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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
Arbitration versus the “Single Proceeding Model” in Insolvency Proceedings - Which prevails?

Overview and Why This Case Matters

Canada, British Columbia, Arbitration & ADR, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, UNCITRAL, Bankruptcy and Insolvency Act 1985 (Canada), Ontario Superior Court of Justice
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
New priorities? The Ontario Superior Court applies Indalex and reaches a different result

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.

Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Debtor, Ontario Superior Court of Justice
Creativity in the courts: use of the CCAA to address asset-backed commercial paper crisis

The Ontario Court of Appeal has approved a creative use of the Companies’ Creditors Arrangement Act (CCAA) designed to unfreeze the $32-billion Canadian market for asset-backed commercial paper (ABCP).

As has been widely publicized, the Canadian ABCP market froze in August 2007 as a result of concerns in world credit markets arising from the US subprime mortgage crisis. After the market froze, a Pan-Canadian Investors Committee was formed to attempt to restructure it.

Canada, Ontario, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, McCarthy Tétrault LLP, Bond market, Asset-backed security, Secured loan, Commercial paper, Royal Bank of Canada, Companies' Creditors Arrangement Act 1933 (Canada), Supreme Court of Canada, Court of Appeal for Ontario, Ontario Superior Court of Justice