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There’s Something About (Hail) Mary: Appeals of Sale Processes and Pre-Receivership Sale Agreements

Court approval of a sale process in receivership or Bankruptcy and Insolvency Act (“BIA”) proposal proceedings is generally a procedural order and objectors do not have an appeal as of right; they must seek leave and meet a high test in order obtain it. However, in Peakhill Capital Inc. v.

Canada, Ontario, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP
Ontario Court offers further guidance on Reverse Vesting Order Transactions

In a recent decision in the CCAA proceedings involving the Cannapiece Group, Mr. Justice Osborne of the Ontario Superior Court of Justice rejected an application for a reverse vesting order brought by the debtor companies and supported by the monitor.

Canada, Ontario, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Ontario Superior Court of Justice
Sigh of Relief for Commercial Landlords: Letters of Credit Unaffected by a Tenant’s Bankruptcy

The Ontario Court of Appeal, in 7636156 Canada Inc. (Re), 2020 ONCA 681 (“7636156”), recently affirmed the autonomy of documentary letters of credit as valid security for the obligations of a tenant under a commercial lease when that lease is disclaimed by the tenant or the tenant’s trustee in bankruptcy.

Canada, Ontario, Insolvency & Restructuring, Litigation, Real Estate, McCarthy Tétrault LLP, Bankruptcy, Court of Appeal for Ontario
Highlights of 2019 Canadian Restructuring Law

2019 was a busy year for corporate restructuring practitioners in Canada. The year saw an uptick in CCAA filings nationwide, with 38 total proceedings (up from the total of 21 filings in 2018). The Canadian restructuring landscape also some significant shake-ups, with important decisions and extensive legislative changes. The highlights are summarized below:

BIA & CCAA Amended

Canada, Ontario, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Debtor, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Court of Appeal for Ontario, Court of Appeal of Alberta, Quebec Court of Appeal
Firepower: Guidance on Whether Commissions Owed to Salespersons Are Held in Trust by a Business and Outside of Insolvency

In Firepower Debt GP Inc. v.

Canada, USA, Ontario, Insolvency & Restructuring, Litigation, Real Estate, McCarthy Tétrault LLP
The Ontario Court of Appeal determines when it is appropriate to vest out a royalty interest as part of an insolvency proceeding

The Ontario Court of Appeal determines when it is appropriate to vest out a royalty interest as part of an insolvency proceeding

The Importance of the Decision

Canada, Ontario, Energy & Natural Resources, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP
(Not) So Long, Astoria: Only 10 Days to Appeal Orders in Receivership Proceedings

In Business Development Bank of Canada v.

Canada, Ontario, Energy & Natural Resources, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy and Insolvency Act 1985 (Canada)
Top Insolvency Cases and Highlights from 2017

Top Insolvency Cases and Highlights from 2017 With the passing of another year, McCarthy Ttrault's National Bankruptcy & Restructuring Group takes a look at the trends, leading cases and other insolvency highlights from 2017. This publication puts at your fingertips a summary of the year's biggest insolvency cases and developments from across the country and highlights some of the most talked-about cases and issues from 2017, including deemed trusts, the monitor's role in oppression actions, equitable subordination and more. This report was authored by Heather L.

Canada, Ontario, Quebec, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy, Limited liability partnership, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada
Top Insolvency Cases and Highlights from 2017 - Part 1

2017 saw a number of interesting and important developments in Canadian insolvency and restructuring matters. Some of the highlights (which, in certain instances, will continue as issues in 2018 and beyond) are set forth below:

1) Trends: Fewer CCAA Filings and Retail Insolvencies in the News

Canada, Ontario, Quebec, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy, Liquidation, Secured creditor, Office of the Superintendent of Financial Institutions (Canada), Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Court of Appeal for Ontario
When is a quistclose trust not a quistclose trust? When you call it a “debt”

In Ontario (Training, Colleges and Universities) v.

Canada, Ontario, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Limited partnership, Barclays, Court of Appeal for Ontario, Ontario Superior Court of Justice