Purchasers often relish the prospect of buying distressed assets in a bankruptcy proceeding. Under section 363 of the Bankruptcy Code, a buyer may obtain ownership of bankruptcy estate assets “free and clear of any interest” (assuming certain conditions are met), and also be reasonably confident that the sale will not be reversed on appeal. But the U.S. Supreme Court may have now tempered that confidence. In its recent, unanimous opinion, MOAC Mall Holdings LLC v. Transform Holdco LLC, No. 21-1270 (Apr.
Following are this week’s summaries of the civil decisions of Court of Appeal for Ontario for the week of March 27 to 31, 2023. There were only two substantive decisions. One was a commercial leasing matter, and the other was a receivership matter.
Table of Contents
Civil Decisions
Jagtoo & Jagtoo, Professional Corporation v. Grandfield Homes Holdings Limited, 2023 ONCA 214
SVB Financial Group, the corporate parent of Silicon Valley Bank, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York on March 17. According to a press release issued by SVB Financial Group, its related entities SVB Securities and SVB Capital are not included in the Chapter 11 filing. This bankruptcy filing comes a week after regulators took control of the failed Silicon Valley Bank.
Following are this week’s summaries of the Court of Appeal for Ontario for the week of November 14, 2022.
Chapter 11 Subchapter V cases are a relatively new animal in the bankruptcy world. Subchapter V was added to Chapter 11 of the Bankruptcy Code in February 2020 to provide an efficient and cost-effective alternative process for small businesses wishing to organize under Chapter 11.
Unlike regular Chapter 11 business reorganizations, Subchapter V provides for the appointment of a trustee. However, Subchapter V provides little detail about the role of these trustees. This article discusses how one court dealt with this ambiguity.
Background
Siegel v. Fitzgerald, 142 S. Ct. 1770 (June 6, 2022)
Good evening.
Following are this week’s summaries of the Court of Appeal for Ontario for the week of September 26, 2022.
Good afternoon.
Following are this week’s summaries of the Court of Appeal for Ontario for the week of September 12, 2022.
In Optiva Inc. v. Tbaytel, the Court dismissed the appeal from an arbitrator’s decision granting summary judgment. The arbitrator had the authority to proceed by summary judgment motion, as the arbitration agreement gave the arbitrator broad powers to determine the procedure to be employed.
Good afternoon.
Following are this week’s summaries of the Court of Appeal for Ontario for the week of August 22, 2022.
In Mundo Media Ltd. (Re), the Court refused leave to appeal in a bankruptcy case where a debtor of the bankrupt sought to stay the bankruptcy proceeding in favour of international arbitration. The single proceeding model permits a bankruptcy court to override arbitration agreements.