Some think that when you file for bankruptcy, you sell your proverbial soul to the devil.

While this view isn’t necessarily true, it does imply that bankruptcy is not an easy choice. It could mean short term relief, but it could also affect your self-image, reputation, and even future credit negatively. The experts at Allstate Law Center add that before making this choice, you should consider all factors and options.

Voici le premier d’une série d’articles portant sur l’insolvabilité de grands détaillants au Canada considérée sous divers angles. La Loi sur les arrangements avec les créanciers des compagnies (Canada) (la « LACC ») est le principal texte de loi qui régit la réorganisation ou la vente de grandes sociétés débitrices au Canada; il est l’équivalent du chapitre 11 du U.S. Bankruptcy Code (le « chapitre 11 »).

Filing for bankruptcy is one of the most challenging experiences you can ever have. In fact, the things that happen before bankruptcy – calls from debt collectors, receiving garnishments, and the fear of losing your investments including your home and your car – can drive anyone to physical and mental exhaustion.

This article is the first instalment in a series examining large retail insolvencies in Canada from the perspective of various stakeholders. The Companies' Creditors Arrangement Act (Canada) (CCAA) is the principal statute for the reorganization, or sale, of large corporate debtors in Canada and the functional equivalent to Chapter 11 of the U.S. Bankruptcy Code (Chapter 11) in the United States. Accordingly, our series focuses on CCAA proceedings, with references to alternate insolvency proceedings where applicable.

On June 16, 2017, Canada’s Department of Finance and the Office of the Superintendent of Financial Institutions (OSFI) published for comments a package of draft regulations and guidelines setting out the final details of Canada’s bail-in framework and related total loss absorbency capacity (TLAC) capital standard for Canada’s six domestic systemically important banks (DSIBs). The bail-in regulations are expected to be finalized in the fall of 2017 and will take effect 180 days later.

This week, the United States Supreme Court issued its decision in Midland Funding, LLC v. Johnson, 581 U.S. ___ (2017), holding that a debt collector does not violate the Fair Debt Collection Practices Act (FDCPA) by filing an “obviously time-barred” proof of claim in a bankruptcy proceeding. This case should stem the tide of FDCPA lawsuits against debt collectors for efforts to collect potentially time-barred debts in bankruptcy proceedings.

On May 15, 2017, the United States Supreme Court issued its decision in Midland Funding, LLC v. Johnson, 581 U.S. ___ (2017) in which it held that filing an “obviously time-barred” proof of claim in a bankruptcy proceeding does not violate the Fair Debt Collection Practices Act (FDCPA).

On April 24, 2017, in Orphan Well Association v.Grant Thornton Limited, the Alberta Court of Appeal (Court) upheld Chief Justice N.

La Cour du Banc de la Reine de l’Alberta (la « Cour ») a clarifié la façon dont seront traitées les demandes en cas d’abus dans le cadre de procédures en vertu de la Loi sur les arrangements avec les créanciers des compagnies (la « LACC »). Dans sa décision récente concernant l’affaire Lightstream Resources Ltd.

The Alberta Court of Queen’s Bench (Court) has provided clarity on how oppression claims will be adjudicated in the context of the Companies’ Creditors Arrangement Act (CCAA). In the recent decision in Lightstream Resources Ltd. (Re), the Court confirmed that it has jurisdiction to hear oppression claims, but held that the exercise of this discretion is limited to appropriate circumstances.