gas, Common law, Alberta Energy Regulator, Court of Appeal of England & Wales, Supreme Court of Canada, Court of Appeal of Alberta
Where do we go from here? Alberta Court approves renouncement of AER-licensed assets by Trustees and Receivers to avoid monetary environmental obligations

The Alberta Court of Queen’s Bench has released its highly anticipated decision in Redwater Energy Corporation (Re), 2016 ABQB 278 (“Redwater”).

Canada, Alberta, Energy & Natural Resources, Environment & Climate Change, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Bankruptcy and Insolvency Act 1985 (Canada)
Shifting Environmental Liabilities after the Redwater Decision

Summary

Canada, Alberta, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Environmental remediation, Liability (financial accounting), Alberta Energy Regulator
Ontario Court Refuses to Add Underwriters to Class Action against Bankrupt Issuer

In a decision released April 27, 2016 in LBP Holdings Ltd. v. Allied Nevada Gold Corp., Justice Belobaba dismissed a motion by a representative plaintiff to add certain underwriters as defendants to a securities class proceeding. The defendant gold mining company, Allied Nevada, effected a secondary public offering financed as a "bought deal" by two underwriters.

Canada, Ontario, Capital Markets, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Class action, Underwriting
Prior Involvement as Advisor to Debtor Company - Possible Bar to Appointment in Restructuring Proceedings

Financial institutions need to be mindful of the effect of the engagement of financial advisors with respect to their special loan clients.

Canada, Ontario, Banking, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Debtor
End of the Road: The Supreme Court of Canada Denies Leave to Appeal in Iona Contractors Ltd. v Guarantee Company of North America

The Supreme Court of Canada today released its highly anticipated decision in Iona Contractors Ltd. v Guarantee Company of North America, 2015 ABCA 240 dismissing the application for leave to appeal by the Trustee in Bankruptcy (the "Trustee") of the bankrupt, Iona Contractors Inc. ("Iona").

Canada, Alberta, Construction, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Supreme Court of Canada, Court of Appeal of Alberta
Court of Appeal Re-affirms Strict Basis for Restricting Directors

A recent decision of the Court of Appeal has seemingly halted a trend towards leniency in the High Court in applications for the restriction and disqualification of directors of insolvent companies, particularly where the company has been struck off the register of companies for failing to file annual returns.

Ireland, Company & Commercial, Insolvency & Restructuring, Litigation, William Fry, Court of Appeal of England & Wales
High Court Recognises Swiss Corporate Insolvency and Restructuring Proceedings

The Irish High Court recently, for the first time, recognised and gave effect to a Swiss law insolvency and restructuring process that had been commenced in Switzerland in respect of a Swiss company.

European Union, Ireland, Switzerland, Insolvency & Restructuring, Litigation, William Fry, High Court (Ireland)
In Short: Reduction of Bankruptcy Term from 3 Years to 1 Year

The Bankruptcy (Amendment) Bill 2015 has been passed without amendment and was signed by the President on Christmas Day 2015. The headline amendment in the Bill is the reduction of the term of Bankruptcy from 3 years to 1 year which mirrors the term of bankruptcy in the UK. In addition to certain procedural amendments, the key amendments are summarised as follows:

Ireland, Insolvency & Restructuring, William Fry, Bankruptcy