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Redemption in a receivership

A recent decision of the Ontario Superior Court of Justice (Commercial List) (the “Court”) in the receivership proceedings of The Clover on Yonge Inc.[1] (the “Clover Project”) has addressed the question of whether a debtor in receivership can avoid a sales process by redeeming its outstanding debt.

Canada, Ontario, Insolvency & Restructuring, Litigation, Real Estate, Miller Thomson LLP, Ontario Superior Court of Justice
Preserving Intellectual Property Rights in Licenses: Changes to the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act

As we reported last week, on November 1, 2019, amendments to both the Bankruptcy and Insolvency Act (the “BIA”)

Canada, Company & Commercial, Insolvency & Restructuring, Litigation, Trademarks, Miller Thomson LLP, Bankruptcy and Insolvency Act 1985 (Canada), Ontario Superior Court of Justice
Court decisions clarify rights of non-profit directors to pay legal fees during receivership

The December 2009 decision of the Ontario Court of Appeal in Peterborough (City) v. Kawartha Native Housing Society Inc. is significant in clarifying the right of the boards of directors of non-profit corporations in receivership to retain legal counsel and pay legal fees out of the corporation’s funds. The case arose out of the contested receivership of two non-profit First Nations social housing corporations.

Canada, Ontario, Insolvency & Restructuring, Litigation, Real Estate, Miller Thomson LLP, Board of directors, Attorney's fee, Court of Appeal of England & Wales, Court of Appeal for Ontario, Ontario Superior Court of Justice