Davies Restructuring Review 2021: Issue 2 Contents Emerging Trends for the Short and Long Terms 01 Observations of Q1 2021 03 CCAA Proceedings 03 Business Bankruptcies and Proposals 05 Receiverships 07 A Trend to Watch: From BIA to CCAA 08 Case Example: Kanwal 08 Case Example: EncoreFX 09 A Spotlight on Government Involvement in CCAA Proceedings 09 Goals and Methods of Government Bankruptcy Activism 10 Case Example: Air Canada Inc.

The Supreme Court of Canada (SCC) has denied leave to appeal in the proceedings of Nemaska Lithium Inc. and its subsidiaries (collectively, Nemaska) under the Companies’ Creditors Arrangement Act (CCAA). In November 2020, the Québec Court of Appeal (QCA) dismissed leave applications from the decision of the Superior Court of Québec (SCQ). In this decision, the SCQ granted, for the first time after a contested hearing, a “reverse vesting order” (RVO).

Davies Restructuring Review 2021: Issue 1 Contents The Insolvency Landscape One Year into the COVID-19 Storm 01 Global Outlook on Corporate Insolvency: Lessons from Past Crises?

Although 2020 may be behind us, the economic conditions and lockdowns caused by the COVID-19 pandemic still linger. With the emerging picture for Canada in 2021 looking to largely resemble that of 2020, many are wondering how long struggling businesses and their creditors can hold their breath while waiting for improved cash flows and customer demand.

This article was originally published in Law360. Any opinions in this article are not those of Winston & Strawn or its clients. The opinions in this article are the authors' opinions only.

In Pension Benefit Guaranty Corp. v. 50509 Marine LLC et al.[1] the U.S. Court of Appeals for the Eleventh Circuit held that the Pension Benefit Guaranty Corp. can recover an employer's defined benefit pension plan termination liability--often millions of dollars--from controlled group members that did not even exist when the contributing employer liquidated years earlier.[2]

In In re Nine West LBO Securities Litigation (Case No. 20-2941) (S.D.N.Y. Dec. 4, 2020), a federal district court denied in part a motion to dismiss claims brought by the Nine West liquidating trustee against former directors (the "Defendants") of The Jones Group, Inc. (the "Company"), Nine West's predecessor, for, among other things, (i) breaches of their fiduciary duties of care and loyalty, and (ii) aiding and abetting breaches of fiduciary duties. The litigation arises from the 2014 LBO of the Company by a private equity sponsor ("Buyer").

Canadian Insolvency Trends in 2020: A Pandemic Year in Numbers Contents Introduction 01 Insolvencies in Canada in 2020: The Numbers Explained 02 Bankruptcies and Proposals in a COVID-19 World: A Snapshot 03 The Hardest Hit Sectors 06 Trends in Business Bankruptcies 08 Trends in Business Proposals 09 A Look at Receiverships 10 Developments in CCAA Filings 14 CBCA Section 192 Arrangements 16 Looking Ahead 17 Contributors 18 Key Contacts 19 Canadian Insolvency Trends in 2020 1 Introduction The economic conditions caused by the COVID-19 pandemic are unprecedented.

In the wake of the recent economic downturn caused by the COVID-19 pandemic, there will likely be a sharp rise in bankruptcy filings by businesses seeking to obtain relief from the burdens of excessive debt.^[1] The bankruptcy code is designed to provide debtors relief and protection from creditors, which includes the Internal Revenue Service (“IRS”).

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Focus on Tax Controversy

NOVEMBER 2020\\VOLUME 4\\ISSUE 3

IN THIS ISSUE

ARTICLES AND UPDATES Bankruptcy Court's Jurisdiction To Resolve Tax Claims2 FAQs Issued Under The CARES Act Invalid Under The APA8 Tax Court Concludes IRS Failed to Satisfy 675111

Penalty For Failure To File Form 5471 Is Not Divisible 14 Sixth Circuit Rejects Taxpayer's Judicial Estoppel Claim17

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In the wake of the recent economic downturn caused by the COVID-19 pandemic, there will likely be a sharp rise in bankruptcy filings by businesses seeking to obtain relief from the burdens of excessive debt.[1] The bankruptcy code is designed to provide debtors relief and protection from creditors, which includes the Internal Revenue Service (“IRS”).  One of the benefits of bankruptcy court protection is the automatic stay, which will