In a sudden and stunning collapse, FTX, the world’s second largest cryptocurrency exchange, run by 30-year-old Sam Bankman-Fried along with more than 130 entities affiliated with FTX, filed for Chapter 11 bankruptcy protection in Delaware on Friday.[1] Separately, the Securities Commission of the Bahamas appointed a Bahamas-based provisional liquidator for the controlling FTX entity and froze its assets along with

On Aug. 30, 2021, in a significant decision that paves the way for additional substantial recoveries for the victims of Bernard L. Madoff’s Ponzi scheme, the Second Circuit Court of Appeals preserved the ability of Irving H. Picard, SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), to pursue $3.75 billion of stolen customer property currently in the hands of participants in the global financial markets.

On January 12, 2021, the Department of Justice (the “DOJ”) settled its first civil action for alleged fraud against the Paycheck Protection Program (the “PPP”) – the primary lending program under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act for small businesses negatively impacted by the COVID-19 pandemic.

Over the past four years, midstream firms have struggled to adapt their long-standing practices and adjust their long-held expectations, which were fundamentally disrupted by the outcome of the landmark bankruptcy case, In re Sabine Oil & Gas. Midstream providers have since developed and relied on certain mechanisms and carefully drafted contract language in order to bind upstream companies and their successors in interest to obligations and restrictions contained of midstream agreements.

In what can only be described as a bitter pill to swallow for the professionals involved, the Ontario Superior Court of Justice (Commercial List) (the “Court”) in Duca Financial Services Credit Union Ltd. v.

On July 2, 2020, the Court of Appeal for Ontario (the “Court”) released its decision in Hutchingame Growth Capital Corporation v.

On July 2, 2020, the Court of Appeal for Ontario (the “Court”) released its decision in Hutchingame Growth Capital Corporation v.

On March 26, 2020, leave to appeal the decision of the Alberta Court of Appeal (the “Alberta CA”) in Canada v. Canada North Group Inc.¹ (“Canada North Group”) was granted by the Supreme Court of Canada (the “SCC”).² No reasons were given.

The global COVID-19 pandemic has resulted in widespread closures and suspension of operations, including within the justice system in Ontario. Ontario courts have issued a number of notices detailing the changes to regular court operations. In an effort to simplify the complicated situation already facing insolvency practitioners and their clients, we have summarized the current status of court operations germane to bankruptcy and insolvency matters.

Superior Court of Justice

On March 6, 2020, the Ontario Court of Appeal (the “OCA”) released its decision in Royal Bank of Canada v. Bodanis (“Bodanis”),¹ holding that two debtors, each having an estate exceeding $10,000 in value, had appeals of their bankruptcy orders as of right under section 193 of the Bankruptcy and Insolvency Act²(the “BIA”) and thus did not need to seek leave to appeal.

Section 193 reads as follows: