Section 11.4 of the CCAA requires that persons identified as critical suppliers to a debtor company continue to provide goods and services on terms and conditions with the existing supply relationship.

The Victorian Court of Appeal recently allowed an appeal against an order staying a proceeding brought by companies in liquidation against their former directors for knowingly assisting breaches of trust allegedly committed by the companies. The Court discussed the principles that operate in such circumstances.

Nicholson Street Pty Ltd (receivers and managers appointed) (in liq) v Letten [2016] VSCA 157

When serving an application to set aside a statutory demand interstate, the strict modes prescribed by SEPA trump service under the Corporations Act (or any mode of informal effective service which might otherwise suffice). Practitioners forgetting this may face a rather abrupt conclusion to proceedings.

The long-running conflict between insolvency professionals and the Alberta Energy Regulator (AER) that was (temporarily) clarified by the Court of Queen’s Bench of Alberta decision in Redwater Energy Corp. was previously analyzed in a blog post

Bell Group N. V (in liquidation) v Western Australia [2016] HCA 21

Alan Bond passed away last year, but the legal battles over the 1990 collapse of his Bell Group companies may yet continue. The High Court has declared state legislation, which was designed to end the long-running litigation by short-circuiting certain aspects of the Corporations Act 2001 (C’th), constitutionally invalid.

Background

On May 18, 2016, the Court of Queen’s Bench of Alberta released its much anticipated decision in Re Redwater Energy Corporation, 2016 ABQB 278, which addressed the Oil and Gas Conservation Act (OGCA), the Pipeline Act and the 

On April 20, 2016, the Canadian federal government introduced Bill C-15, which is legislation that provides for, among other things, a bank recapitalization or “bail-in” regime for domestic systemically important banks (“D-SIBs”).

BAIL-IN

The treatment of shareholder and other equity-related claims in the context of insolvency and reorganization proceedings in Canada was initially judge-determined and the case law generally accepted the premise that shareholders were not entitled to share in the assets of an insolvent corporation until after all the ordinary creditors have been paid in full.  In 2009 further clarity was brought to the issue by introduction of the “

CGU Insurance Limited v Blakeley [2016] HCA 2

Liquidators brought action against company directors under s 588M(2) of Corporations Act 2001 (Cth) – Liquidators sought to join third party insurer after insurer denied liability – Supreme Court had jurisdiction to grant declaratory relief on liquidators’ application – Meaning of justiciable controversy

Vizcaya Partners Limited v Picard and another [2016] UKPC 5

Privy Council advice that addresses what is required for foreign judgements