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The Supreme Court of Canada considers whether a debt owed to the British Columbia Securities Commission survives bankruptcy under an exception to the ‘fresh start’ principle

On December 6, 2023, the Supreme Court of Canada heard the appeal of Poonian v British Columbia Securities Commission, 2022 B

Canada, British Columbia, Alberta, Capital Markets, Insolvency & Restructuring, Litigation, Dentons, Alberta Securities Commission, British Columbia Securities Commission, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Court of Appeal of Alberta, British Columbia Supreme Court, British Columbia Court of Appeal
Insolvency upswing - the surge in company dissolutions and the residual assets dilemma

Between 1 April and 30 June 2023, there were 6,342 registered company insolvencies, which is the highest number of insolvencies since the second quarter of 2009, and a 9% increase on the previous quarter of 2023.

United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Dentons, Companies Act 2006 (UK)
Administrators' legal tightrope: the UK Supreme Court rules on HR1 filing failures and criminal liability

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).

United Kingdom, Compliance Management, Employment & Labor, Insolvency & Restructuring, Litigation, Dentons, Insolvency Act 1986 (UK), Trade Union and Labour Relations (Consolidation) Act 1992 (UK), UK Supreme Court
Attacking fraudulent conveyances: What is the time limit?

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.

Canada, Ontario, Insolvency & Restructuring, Litigation, Dentons, Bank of Montreal Financial Group, Bankruptcy and Insolvency Act 1985 (Canada), Limitations Act 2002 (Canada), Court of Appeal for Ontario
New Luxembourg law to preserve businesses and modernize insolvency law - What to expect?

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.

Luxembourg, Compliance Management, Insolvency & Restructuring, Dentons, Insolvency, European Commission, European Parliament, European Council, Directive on Preventive Restructuring Frameworks (2019/1023/EU)
Court of Appeal summaries (September 4 - September 8)

Following are this week’s summaries of the Court of Appeal for Ontario for the week of September 4, 2023.

In AssessNet Inc. v. Ferro Estate, the Court set aside an order dismissing the action, finding that the summary judgment motion judge had erred in determining the issue of discoverability of a claim against a trustee in bankruptcy.

Torgersrud v Lightstone is a family law decision where the Court dismissed an appeal from an order setting aside a marriage contract entered into in Quebec in 1988.

Canada, USA, Ontario, Family, Insolvency & Restructuring, Litigation, Blaney McMurtry LLP, Bankruptcy, Court of Appeal for Ontario
Dentons Prague Newsletter - Preventive restructuring is coming. Will it rewrite the rules of the game between a debtor and creditors? (Czech)

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“).

Czech Republic, Insolvency & Restructuring, Dentons, Directive on Preventive Restructuring Frameworks (2019/1023/EU)
Court of Appeal summaries (August 28 - September 1)

Good afternoon. Following are this week’s summaries of the Court of Appeal for Ontario for the week of August 28, 2023.

I hope everyone is enjoying the last long weekend of the summer.

Chippewas of Nawash Unceded First Nation v. Canada (Attorney General) is a 125-page decision dealing with the claim of the Saugeen Ojibway Nation to submerged lands in Lake Huron and Georgian Bay. The claim was mostly unsuccessful.

Canada, Ontario, Banking, Company & Commercial, Family, Insolvency & Restructuring, Litigation, Public, Real Estate, Blaney McMurtry LLP, Confidential information, Court of Appeal for Ontario
Court of Appeal summaries (July 17 - July 21, 2023)

Following are this week’s summaries of the Court of Appeal for Ontario for the week of July 17, 2023.

Canada, USA, Ontario, Banking, Company & Commercial, Family, Insolvency & Restructuring, Litigation, Blaney McMurtry LLP, Due diligence, Court of Appeal for Ontario, British Columbia Supreme Court
New Luxembourg law to preserve businesses and modernize insolvency law - What to expect?

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.

European Union, Luxembourg, Insolvency & Restructuring, Dentons, Insolvency, European Commission, European Parliament, Directive on Preventive Restructuring Frameworks (2019/1023/EU)