A recent chambers decision holding that gross overriding royalties (“GOR”) can be vested off in a reverse vesting order (“RVO”) is on its way up to the Court of Appeal of Alberta (the “ABCA”). The ABCA has granted leave to appeal Invico Diversified Income Limited Partnership v NewGrange Energy Inc, 2024 ABKB 214 (“Invico”).
The Chambers Decision
On July 2, 2024, the Court of Appeal for British Columbia (the “Court”) released its highly anticipated decision in British Columbia v. Peakhill Capital Inc., 2024 BCCA 246 (“Peakhill”) concerning the use of reverse vesting orders (“RVOs”) to effect sale transactions structured to avoid provincial property transfer taxes for the benefit of creditors.
On 11 June 2024, Mr. Justice Leech handed down a landmark UK judgment relating to wrongful trading and misfeasance against the former directors of the BHS Group of companies (BHS) pursuant to the Insolvency Act 1986 (IA86).
The 533-page judgment saw one of the largest reported wrongful trading awards since the introduction of IA86, as well as a novel claim for “misfeasant trading.”
Many litigators and corporate lawyers view the practice of representing a large shareholder and the company in which it is invested as common practice. In many instances, no conflict of interest will ever materialize such that the shareholder and the company require separate representation. However, in a recent opinion rendered by the United States Bankruptcy Court, Eastern District of Virginia (the “Court”), a large international law firm (the “Firm”) was disqualified from representing Enviva Inc.
In the Endoceutics case[1], the Superior Court recently clarified the application of section 32 of the Companies’ Creditors Arrangement Act
Just over a year ago, the Alberta Court of King’s Bench (“ACKB”) decision in Qualex-Landmark Towers v 12-10 Capital Corp (“Qualex”)[1] extended the application of an environmental regulator’s priority entitlements in bankruptcy and insolvency to civ
2275518 Ontario Inc. v. The Toronto-Dominion Bank, 2024 ONCA 343
On May 6, 2024, the Ontario Court of Appeal upheld a summary judgment motion decision in favour of The Toronto-Dominion Bank (“TD Bank”) in 2275518 Ontario Inc. v. The Toronto-Dominion Bank, 2024 ONCA 343.[1]
On 4 March 2024, Mr Justice Richards of the English High Court delivered a judgment (the Judgment) in relation to the sanction of the restructuring plan under Part 26A of the Companies Act 2006 (the Plan) of Project Lietzenburger Straße HoldCo S.à r.l. (the Plan Company). The Judgment required that a new creditors’ meeting of the Plan Company’s senior creditors be convened to vote on an amended Plan.
To modernise the restructuring toolkit available to special administrators, the UK government has introduced changes to the English special administration regime (SAR)1 for distressed water companies. The changes follow reports of significant stress in the water services sector.
New Changes
- Globalization of Businesses Leads to More Cross Border Restructurings – With the increase in international businesses’ globalization comes an increase in cross border restructurings both inside and outside of courts.