On October 7, 2015, the British Columbia Court of Appeal reversed the Supreme Court of British Columbia's decision in Barafield Realty Ltd. v. Just Energy (B.C.) Limited Partnership ["Barafield Realty"].¹ In July of 2014, we wrote the attached bulletin http://www.mcmillan.ca/Assigning-contracts-in-Canadian-insolvency-proceedings on the lower court decision.

As discussed in our May 2016 bulletin, New Rules for Asset Sales by Insolvent Producers (at least for now), the decision of the Court of Queen's Bench of Alberta in Re Redwater Energy Corporation, 2016 ABQB 278 ("Redwater") determined that provisions of the provincial legislation governing the actions of licensees of oil and gas assets did not apply to receivers and trustees in bankruptcy of insolvent companies, given the paramountcy of the Bank

In Alberta, regulations have historically prohibited purchasers of oil and gas assets from cherry picking operating interests in economic properties while leaving behind interests in uneconomic wells. This has had a significant negative impact on the ability of a receiver or trustee to market and sell assets owned by insolvent companies and on the prices those assets are able to attract.

As a general rule, lodging an appeal against a judgment no longer suspends its enforceability. This should accelerate the recovery of outstanding debt in Belgium.

Recovering outstanding debt in Belgium can feel like a long-winded and sometimes frustrating job. A creditor who obtained a judgment against a defaulting debtor is often confronted with an appeal by that debtor, lodged with the only intention to put the enforcement of this judgment on a back burner. Most courts of appeal built up a large backlog as a result of the massive workload of among others these dilatory appeals.

November 2015 Financial Services Bulletin The Supreme Court of Canada Confirmed Today the Paramountcy of the Bankruptcy and Insolvency Act over License Denial Regimes The Supreme Court of Canada (“SCC”) released today its much awaited decision in 407 ETR,1 in which it upheld the decision of the Ontario Court of Appeal, and ruled that Section 22(4) of the Highway 407 Act is constitutionally inoperative to the extent that it is used to enforce a provable claim that has been discharged pursuant to section 178(2) of the Bankruptcy and Insolvency Act.

Ruim zes jaar na het faillissement van het Meavita-concern heeft de Ondernemingskamer zich op 2 november jl. in harde bewoordingen uitgelaten over het handelen van bestuur en toezichthouders. De uitspraak volgt op een door de vakbonden en curatoren gestarte enquêteprocedure, waarin het beleid en de gang van zaken binnen Meavita voorafgaand aan faillissement zijn onderzocht.

On October 13, 2015, the Ontario Court of Appeal (the "Court of Appeal") upheld1 a CCAA judge's decision that the "interest stops rule" applies in CCAA proceedings, which significantly limits unsecured creditors' ability to recover interest accrued after the date of a debtor's insolvency.

Background

Quoted October 2015 - Edition 105 Current issues relating to accounting law, article 403 liability and insolvency law 2 In this edition • Introducion • Financial reporting • Article 403 liability • Facilitating reorganisations of businesses: Dutch pre-packs and schemes 3 Fourth Directive (78/660/EEC) and the Seventh Directive (83/349/EEC) in relation to individual and consolidated accounts, and Directive 2013/50/EU, which amends a number of the provisions of the Prospectus Directive (2003/71/EC) and the Transparency Directive (2004/109/ EC). 1.

In a recent decision, the Ontario Superior Court clarified the test by which Ontario courts will recognize foreign bankruptcy proceedings.

Under the Bankruptcy and Insolvency Act1, trustees have considerable discretion to administer a bankrupt’s estate in an expedient manner. However, the British Columbia Court of Appeal recently confirmed that trustees must exercise such discretion within the limits of relevant statutory provisions and common law principles.