Background

In R (on the application of Palmer) (Appellant) v. Northern Derbyshire Magistrates Court and another (Respondents), the Supreme Court held that an administrator appointed under the Insolvency Act 1986 (IA 1986) is not an "officer" of the insolvent company under section 194(3) of the Trade Union and Labour Relations (Consolidation) Act 1992 (TULRCA).

In a recent case involving Mantle Materials Group, Ltd. (2023 ABKB 488, “Mantle“), the intersection of environmental obligations and insolvency law in Canada has again come into sharp focus.

In Bank of Montreal v. Iskenderov, 2023 ONCA 528, the Ontario Court of Appeal held that actions to set aside a conveyance under section 2 of the Fraudulent Conveyances Act are subject to the basic two-year limitation period under the Limitations Act, 2002 – not the ten-year period prescribed by section 4 of the Real Property Limitations Act.

The Law of 7 August 2023 on businesses preservation and modernization of bankruptcy law (the “Law”) will come into force on 1st November 2023. On 19 July 2023, the Luxembourg parliament finally adopted the related draft bill, after more than a decade since the first draft bill (n° 6539) was presented.

Dlouho očekávaný zákon o preventivní restrukturalizaci čeká na podpis prezidenta a v následujících dnech nabude účinnosti. Nabídne podnikatelům nové nástroje, jak zavčas řešit své finanční potíže a vyhnout se úpadku.

Dne 23. srpna 2023 schválil Senát návrh zákona o preventivní restrukturalizaci, kterým se značným zpožděním dochází k transpozici směrnice Evropského parlamentu a Rady (EU) 2019/1023 ze dne 20. června 2019 o restrukturalizaci a insolvenci („Zákon“ a „Směrnice“).

The stakes in the appeal from a recent case in Alberta,  Qualex-Landmark Towers  Inc  v  12-10  Capital Corp (“Qualex”) are rising with the recent decision of the Court of Appeal of Alberta granting leave to intervene to the Canadian Bankers Association [Qualex-Landmark Towers Inc v 12-10 Capital Corp, 2023 ABCA 177].  The Canadian Bankers Association sought leave to intervene on the basis that the decision in Qualex creates significant uncertainty for secured lending, particularly where the borrower may have environmental remediat

On 19 July 2023, the Luxembourg parliament finally passed a new law to modernize insolvency law and preserve businesses, after more than a decade since the first draft bill (n° 6539) was presented.

Lenders beware, Canada is one step closer to establishing a framework that will provide significant enhanced protections for suppliers of perishable food items. Bill C-280, or the Financial Protection for Fresh Fruit and Vegetable Farmers Act (the “Act”), has passed the Second of Three Readings in the House of Commons.

In the recent case of Re Avanti Communications Ltd (In Administration)¹, the High Court considered whether charges granted by a satellite business over certain equipment and intangible assets (the Relevant Assets) were fixed or floating.

The Canadian Parliament has enacted (subject to the final stage of Royal Assent) significant changes to federal insolvency legislation, elevating the priority that must be provided to fund the deficit of a defined benefit pension plan when distributing debtor assets. Bill C-228, the Pension Protection Act (the “Act”), is an Act to amend the Bankruptcy and Insolvency Act (“BIA”), the Companies’ Creditors Arrangement Act (“CCAA”) and the Pension Benefits Standards Act, 1985.