Perimeter Transportation Ltd. (Re), 2010 BCCA 509, on appeal from 2009 BCSC 1458

Century Services Inc. v. Canada (Attorney General), 2010 SCC 60

Section 222(3) of the Excise Tax Act creates a deemed trust for unremitted GST, which operates despite any other act of Canada, except the Bankruptcy and Insolvency Act. However section 18.3(1) of the Companies’ Creditors Arrangement Act (the "CCAA") provides that any statutory deemed trust in favour of the Crown does not operate under the CCAA, subject to certain exceptions which do not mention GST.

Outdoor Broadcast Networks Inc (Re), 2010 ONSC 5647

The debtor had filed a notice of intention to make a proposal (“NOI”) to its creditors under the BIA. It was proposing to immediately sell certain assets in Ontario and BC to help it fund its proposal. As the proposal had not yet been made, the debtor was the one selling assets out of the ordinary course, and the sale was subject to the Ontario Bulk Sales Act. That Act does not apply to sales by bankruptcy trustees, receivers, sheriffs, or other liquidators for the benefit of creditors.

Century Services Inc. v. Canada (Attorney General), [2010] S.C.C.A. No. 259, on appeal from (2009) 319 D.L.R. (4th) 735 (BCCA)

The union on behalf of the unionized employees of Ted Leroy Trucking Ltd., the bankrupt employer, had applied to the B.C.S.C. for directions and obtained a decision of that Court that the “wages” protected under the WEPPA “superpriority” for unpaid employees included amounts paid by the employer to third parties on behalf of the employees.

The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) voted on December 18 to approve an interim final rule clarifying how the agency will treat certain creditor claims under the new orderly liquidation authority established under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Kitchin Associates LLC is a Pennsylvania limited liability company that is no longer in business. Richard Kitchin and his son were the members of Kitchin LLC and each held a 50% ownership interest in the entity. In a bankruptcy court proceeding, the Joan I. Glisson Trust asserted a claim against Mr. Kitchin in the amount of $257,047.63, arising from an unsatisfied mortgage loan to Kitchin LLC, the proceeds of which were used to purchase a property in Pennsylvania. Mr.

The December 2009 decision of the Ontario Court of Appeal in Peterborough (City) v. Kawartha Native Housing Society Inc. is significant in clarifying the right of the boards of directors of non-profit corporations in receivership to retain legal counsel and pay legal fees out of the corporation’s funds. The case arose out of the contested receivership of two non-profit First Nations social housing corporations.

The U.S. Court of Appeals for the Second Circuit affirmed the U.S. Bankruptcy Court for the Southern District of New York’s dismissal of a complaint brought by Rosenman Family, LLC, an investor with Bernard L. Madoff Investment Securities LLC (BLMIS), against the trustee of BLMIS’s estate. The complaint alleged that Rosenman was entitled to a return of $10 million it wired to BLMIS, because, Rosenman argued, the funds were stolen or embezzled by BLMIS and thus never became BLMIS’s property and/or part of BLMIS’s bankruptcy estate.

The U.S. Bankruptcy Court for the District of Massachusetts recently denied a motion for summary judgment on the issue of damages by investors in Access Cardiosystems, Inc. against one of the defendants, Randall Fincke. The investors had asserted claims against Mr.

Where a tenant becomes insolvent, landlords are often faced with a courtappointed Receiver inserted in place of the insolvent debtor who wishes to operate the tenant’s business or conduct a sale of assets on site. While the landlord may be able to successfully negotiate payment of occupation rent, a common issue that arises iswho is responsible for any damages to the leased premises? A recent decision of the Ontario Court of Appeal in General Motors Corporation v.