The BC Court of Appeal has confirmed the jurisdiction for Canadian courts to make reverse vesting orders (“RVO”) in receivership proceedings. British Columbia v.
In the July 2024 edition of the Restructuring Department Bulletin, we highlight recent decisions and developments impacting the restructuring arena and share the latest news on the Paul, Weiss Restructuring Department.
BP Canada Energy Group ULC (“BP”) has applied for leave to appeal a decision under section 13 of the Companies’ Creditors Arrangement Act (the “CCAA”) and for a stay of the orders rendered by Justice Yamauchi on April 24, 2024
On June 20, 2024, the United States Bankruptcy Court for the Southern District of Texas (the “Court”) issued a memorandum decision and order in the adversary proceeding involving Robertshaw US Holding Corp.
Alice Eaton and Sean Mitchell Discuss Paul, Weiss’s Restructuring
Practice in Vault Q&A
Alice and Sean describe the breadth of Paul, Weiss’s Restructuring
practice and what sets the practice apart in a Q&A in the 2024 edition
of “Practice Perspectives: Vault’s Guide to Legal Practice Areas.”
Elizabeth McColm and Sean Mitchell Publish “USA” Chapter in
ICLG – Restructuring & Insolvency 2024
In the latest ICLG – Restructuring & Insolvency Laws & Regulations,
Elizabeth and Sean discuss common issues in restructurings and
Creditors want to recover as much money as they can from their debtors as quickly and painlessly as possible. When those debtors take steps to delay, defeat and hinder a creditor’s recovery, creditors can rely on the Fraudulent Preference Act, RSBC 1996, c. 164 (“FPA”) and the Fraudulent Conveyance Act, RSBC 1996, c. 163 (“FCA”) to set aside transactions that have that intention and effect. Generally, the FCA allows “creditors and others” to void dispositions of property designed to delay, hinder or defraud their claims.
Alice Eaton Featured at Wharton’s PE and Venture Capital Conference
Restructuring partner Alice Eaton spoke on the panel “Adjusting to a New Era: Redefining Value Creation in Uncertain Times,” as part of the Wharton School of the University of Pennsylvania’s 2024 Private Equity and Venture Capital Conference on March 29. The panel covered the use of innovative financing instruments and structures for investments in distressed assets.
Elizabeth McColm Discusses Women in Restructuring at Winter Bankruptcy Conference
On April 22, 2024, in the chapter 11 cases of GOL Linhas Aéreas Inteligentes S.A.
Overview
In the recent decision of Invico Diversified Income Limited Partnership v NewGrange Energy Inc, 2024 ABKB 214 (“NewGrange”), the Alberta Court of King’s Bench clarified when gross overriding royalties (“GOR”) can be vested out of a debtor company’s estate pursuant to a reverse vesting order (“RVO”). The Court allowed GORs to be vested off under the Applicant’s, Invico Diversified Income Limited Partnership (“Invico”), proposed RVO, finding the GORs to be mere contractual rights and not proper interests in land.
Motions to Transfer Venue Filed More Than a Year Postpetition and after Chapter 11 Plan Confirmed Deemed Untimely