TORONTO (May 15, 2015) - On May 12, 2015, the Ontario Superior Court of Justice and U.S. Bankruptcy Court delivered an unprecedented joint ruling in the multi-jurisdictional dispute over the allocation of US$7.3-billion raised from the sale of the Nortel Networks global business units and patent portfolio.
At dispute was how to divide Nortel’s estate between bondholders, pensioners, suppliers and former employees of the parent company in Canada and its U.S. and European subsidiaries.
Jackie Ford, partner in the Vorys Houston and Columbus offices, authored an article for Law360 onwhether traditional definitions of property and ownership include social media accounts. The full text of the article is included below.
WHO OWNS LIKES, POSTS, PAGES AND TWEETS IN BANKRUPTCY?
An Analysis of Ohio’s Amended Receivership Law Vorys, Sater, Seymour and Pease LLP January 2015 © Copyright 2015, Vorys, Sater, Seymour and Pease LLP. All Rights Reserved. vorys.com Table of Contents Introduction..................................................................................1 Affected Statutes..........................................................................2 Grounds for Appointment............................................................2 Scope of Receiver’s Authority – “Property Receivers” vs.
Applicants who seek ex parte relief under the Companies’ Creditors Arrangement Act (CCAA) have an obligation to make full and fair disclosure of all material facts to the court.
On August 19, 2014, the Ontario Superior Court of Justice [Commercial List] (Ontario Court) released an important decision regarding the ability of unsecured bondholders to assert a claim for “post-filing” interest in proceedings under the Companies’ Creditors Arrangement Act (Canada) (CCAA). The CCAA is Canada’s principal statute for the restructuring of large insolvent corporations and is similar in effect to Chapter 11 of theUnited States Bankruptcy Code (Bankruptcy Code).
This is an update to our September 2013 Blakes Bulletin: Increases to Alberta Licensee Liability Rating Program.
On April 17, 2014, the Supreme Court of Canada denied leave to appeal to Nortel from the decision rendered by the Ontario Court of Appeal last October. For additional details and commentary on the decision of the Ontario Court of Appeal, please see our November 2013 Blakes Bulletin: Ontario Court of Appeal Applies AbitibiBowater Test in Concurrent Decisions.
In a recent decision in a Delaware Chapter 11 case, the court took the unusual step of capping the amount of a secured lender’s loan that could be used in the lender’s credit bid in a Section 363 sale.
Chapter 11
and CCAA
» A Cross-Border Comparison
On November 12, 2013, the Alberta government issued EPPA Update 13-01, in response to recent developments in the actuarial profession affecting defined benefit pension (DB) plans.