This month the new Insolvency Rules 2016 came into force, replacing the Insolvency Rules 1986. We cover this, and other issues affecting professionals in the insolvency and fraud investigation industry below.
Q: I just found out from my back office that the only PPSA registration the bank holds against our borrower expired without having been renewed. Is it possible for the bank to file a late renewal and regain its first priority position against the borrower’s other secured creditors?
APPLICATIONS FOR LEAVE TO APPEAL GRANTED
37323
James Chadwick Rankin, carrying on business as Rankin’s Garage & Sales v. J.J. by his Litigation Guardian, J.A.J., J.A.J., A.J.
(Ont.)
Torts — Negligence — Duty of Care — Motor vehicles
In CHC Group Ltd ("CHC") the Cayman Islands Grand Court has determined that, in certain circumstances, directors of a company can commence Cayman Islands restructuring provisional liquidation proceedings ("RPL Proceedings") without the need for a shareholders' resolution or authorisation in the company's articles of association. This decision allows greater access by companies to the Cayman Islands restructuring regime by confirming a practical solution to the so-called Emmadart issue.
APPLICATIONS FOR LEAVE TO APPEAL DISMISSED
37268
Joseph Palazzo v. Standard Life Assurance Company of Canada
(Que.)
Civil Procedure – Appeal – Prescription
The Applicant was an employee of the Respondent from 1968 to 2009. In 1980, the Applicant began selling life insurance and investment products of the Respondent until his retirement on May 1, 2009. During his employment as a sales representative, the Applicant was paid on a commission basis only.
Gowling WLG's finance litigation experts bring you the latest on the cases and issues affecting the lending industry.
Uncrystallised pension pot remains protected following bankruptcy
The Court of Appeal resolves some of the conflict between insolvency and pensions law in its decision on Horton v Henry.
The Court of Appeal has upheld the High Court decision of the Deputy Judge in Horton v Henry (2014) confirming that a trustee in bankruptcy cannot access uncrystallised funds in a bankrupt's pension arrangements (or force the bankrupt to access them himself).
The economies of the United States and Canada are closely intertwined. As operations expand across the border, so too do the complexities associated with carrying on business — particularly the insolvency of a company spanning both jurisdictions. As such, understanding how to navigate the complexities of Canadian insolvency regimes is essential to successfully doing business in the country.
37026 Steven Paul Boone v. Her Majesty the Queen
(Ont.)
Criminal law – Offences – Elements of offence
The recent decision of the Ontario Court of Appeal in Crate Marine Sales 1serves as a reminder regarding the trigger for the obligation of a court appointed receiver to pay occupation rent.