Examinership A number of significant decisions were made by the High Court and Court of Appeal relating to different aspects of the examinership process in 2017. |
In Wingview Limited t/a Elphin Public House v Ennis Property Finance DAC the High Court granted an interlocutory injunction prohibiting the defendant from appointing a receiver over Elphin Public House, the Dublin pub which featured in the film "The Van" (1996).
The Court of Appeal recently ruled, in Re KH Kitty Hall Holdings & Ors, that an agreement to restructure and discharge the secured debts of a number of companies by selling certain secured assets was not a bar to the appointment of an examiner to those companies. This was the case despite the fact that the application for the appointment of an examiner was inconsistent with the obligations imposed on the companies under the restructuring agreement and was objected to by the secured creditor.
Federal Bill C-63, which received first reading on October 27, 2017, will amend the eligible financial contracts (EFC) stay safe-harbour where a Canadian financial institution is subject to a resolution procedure under the Canada Deposit Insurance Corporation Act(CDIC Act). The amendments will clarify that the limits that apply to relying on the safe-harbour based on insolvency or deteriorated financial condition are limited to two business days unless effective resolution actions have been taken.
On September 11, 2017, the Quebec Superior Court released a decision in the Wabush Companies’ Creditors Arrangement Act (CCAA) proceedings that may affect how pension plan liabilities are dealt with in insolvency proceedings in Quebec and the rest of Canada. The Court made four significant findings, each of which is discussed in detail below:
On September 11, 2017, the Quebec Superior Court released a decision in the Wabush Companies’ Creditors Arrangement Act (CCAA) proceedings that may affect how pension plan liabilities are dealt with in insolvency proceedings in Quebec and the rest of Canada. The Court made four significant findings, each of which is discussed in detail below:
A petition was recently filed in the High Court on behalf of two companies, Regan Development Limited (“Regan”) and McGettigan Limited (“McGettigan”) seeking the protection of the court pursuant to the Companies Act 2014 (the "Act"), and the appointment of an Examiner. Regan owns and operates the Regency Hotel on the Swords Road in Dublin and McGettigan owns and operates a licensed premise on Queen Street, Dublin 7 and four retail units in Bray, Co. Wicklow. On presentation of the petition the Court appointed Neil Hughes of Baker Tilly Hughes Blake as Interim Examiner.
In mortgage arrears cases separated couples have caused difficulties, in particular where one spouse has washed their hands from dealing with any debt. A recent High Court ruling has provided clarity in this area in relation to the Personal Insolvency Acts 2012-2015 and a secured creditor's position in relation to the non-engaging spouse.
In a much anticipated decision, a 2-1 majority of the Alberta Court of Appeal (the ABCA) has upheld the Alberta Court of Queen’s Bench (ABQB) decision in Re Redwater Energy Corporation, 2016 ABQB 278.
Le 20 février dernier, une formation de trois juges de la Cour d'appel du Québec, sous la plume du juge Paul Vézina, a confirmé le jugement de première instance de la Cour supérieure dans l'affaire Métaux Kitco Inc.1, lequel avait refusé à l'administration fiscale la possibilité d'opérer compensation entre une dette fiscale existant avant les procédures de restructuration et des crédits et remboursements de taxes sur intrants (« CTI/RTI ») en TPS et TVQ ayant