Will this proposal capture unfunded liabilities under defined benefit pension plans?
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.
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.
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.
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:
Affinity Credit Union 2013 v. Vortex Drilling Ltd. 2017 SKQB 228
In 2003 the Seventh Circuit Court of Appeals surprised many observers when it held that a sale of real property under section 363 of title 11 of the United States Code (Bankruptcy Code) could be approved free and clear of a lessee’s leasehold interest in the property. Precision Industries, Inc. v. Qualitech Steel SBQ, LLC (In re Qualitech Steel Corp. & Qualitech Steel Holdings Corp.), 327 F.3d 537 (7th Cir. 2003) (Qualitech).
Being inexperienced can contribute to getting into disciplinary trouble, but it can also be a mitigating factor in a bar disciplinary case. That’s the message of a recent opinion of the Oklahoma Supreme Court, which imposed a six month suspension from state practice as reciprocal discipline on a lawyer who had already been suspended from federal bankruptcy court practice for five years.
Raising the risk?
National Insolvency Review, February 2017
Most or all creditors who lend to farmers will be familiar with the Farm Debt Mediation Act, S.C. 1997, c. 21 (the “FDMA”) and the need to serve a notice under the FDMA before taking action against a farmer. However, there are some details of how the FDMA operates that may not be as well-known. This piece will highlight some of those details.
News of the bankruptcy of one of the world’s largest ocean carriers, Hanjin Shipping Co., Ltd. (Hanjin), continues to have a ripple effect globally, creating legal entanglements and disrupting company supply chains. Some ports, terminals, stevedores, truckers and rail carriers have refused to service Hanjin vessels and containers for fear of not getting paid.