Avant de rendre sa décision, la Cour fait état de la « controverse jurisprudentielle » quant à la nécessité de signifier au préalable les préavis d’exercice du droit hypothécaire du Code civil du Québec avant d’être autorisé à procéder à une vente d’actifs en vertu de l’article 243 LFI. Trois (3) décisions en ce sens ont été rendues par la Cour du district de Saint-François à ce sujet, alors qu’une (1) décision rendue dans le district de Montréal est à l’effet contraire.
We are asked from time to time to assist with the dissolution of an existing registered charity. However, often we suggest to our clients that it might be better for them to either amalgamate the existing charity into another charity or keep it in existence but inactive.
There are various reasons why charities wish to dissolve. Sometimes the problem that they were established to address has been solved. Sometimes there is no leadership left to govern or manage the charity. Other times the work once done by the charity has been taken over by another charity.
One of the primary reasons why people declare bankruptcy is that upon being discharged, the bankrupt person is released from their obligation to repay most of the debts that had existed at the time they went bankrupt. I say most because there are certain exceptions to this rule, debts that the Bankruptcy and Insolvency Actitemizes as debts not released by an order of discharge.
The Hong Kong court has held that, in determining whether it should exercise its jurisdiction to sanction a scheme of arrangement in respect of the debts of an insolvent foreign company, the factors to take into account include whether any of the debts are governed by Hong Kong law, such that they would be discharged by an order sanctioning the scheme, and whether sanctioning the scheme would foster comity.
Intellectual property rights are meant to protect that which cannot be easily protected: ideas, images, music and brands. The creators of these intangible concepts are given an economic monopoly over them, in the hopes of fostering greater creativity and economic growth. Bankruptcy law, on the other hand, seeks to equitably distribute the property of the bankrupt among its creditors, subject to the rights of secured creditors. There is an inherent conflict between the rights of two groups.
The Manitoba Court of Appeal will consider an interesting insolvency case involving hog feed suppliers who claim of priority for the cost of feed over Farm Credit Canada and Bank of Montreal, the hog producer’s secured creditors.
In general, the Court found Suppliers may have an unjust enrichment claim arising from an alleged fraud on the part of producer, who allegedly ordered feed while preparing for the Companies Creditors Arrangement Act (“CCAA”) application with no intention of paying for the feed.
Schemes of arrangement (“schemes”) have become the restructuring tool of choice for English companies or overseas companies that have English law-governed debts.
Introduction
The UK Supreme Court judgment in BNY Corporate Trustee Services Limited and others v Eurosail-UK 2007-3BL PLC [2013] UKSC 28 was handed down on 9 May 2013. It considered: (a) the meaning of the balance sheet insolvency test as laid out in section 123(2) of the UK Insolvency Act 1986 (the "Act"); and (b) the legal effect of a post-enforcement call option ("PECO") and, in particular, whether the existence of a PECO is relevant to an assessment of balance sheet insolvency.
For some, environmental liability is akin to a game of hot potato. In other words, no one wants to be the one left holding the potato when the music stops playing - otherwise they could be facing significant obligations to remedy contaminated lands. As remediation costs can be significant, owners, purchasers and creditors must tread carefully when dealing with contaminated real estate.
AMR Corp. and its subsidiaries (collectively “AMR”), including American Airlines Inc., filed for Chapter 11 protection in the Bankruptcy Court for the Southern District of New York (the “Court”) on November 29, 2011.