The Supreme Court of Canada (“SCC”) has released its decision in Canada North, conclusively resolving the priority dispute between deemed trusts created under the federal “fiscal statutes” (being the Income Tax Act (the “ITA”), the

On June 17, 2021, McCarthy Tétrault virtually hosted A Panel Discussion about the CCAA with Partners Heather Meredith, Jacques Rousse, and Awanish Sinha. The discussion focused on the Companies’ Creditors Arrangement Act (“CCAA”), reasons why organizations use the CCAA, and particular insights about the Laurentian University CCAA proceeding.

The following are some key takeaways from the panel:

The National Company Law Tribunal, Mumbai Bench (Hon’ble NCLT) in application filed by Mr. R. Subramaniakumar, Administrator of Dewan Housing Finance Corporation Limited (Administrator) against the Committee of Creditors, through Union Bank of India & Ors. in the matter Reserve Bank of India (RBI) versus Dewan Housing Finance Corporation Limited (DHFL) (IA.NO.449/MB/C-II/2021 in CP(IB)No.

Dans l’affaire Chandos Construction Ltd c Restructuration Deloitte Inc, la Cour suprême rend une décision concernant le test applicable à la règle anti-privation, qui a pour but d’empêcher de contourner les règles législatives et de common law d’insolvabilité par voie contractuelle.

In the matter of Chandos Construction Ltd v Restructuring Deloitte Inc, the Supreme Court of Canada issued a judgment on the anti-deprivation rule, which is intended to prevent contracts from frustrating statutory and common law rules relating to insolvency. The Court established that a clause triggered by an event of insolvency or bankruptcy and which has the effect of removing value from the insolvent’s estate is void and unenforceable.

Dans l'affaire de la Loi sur les arrangements avec les créanciers des compagnies du détaillant nord-américain Groupe Dynamite, le Juge Kalichman, siégeant alors à la Cour supérieure du Québec, rend un jugement sur le traitement des taxes de vente pré-dépôt devant être remises par les débiteurs. La Cour exerce son pouvoir discrétionnaire afin de modifier l’ordonnance pour préciser que seules les taxes de vente accumulées ou perçues après la date de l’ordonnance initiale doivent être payées immédiatement aux autorités fiscales.

The recent decision of Justice B.E.

A three-judge Bench of the Supreme Court (SC), by a common judgement in Asset Reconstruction Company (India) Limited vs. Bishal Jaiswal (15 April 2020, Civil Appeal No 323 of 2021) and related matters, has held that the  for the purposes of Insolvency and Bankruptcy Code, 2016 (IBC), balance sheet entries  could constitute an acknowledgment of debt under Section 18 of the Limitation Act, 1963 (Limitation Act). 

PREPACKAGED INSOLVENCY RESOLUTION FOR MSMEs – FIRST STEP TOWARDS A LONG AWAITED LEGAL FRAMEWORk

In times of crisis such as the ongoing COVID-19 pandemic, businesses are required to make important decisions with very significant implications at an accelerated pace and in the face of the unknown. This was the case when governments across the globe ordered borders to shut and non-essential activities to scale down or stop almost a year ago. This remains true as governments have announced and begun implementing plans to restart the economy and financial pressures are mounting rapidly on businesses to resume operations while facing an uncertain economy.