Key Considerations When Determining Whether to Resign from a Board in Advance of a Bankruptcy Filing
This bulletin is a cross-country update presented by the national Restructuring & Insolvency Group. It discusses the key cases across the country involving debtor-inpossession (DIP) financing, court-ordered charges and other priority claims and disputes in recent Canadian insolvency proceedings.
Introduction
How has the bankruptcy and restructuring landscape changed in the wake of the global financial crisis?
Section 8 of the Interest Act (Canada) (the Act) was considered by the Ontario Superior Court of Justice in Grant Forest Products Inc. (Re) in the context of an inter-creditor dispute.
The U.S. Supreme Court will soon rule on a case of farreaching importance for any party affected by a Chapter 11 plan in a business bankruptcy case. At stake is the longstanding expectation of secured lenders that they'll either be repaid or permitted to take their collateral by means of a credit bid; in other words, paying for the collateral with their lien.
In Re Indalex Limited, the OCA surprised insolvency, pension and financial services professionals by ruling that pension plan deficiency claims can have priority over the claims of DIP lenders in the context of Companies’ Creditors Arrangement Act proceedings.
On Thursday, December 1, 2011, a three-judge panel of the Supreme Court of Canada granted leave to appeal from the decision of the Court of Appeal for Ontario in Re Indalex.
Introduction
Fraudulent Leveraged Buy-Outs
Operating Company/Property Company
Dividend Recapitalizations
Deepening Insolvency
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