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Secured Lenders Beware! Saskatchewan is Proposing to Create a Superpriority for Employer Obligations to Pension Plans

Will this proposal capture unfunded liabilities under defined benefit pension plans?

Canada, Saskatchewan, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Miller Thomson LLP, Financial regulation, Defined benefit pension plan
German Tax Reform Act 2018 - A Speed Read on Tax Implications for Corporates with German Operations

On November 23, 2018, the German Federal Council (Bundesrat) approved the Tax Reform Act of 2018 (the “Tax Reform Act”; Gesetz zur Vermeidung von Umsatzsteuerausfällen beim Handel mit Waren im Internet und zur Änderung weiterer steuerlicher Vorschriften), which was passed by the German Parliament (Bundestag) on November 8, 2018.

European Union, Germany, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Tax, Fried Frank Harris Shriver & Jacobson LLP, Shareholder, Court of Justice of the European Union
German Tax Reform Act 2018 - A Speed Read on Tax Treatment of Restructuring Measures

On November 23, 2018 the German Federal Council (Bundesrat) approved the Tax Reform Act of 2018 (the “Tax Reform Act”; Gesetz zur Vermeidung von Umsatzsteuerausfällen beim Handel mit Waren im Internet und zur Änderung weiterer steuerlicher Vorschriften), which was passed by the German Parliament (Bundestag) on November 8, 2018.

Germany, Insolvency & Restructuring, Litigation, Tax, Fried Frank Harris Shriver & Jacobson LLP, European Commission, Court of Justice of the European Union
Series of Avoidable Missteps by an Activist Stockholder and the Target Board Led the Court of Chancery to Find Fiduciary Breaches and Stockholder Aiding and Abetting in Connection With the Sale of a Company--PLX Technology

Avago Technologies Wireless (USA) Manufacturing Inc. acquired PLX Technologies, Inc. for $6.50 per share in cash. After the $300 million merger closed, certain former PLX stockholders sued for damages, alleging that the PLX directors had breached their fiduciary breaches, aided and abetted by both Potomac Capital Partners II, L.P. (a hedge fund that is an activist stockholder and had three designees on the PLX board) and the PLX board’s financial advisor (the “Banker”).

USA, Delaware, Banking, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, Shareholder, Fiduciary, Judicial review, Non-disclosure agreement, Court of Chancery, Delaware Court of Chancery
Financial Services & Insolvency Communiqué

Secured Creditor’s Priority Over Unremitted GST/HST: SCC Grants Callidus Capital Corporation Leave to Appeal

On March 22, 2018, the Supreme Court of Canada granted Callidus Capital Corporation (the “Secured Creditor”) leave to appeal the Federal Court of Appeal decision that interpreted subsection 222(3) of the Excise Tax Act (Canada) (the “ETA”) as giving the Crown super priority to property received by a secured creditor from a tax debtor before bankruptcy.

Canada, Insolvency & Restructuring, Litigation, Tax, Miller Thomson LLP, Supreme Court of Canada, Federal Court of Appeal (Canada)
Secured Creditor’s Priority Over Unremitted GST/HST: SCC Grants Callidus Capital Corporation Leave to Appeal

On March 22, 2018, the Supreme Court of Canada granted Callidus Capital Corporation (the “Secured Creditor”) leave to appeal the Federal Court of Appeal decision that interpreted subsection 222(3) of the Excise Tax Act (Canada) (the “ETA”) as giving the Crown super priority to property received by a secured creditor from a tax debtor before bankruptcy.

Canada, Insolvency & Restructuring, Litigation, Miller Thomson LLP, Secured creditor, Supreme Court of Canada
Priorité du créancier garanti sur la TPS ou la TVH non versée : la Cour suprême du Canada accorde à Callidus Capital Corporation l’autorisation d’interjeter appel

Le 22 mars 2018, la Cour suprême du Canada a accordé à Callidus Capital Corporation (le « créancier garanti ») l’autorisation d’interjeter appel de la décision de la Cour d’appel fédérale dont l’interprétation du paragraphe 222(3) de la Loi sur la taxe d’accise (Canada) (la « LTA ») donne à la Couronne la priorité absolue sur les biens reçus par un créancier garanti d’un débiteur fiscal avant la faillite.

Canada, Insolvency & Restructuring, Litigation, Tax, Miller Thomson LLP, Canada Revenue Agency, Supreme Court of Canada
In re Lyondell: District Court Upholds Broad Enforceability of a Limitation of Lender Liability Clause in a Credit Agreement

Credit agreements by their terms commonly bar the borrower from seeking punitive, indirect, special or consequential damages for a breach of the agreement by lenders and their affiliates. The clauses, as enforced, prevent a borrower from obtaining damages for harm that may be suffered by the borrower's business if the lender wrongfully declines to fund. The clauses prevent lenders from exposure to open-ended damages claims if the lenders refuse to lend to a borrower, including damages that are the direct and indirect result of the failure to lend.

USA, Banking, Insolvency & Restructuring, Litigation, Fried Frank Harris Shriver & Jacobson LLP, US District Court for the Southern District of New York
Algeco Scotsman: Another Page in the Issuer-Bondholder Playbook

Introduction – Distressed Issuers and Borrowers

USA, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Fried Frank Harris Shriver & Jacobson LLP
Saskatchewan Court of Appeal confirms that emails can extend limitation periods under the Limitations Act

Earlier this year, we wrote here about the decision in I.D.H. Diamonds NV v Embee Diamond Technologies Inc., 2017 SKQB 79, where Mr. Justice Layh held:

Canada, Saskatchewan, Insolvency & Restructuring, Internet & Social Media, Litigation, Miller Thomson LLP