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Receiver remuneration in the spotlight

Introduction

The Full Court of the Federal Court has given some important guidance on the calculation of remuneration for court appointed receivers.  In its decision in Templeton v Australian Securities and Investment Commission the Court has highlighted the importance of proportionality in determining reasonable remuneration.

General Position

Australia, Insolvency & Restructuring, Litigation, Gadens, Proportionality (law)
Grant Forest Products v. TD Bank: standard of review for discretionary CCAA decisions

In a proceeding under the Companies’ Creditors Arrangement Act (“CCAA”), a judge has discretionary powers to, among other things, order debtor companies into bankruptcy and thereby resolve priority disputes. What should be the standard of review of such discretionary decisions? Historically, the standard has been high.

Canada, Ontario, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Standard of review, Court of Appeal for Ontario, Court of Appeal of Alberta
Indalex pension decision considered by Ontario Court of Appeal

Following the Supreme Court of Canada decision in Sun Indalex Finance, LLC v. United Steelworkers, [2013] 1 S.C.R. 271 (Indalex), creditors and their advisors have been closely following jurisprudence which considers the scope of the decision.

Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Liquidation, Supreme Court of Canada, Court of Appeal for Ontario
Fortress Credit & Anor v Fletcher & Ors 2015 HCA 10
  1. On 11 March 2015, the High Court delivered its decision in Fortress Credit & Anor v Fletcher & Ors [2015] HCA 10.
  2. The appellant was Fortress Credit.
Australia, Insolvency & Restructuring, Litigation, Gadens
Grant Samuel & Ors v Fletcher & Ors 2015 HCA 8
  1. On 11 March 2015 the High Court delivered its decision in Grant Samuel & Ors v Fletcher & Ors [2015] HCA 8.
  2. The appellants were Grant Samuel Corporate Finance Pty Limited and JP Morgan Chase Bank.
Australia, Insolvency & Restructuring, Litigation, Gadens
Senate inquiry into insolvency in the Australian construction industry

The Senate has announced a national inquiry into insolvency in the Australian construction industry (Inquiry).[1] 

Australia, Construction, Insolvency & Restructuring, Gadens
Canasea Petrogas Group Holdings Limited (Re): single judge may hear CCAA leave application

In his November 20, 2014 decision in CanaSea PetroGas Group Holdings Limited (Re), Sharpe J.A. of the Ontario Court of Appeal did not accept the respondents’ submissions that he should decline to hear an application for leave to appeal a CCAA decision because only a three-judge panel should hear such an application.

Canada, Ontario, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP
Voluntary administration – do you need to appoint an administrator to your company?

In the lead up to peak periods, many businesses come under financial pressure due to various internal and external factors. Seasonal sales may not have been as planned and provision needs to be made for employee holiday pay.

Australia, Insolvency & Restructuring, Gadens
Insolvency Law Reform Bill 2014

On 7 November 2014 the Government released the Insolvency Law Reform Bill.

The Bill comprises of a package of proposals aimed at amending and streamlining the Bankruptcy Act 1966 and the Corporations Act 2001. It also contains proposals to reform how liquidators are registered and regulated.

Requirements to become a liquidator

Of particular interest to practitioners are the changes to the way new liquidators will become registered.

Australia, Insolvency & Restructuring, Gadens
Leighton v. Best: indulgence granted to file late Notice of Appeal after change in the law

The test for an extension of time to serve and file a late Notice of Appeal in Ontario is well-established in the case law:

Canada, Ontario, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Court of Appeal for Ontario