Le 1er avril 2021, la Cour suprême du Canada a rejeté la demande d’autorisation d’appel de la décision de la Cour d’appel du Québec dans l’affaire Séquestre de Media5 Corporation, 2020 QCCA 943. Par conséquent, les tribunaux du Québec ont maintenant confirmation de la marche à suivre pour la nomination de séquestres nationaux à la demande des créanciers garantis.
Le 20 juillet 2020, la Cour d’appel du Québec annulait la décision rendue par la Cour supérieure et confirmait les principes suivants :
Last March, in response to the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made several changes to the Bankruptcy Code, including those changes discussed in more detail here.
On April 1st, 2021, the Supreme Court of Canada dismissed the application for leave to appeal the decision of the Court of Appeal of Québec in Séquestre de Media5 Corporation, 2020 QCCA 943. As a result, Quebec courts now have clarity regarding their ability to appoint national receivers for secured creditors.
On July 20, 2020, the Court of Appeal overturned the lower court’s decision and confirmed the following principles:
Bankruptcy is primarily about “claims.” The debtor seeks to discharge personal liability on claims, while creditors seek payment on their claims. In basic terms, a bankruptcy “claim” is a right to payment. The claim does not need to be fixed, settled, undisputed, or due at the time the debtor files his bankruptcy petition. The official proof of claim form is discussed in more detail here.
You just heard that a customer has filed for bankruptcy — what do you do now? One of the first steps is to determine whether you should file a proof of claim.
How will I be alerted about the bankruptcy?
Below are five key takeaways from our first month of Bradley’s Bankruptcy Basics:
In February 2020, just prior to the COVID-19 outbreak, the Small Business Reorganization Act of 2019 (Subchapter V) took effect.[1] Subchapter V amends Chapter 11 of the Bankruptcy Code to allow certain individuals and businesses with debts of less than $2,725,625 to file a streamlined Chapter 11 case with the goal to make small business bankruptcies faster and cheaper.[2]
As we cross the one-year anniversary of the COVID-19 pandemic, we reflect on the multiple amendments to the Bankruptcy Code that have been implemented to help curb the effects of various economic shutdowns and financial hardships caused by the coronavirus. These Bankruptcy Code amendments are only temporary, but Congress is considering extending them to facilitate the continued recovery from the COVID-19 pandemic. Below are five significant, though temporary, amendments to the Bankruptcy Code resulting from the COVID-19 pandemic.
Chapter 13 bankruptcy provides relief only to individuals with regular income. This Chapter is most frequently used by debtors who have sufficient disposable monthly income to make some payments over time to their creditors. Chapter 13 debtors frequently have enough equity in their residence that, if they were to file for Chapter 7, the residence would likely be sold for payment to creditors.
Chapter 11 bankruptcy cases are most frequently filed by businesses. However, certain high-earning individuals whose debts are above the statutory debt limits to qualify for Chapter 13 can also file for Chapter 11 relief. In Chapter 11 cases, the debtor retains control of its operations as a debtor in possession (DIP) and has the benefits and duties that are held by a Chapter 7 trustee. However, if the debtor acts in bad faith or mismanages the bankruptcy estate during the course of the case, a Chapter 11 trustee may be appointed to operate the business going forward.