Canada and Brazil share a long and significant common history of business and investment. Over a century ago, Canadian companies were heavily involved in building electrical and other infrastructure in São Paulo and Rio de Janeiro. Today, over 50 public companies listed on the TSX and TSX-V have substantial assets and operations in Brazil. In 2018, direct investment between the two countries exceeded $14 billion in each direction.

Retail, as a sector, has long been under pressure from increased competition from online retailers, which has resulted in reduced footfall on the high street, affecting many companies, including many well-known names.

Between 2016 and 2019, 13 of 23 company voluntary arrangements (CVAs), which are used by UK businesses to reduce their debts, saw their group going into administration, while other companies that did not agree a CVA ended up seeking investors to buy the business.

What is a CVA?

It is extremely sad to hear the news that Katie Price has been declared bankrupt.

Although the stigma of bankruptcy may have disappeared, it is still an extremely sobering event when an individual fails financially and is declared bankrupt by a court. In an increasingly materialistic world, bankruptcy is an ever-common event in society.

The Act of Parliament that implemented the 2019 federal budget also included significant changes to Canada's principal corporate and restructuring statutes. These included changes to the Canada Business Corporations Act ("CBCA"), the Bankruptcy and Insolvency Act ("BIA") and the Companies Creditors' Arrangements Act ("CCAA").1 One of the reasons for the changes is to make insolvency proceedings more fair, transparent and accessible for workers and pensioners.2 The changes are now in effect and will have a significant impact on Canadian insolvency law and practice.

In a recent split decision, the Alberta Court of Appeal held that super-priority charges granted in a Companies’ Creditor Arrangement Act (“CCAA”) proceeding may take priority over statutory deemed trusts claims advanced by the Crown.

Recently, the British Chamber of Commerce (BCC) warned that economic conditions are weakening and businesses are struggling, following a survey they have conducted of 6,600 companies employing 1.2 million workers. Their research found that domestic and export sales are falling, and services firms have seen a decrease in work in the three months to September. This has prompted fears that the UK’s economy may fall into recession.

A Manitoba Court recently offered guidance on how to approach an appeal from a notice of disallowance or determination of a claim under section 135(4) of the Bankruptcy and Insolvency Act, RSC 1985, c B-3 ("BIA"). Existing jurisprudence provided conflicting positions on whether to treat such appeals as true appeals or a hearing de novo. True appeals generally restrict the evidentiary record before the court to the evidence that was before the trustee. In a de novo hearing, the appeal court considers fresh evidence as a matter of course.

A Manitoba Court recently offered guidance on how to approach an appeal from a notice of disallowance or determination of a claim under section 135(4) of the Bankruptcy and Insolvency Act, RSC 1985, c B-3 (“BIA”). Existing jurisprudence provided conflicting positions on whether to treat such appeals as true appeals or a hearing de novo. True appeals generally restrict the evidentiary record before the court to the evidence that was before the trustee. In a de novo hearing, the appeal court considers fresh evidence as a matter of course.

Bill C-97 (the “Bill”) was introduced in Parliament to implement the federal budget tabled by the Liberal government on March 19, 2019. The Bill includes proposed changes to the Canada Business Corporations Act (“CBCA”), the Bankruptcy and Insolvency Act (“BIA”) and the Companies Creditors’ Arrangements Act (“CCAA”).

The Alberta Court of Appeal has dismissed an appeal brought by three municipalities (the "Municipalities") seeking status as secured creditors entitled to special priority for payment of linear property taxes.

In Northern Sunrise County v Virginia Hills Oil Corp, 2019 ABCA 61, the primary issue was whether the Municipal Government Act ("MGA") grants to an Alberta municipality a special lien for linear property taxes, which lien ranks senior in priority to contractual security interests if the tax debtor is not bankrupt or subject to other insolvency proceedings.

Background