On Dec. 7, 2016, the U.S. Supreme Court heard oral arguments in Czyzewski v. Jevic Holding Corp, No. 15-659. (S. Ct. argued Dec.
The Eleventh Circuit Court of Appeals has clarified the type of injury that must be alleged by a plaintiff suing under the Fair Debt Collection Practices Act (FDCPA). This decision, in Church v. Accretive Health, Inc., is the first from the Eleventh Circuit applying the United States Supreme Court’s recent holding in Spokeo v. Robins.
Bill C-15, including the proposed amendments to the Canada Deposit Insurance Corporation Act (CDIC Act) passed and received Royal Assent on June 22.
Proposed amendments to the Canada Deposit Insurance Corporation Act(CDIC Act) introduced in Bill C-15 enhance the resolution powers of CDIC and are intended to make Canada a Protocol-Eligible Regime under the ISDA 2015 Universal Stay Protocol.
On February 1, 2016, the Superior Court of Québec delivered its judgment in the important Kitco Metals Inc. case 1.
Several of the Official Bankruptcy Forms will be replaced on December 1, 2015. For creditors, the most notable changes will be to two forms: the Proof of Claim form, Form 410, and the Mortgage Proof of Claim Attachment, Form 410A. These changes reflect an effort by the Bankruptcy Courts to elicit a clear and complete picture of what the debtor owes and how much must be paid to cure a pre-bankruptcy arrearage. Due to the Bankruptcy Court’s focus on clarity, creditors are well advised to closely follow the claim forms and accompanying instructions.
The Indiana Court of Appeals recently held that creditors must move for an in personam remedy in the original foreclosure judgment or forfeit their right to collect deficiency funds. In Elliott v. Dyck O’Neal, the bank foreclosed upon a borrower’s residence, and sought judgment against the borrowers for the full amount of the outstanding balance in the complaint. The motion for default judgment, and accompanying order, however, only sought an order in rem for the outstanding debt—omitting any mention of an in personam remedy.
In its decision in The Queen v. Callidus Capital Corporation1, rendered on August 17, 2015, the Federal Court of Canada examined, on a retrospective basis, the Crown's absolute priority regarding proceeds remitted to secured creditors from the assets of a tax debtor that are deemed to be held in trust (deemed trust) under section 222 of the Excise Tax Act (the "ETA") prior to such tax debtor's bankruptcy.
On August 7, 2015, the Ontario Court of Appeal (ONCA) released its decision in Grant Forest Products Inc. v.
Trade creditors often face the issue of whether they are required to continue providing goods or services on credit to a customer that has filed chapter 11 bankruptcy. Unfortunately, the Bankruptcy Code fails to specifically address the rights and obligations of a trade creditor facing this dilemma, resulting in a tug-of-war created by the debtor’s need for continued goods and services and the creditor’s need for assurance of payment.