Key changes proposed in the new Rehabilitation and Bankruptcy Law affect involuntary petitions for bankruptcy, invalidations, trustees' avoidance powers, debtors' dissolution, and priority of claims.
The Court of Appeal for Ontario's (the "OCA") decision in Re Indalex Ltd.1 was decried by professionals in pension, banking and insolvency practices. On February 1, 2013, the Supreme Court of Canada (the "SCC" or the "Court") overturned the OCA's decision.
Swaps market participants accepting cash collateral from an entity subject to Ontario provincial pension benefits legislation will want to consider the implications of this decision on their priority. Unfortunately and somewhat surprisingly, the Supreme Court of Canada did not overturn a key part of the Ontario Court of Appeal’s decision.
On December 7, 2012, the Supreme Court of Canada issued its ruling in Newfoundland and Labrador v. AbitibiBowater Inc., 2012 SCC 67 and in so doing, closed an important chapter in the successful cross-border restructuring of AbitibiBowater Inc. - now Resolute Forest Products - under the Companies' Creditors Arrangement Act (the "CCAA") and Chapter 11 of the U.S. Bankruptcy Code.
Facts of the Case
Bill C-45 proposes changes to the Payment Clearing and Settlement Act to enhance certainty that clearing house default rules will be enforceable in the event of a clearing member default. These reforms are an important aspect of financial markets reforms
Where an insured deposit taking institution (and let’s just call it abank to make things easy) is subject to a receivership order under the Canada Deposit Insurance Corporation Act (CDIC Act) the government can incorporate a bridge bank to take over the good assets and run the bank until it can be sold. If it does so the usual exemptions from the statutory stays for termination, netting and collateral enforcement for el
On September 6, 2012, the Commission des lésions professionnelles (the CLP) deliberated on the interpretation of article 316 of An Act Respecting Industrial Accidents and Occupational Diseases(the Act) which states that the Commission de la santé et de la sécurité du travail (the CSST) can require from an employer that retains the services of a contractor to pay the assessment due by said contractor.
Assenagon Asset Management S.A. v Irish Bank Resolution Corporation Limited (formerly Anglo Irish Bank Corporation Limited) [2012] EWHC 2090 (Ch)
The Court’s unanimous decision in RadLAX Gateway Hotel LLC v. Amalgamated Banksettles dispute over the credit-bid right, retaining this important creditor protection.
In a decision issued on April 20th, 2012, Justice Robert Mongeon of the Superior Court of Quebec gave a decisive answer to one of the most troubling questions facing debtors and DIP lenders in reorganizations under the Companies' Creditors Arrangement Act(CCAA).