On January 26, 2026, the Court of King’s Bench of Alberta (ABKB) held that the Alberta Department of Energy and Minerals (Alberta Energy) is required to first advance its claim for royalty arrears owed by an insolvent energy company within ongoing restructuring proceedings of that insolvent company, before seeking recovery from jointly liable solvent co-lessees.

Navigating the complexities of cross-border bankruptcy and insolvency proceedings can be daunting for international businesses. This demystifying guide compares Chapter 11 of the U.S. Bankruptcy Code and Canada’s Companies’ Creditors Arrangement Act (CCAA), highlighting each jurisdiction’s unique processes and requirements.

One of the main advantages for a debtor to seek protection under the Companies’ Creditors Arrangement Act (CCAA) or the Bankruptcy and Insolvency Act (BIA) is the stay of proceedings that prevents creditors faced with a default in payment from taking any action against the debtor. This allows the debtor, among other things, to reorganize itself or dispose of some or all of its assets under the court’s supervision. Be that as it may, there are exceptions.

L’un des principaux avantages pour un débiteur de se placer sous la protection de la Loi sur les arrangements avec les créanciers des compagnies (« LACC ») ou de la Loi sur la faillite et l’insolvabilité (« LFI ») consiste en la suspension des procédures pouvant être intentées par un créancier faisant face à un défaut de paiement. Cette suspension des procédures permet notamment à la débitrice de se réorganiser ou de disposer de certains ou de l’ensemble de ses actifs sous la supervision du tribunal. Or, certaines exceptions existent.

Buying parts of a distressed company may offer great opportunities for buyers. When a company is struggling but not yet insolvent, external financing might dry up and the sale of non-core activities may be a last resort to generate fresh cash.

The Abu Dhabi Global Market (the “ADGM”) courts have recently handed down their decision in NMC Healthcare Limited & Others v Shetty & Others ([2024] ADGMCFI 0007). The decision deals with several important principles in relation to fraudulent/wrongful trading liabilities under ADGM law. Given the ADGM re-domiciliation (or continuation) regime, enabling companies incorporated elsewhere to be redomiciled to ADGM with relative ease, the decision is likely to be of interest beyond the borders of the ADGM.

In the recent decision Sian Participation v Halimeda (Sian), the Judicial Committee of the Privy Council (the Privy Council) held on a BVI appeal that a winding-up petition should not be stayed or dismissed merely because the underlying debt is subject to a generally-worded arbitration agreement.

In the most significant decision of the decade on a matter of U.S. bankruptcy law, the U.S. Supreme Court rendered its highly anticipated decision in Harrington v. Purdue Pharma L.P., 603 U.S. ____ (2024) on June 27, 2024, striking down the non-consensual third party releases that were the cornerstone of Purdue Pharma's Chapter 11 Plan of Reorganization by a vote of 5-4. In doing so, the Court said:

The UK National Security and Investment Act came into force on 4 January 2022, significantly extending the UK Government’s power to investigate and intervene in transactions which pose, or could pose, threats to the UK’s national security.

On 17 April 2024 the UK Jurisdiction Taskforce (theUKJT), chaired by Sir Geoffrey Vos published its Legal Statement on Digital Assets and English Insolvency Law.