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Prior Involvement as Advisor to Debtor Company - Possible Bar to Appointment in Restructuring Proceedings

Financial institutions need to be mindful of the effect of the engagement of financial advisors with respect to their special loan clients.

Canada, Ontario, Banking, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Debtor
End of the Road: The Supreme Court of Canada Denies Leave to Appeal in Iona Contractors Ltd. v Guarantee Company of North America

The Supreme Court of Canada today released its highly anticipated decision in Iona Contractors Ltd. v Guarantee Company of North America, 2015 ABCA 240 dismissing the application for leave to appeal by the Trustee in Bankruptcy (the "Trustee") of the bankrupt, Iona Contractors Inc. ("Iona").

Canada, Alberta, Construction, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Supreme Court of Canada, Court of Appeal of Alberta
2015 in Review: Top 10 Judicial Decisions of Import to the Canadian Oil and Gas Industry

Last year’s list of the top ten judicial decisions of import to the Canadian Oil and Gas Industry (found here) illustrated that 2014 was a high-water mark for important judicial decisions affecting the oil and gas industry.  In 2015, we have seen several of the key 2014 cases applied, confirmed or addressed, in particular in relation to Aboriginal title, contract interpr

Canada, Ontario, British Columbia, Alberta, Energy & Natural Resources, Environment & Climate Change, Insolvency & Restructuring, Litigation, Real Estate, Borden Ladner Gervais LLP
Limits of Relief for Lessors under the Surface Rights Act when an Operator has been Assigned into Bankruptcy

This Fall the Alberta Surface Rights Board (the “Board”) Panel issued its decision in Lemke v Petroglobe Inc, 2015 ABSRB 740. The Panel decided that it did not have authority to proceed with a claim by a landowner for unpaid compensation that had accrued before the date that the operator was assigned into bankruptcy.

Canada, Alberta, Insolvency & Restructuring, Litigation, Real Estate, Borden Ladner Gervais LLP, Bankruptcy, Bankruptcy and Insolvency Act 1985 (Canada)
Stopping the revolution in its tracks: the Supreme Court of Canada decides Lemare Lake Logging Ltd. v. 3L Cattle Company Ltd.

On November 13, 2015, the Supreme Court rendered its decision in Lemare Lake Logging Ltd. v.

Canada, Insolvency & Restructuring, Litigation, Real Estate, Miller Thomson LLP, Supreme Court of Canada
Builders’ Lien Act trust survives challenge

​Iona Contractors Ltd. v. Guarantee Company of North America

The Alberta Court of Appeal released its much anticipated decision addressing the interaction between the trust provisions of the Builders’ Lien Act (“BLA”) and the Bankruptcy and Insolvency Act (“BIA”) in Iona Contractors Ltd. v Guarantee Company of North America, 2015 ABCA 240 on July 16, 2015.

Canada, Alberta, Construction, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, General contractor, Court of Appeal of Alberta
Case summary: Yukon Zinc Corporation (Re), 2015 BCSC 836

The recent British Columbia Supreme Court decision in Yukon Zinc Corporation (Re), 2015 BCSC 836, provides some rare insight into the operation of provincial “miners lien” legislation in an insolvency context.

Background

Canada, British Columbia, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, British Columbia Supreme Court
La Cour supérieure entérine un processus contesté de vente mené par le séquestre nommé selon l’article 243 LFI.

Le 23 mai 2014, le juge Jean-François Émond désigne Lemieux Nolet inc. (le «Séquestre») comme séquestre de la débitrice Purgenesis Technologies inc. (la «Débitrice») et lui confère entre autres, les pouvoirs de vendre ou de disposer des actifs de la Débitrice.

Aussitôt, Monsieur Claude Moissan, syndic auprès du Séquestre, identifie les biens ainsi que les acheteurs potentiels.

Canada, Quebec, Insolvency & Restructuring, Litigation, Miller Thomson LLP
La subrogation dans une charge prioritaire ne peut s’accomplir sans l’autorisation du tribunal, mais l’autorisation d’en appeler est accordée.

Le 30 juillet 2014, un financement intérimaire est autorisé à être déboursé par Alternative Capital Group («ACG») en contrepartie duquel une charge prioritaire lui est transmise sur les actifs des débitrices Gestion Rer inc., Rer Hydro Ltd. et Hydrolienne Très Saint-Laurent Inc. (les «Débitrices»).

Peu de temps après, suite à la vérification diligente, ACG a cessé d’avancer des fonds aux Débitrices.

Le 28 août 2014, le Contrôleur met fin au mandat de ACG après avoir constaté que cette dernière n’avait alors avancé que la somme initiale de 371 000 $.

Canada, Quebec, Insolvency & Restructuring, Litigation, Miller Thomson LLP
Le tribunal soustrait la créance de la demanderesse à la libération du défendeur et lui accorde le droit de poursuivre ses procédures contre le défendeur pour le recouvrement de sa créance.

Le 17 novembre 2011, aux termes de la négociation d’une entente de cessation de vie commune, il est prévu que la demanderesse cèdera ses droits dans la résidence familiale au défendeur en contrepartie de 70 000 $ dont l’acte de vente prévoit que le paiement se fera en deux versements.

Suite à leur entente, le défendeur ne verse pas le second paiement à la défenderesse dont la créance n’est pas garantie.

Canada, Insolvency & Restructuring, Litigation, Miller Thomson LLP