R. v. Dunn, Beatty and Gollogly 2013 ONSC 137
Introduction
The Ohio General Assembly this week passed Amended Substitute House Bill 380, which requires the full disclosure of all asbestos bankruptcy trust claims made by plaintiffs with asbestos lawsuits in Ohio. The bill is headed to Governor John Kasich’s desk; he is expected to sign the bill.
Jeffrey Marks, a partner in the Vorys Cincinnati office and a member of the commercial and finance group, authored this column about the decision from U.S. Court of Appeals for the Sixth Circuit in Onkyo Electronics V. Global Technovations. The column originally appeared in the September 17, 2012 edition of Bankruptcy Law360.
Case Study: Onkyo Electronics V. Global Technovations
US lenders in cross-border M&A transactions often ask how real estate security differs in Canada. The short answer is not much; the security and legal requirements are pretty much the same (though perhaps not as heavily negotiated and labyrinthine as US-style documentation).
You are probably aware of the useful restructuring and creditor protection process available to insolvent entities in the United States under Chapter 11 of the United States Bankruptcy Code. In Canada, more than one insolvency regime is available in respect of debtor companies in financial difficulty and those interested in acquiring such companies or their assets. However, because of its flexibility, the most commonly used Canadian regime for larger debtor companies or complicated restructurings is the Companies’ Creditors Arrangement Act (Canada) (the "CCAA").
The Supreme Court of Canada has recently granted leave to appeal from the judgment of the British Columbia Court of Appeal in Edward Sumio Nishi v. Rascal Trucking Ltd. This appeal focuses on the test for a resulting trust in the commercial context.
When a contractor pays money into court to discharge a lien of a sub-contractor, can that money only be used to discharge that lien holder’s claim? Or is it available to pay the liens of all eventual lien holders? In Canadian Western Bank v.
On February 2 and 9, 2012, the Ontario Superior Court released two decisions in the ongoing proceedings of Timminco Limited and Bécancour Silicon Inc. (together, the Timminco Entities) under the Companies’ Creditors Arrangement Act (CCAA) that further develop the law regarding pension claim priorities in insolvency proceedings.
New amendments to the Bankruptcy Rules became effective on December 1, 2011. These amendments add new requirements and potentially harsh penalties for failure to comply. An overview of those amendments follows.
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The Supreme Court has announced it will hear the appeal in the high profile Indalex Ltd., Re. The appeal is of great interest to the commercial litigation, insolvency and pension bar. Its outcome will be closely watched and may have dramatic impact on Canadian corporate reorganizations.
Background