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Canadian Lender Defeats Environmental Claim

One of the most vexing commercial insolvency issues is the competition between creditors with security on environmentally troubled property and environmental authorities looking for deep pockets to fix the environmental problems. From a creditor’s point of view, a recent Alberta decision is a potential respite from environmental obligations being imposed on creditors of the owners of environmentally troubled property.

Canada, Alberta, Environment & Climate Change, Insolvency & Restructuring, Litigation, Miller Thomson LLP, Environmental remediation, Bankruptcy, Bankruptcy and Insolvency Act 1985 (Canada)
Delaware Bankruptcy Court Rules TCEH First Lien Distributions Are Governed by the Bankruptcy Code, Not by Intercreditor Agreement Waterfall

On March 11, 2016, Judge Christopher Sontchi of the U.S. Bankruptcy Court for the District of Delaware issued an opinion in the Energy Future Holdings bankruptcy that resolved an intercreditor dispute over $90 million in proceeds to be distributed under the plan of reorganization.

USA, Delaware, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Collateral (finance), Title 11 of the US Code, United States bankruptcy court
Trade Alert - February 2016

CAYMAN ISLANDS

Cayman Islands, Iceland, Italy, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Tax, Cadwalader Wickersham & Taft LLP
Bank Resolutions - Trust the Regulators, but Keep Your Powder Dry

In times of financial turbulence, politicians, regulators and the media make the case for tighter controls of the markets.  However, with new regulatory powers coming in and the resulting extra layer of complexity that their application brings, investors have their reasons not to put their trust in regulators.  As seen with recent developments in Portugal and Italy, a number of competing motivations surround the rescue of financial institutions.  The old maxim – “Put your trust in God, but keep your powder dry” -  may be applied to describe investor sentiment in an envir

European Union, Portugal, Banking, Capital Markets, Derivatives, Insolvency & Restructuring, Cadwalader Wickersham & Taft LLP
Stopping the revolution in its tracks: the Supreme Court of Canada decides Lemare Lake Logging Ltd. v. 3L Cattle Company Ltd.

On November 13, 2015, the Supreme Court rendered its decision in Lemare Lake Logging Ltd. v.

Canada, Insolvency & Restructuring, Litigation, Real Estate, Miller Thomson LLP, Supreme Court of Canada
Buyer (and its creditors) beware: SemCrude district court finds that purchasers took oil and gas free and clear of producers' liens

Although almost eight years have lapsed since the chapter 11 cases of Tulsa, Oklahoma-based SemCrude L.P.

USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP
TCEH bankruptcy: SDNY Transfers Delaware Trust Company v. Wilmington Trust N.A. Intercreditor dispute to Delaware Bankruptcy Court, reaffirming broad view of bankruptcy jurisdiction

On July 23, 2015, in an action arising from the huge TCEH chapter 11 bankruptcy, Judge Paul A. Engelmayer of the U.S. District Court for the Southern District of New York issued an opinion in Delaware Trust Company v.

USA, Delaware, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, United States bankruptcy court, US District Court for the Southern District of New York
La Cour supérieure entérine un processus contesté de vente mené par le séquestre nommé selon l’article 243 LFI.

Le 23 mai 2014, le juge Jean-François Émond désigne Lemieux Nolet inc. (le «Séquestre») comme séquestre de la débitrice Purgenesis Technologies inc. (la «Débitrice») et lui confère entre autres, les pouvoirs de vendre ou de disposer des actifs de la Débitrice.

Aussitôt, Monsieur Claude Moissan, syndic auprès du Séquestre, identifie les biens ainsi que les acheteurs potentiels.

Canada, Quebec, Insolvency & Restructuring, Litigation, Miller Thomson LLP
La subrogation dans une charge prioritaire ne peut s’accomplir sans l’autorisation du tribunal, mais l’autorisation d’en appeler est accordée.

Le 30 juillet 2014, un financement intérimaire est autorisé à être déboursé par Alternative Capital Group («ACG») en contrepartie duquel une charge prioritaire lui est transmise sur les actifs des débitrices Gestion Rer inc., Rer Hydro Ltd. et Hydrolienne Très Saint-Laurent Inc. (les «Débitrices»).

Peu de temps après, suite à la vérification diligente, ACG a cessé d’avancer des fonds aux Débitrices.

Le 28 août 2014, le Contrôleur met fin au mandat de ACG après avoir constaté que cette dernière n’avait alors avancé que la somme initiale de 371 000 $.

Canada, Quebec, Insolvency & Restructuring, Litigation, Miller Thomson LLP
Le tribunal soustrait la créance de la demanderesse à la libération du défendeur et lui accorde le droit de poursuivre ses procédures contre le défendeur pour le recouvrement de sa créance.

Le 17 novembre 2011, aux termes de la négociation d’une entente de cessation de vie commune, il est prévu que la demanderesse cèdera ses droits dans la résidence familiale au défendeur en contrepartie de 70 000 $ dont l’acte de vente prévoit que le paiement se fera en deux versements.

Suite à leur entente, le défendeur ne verse pas le second paiement à la défenderesse dont la créance n’est pas garantie.

Canada, Insolvency & Restructuring, Litigation, Miller Thomson LLP