The much-debated and closely-monitored Re Redwater Energy Corp.

The Alberta Court of Queen’s Bench has released its highly anticipated decision in Redwater Energy Corporation (Re), 2016 ABQB 278 (“Redwater”).

Summary

In the week that Leicester City overcame odds of 5000/1 to be crowned Premier League champions, the insurance market was (almost) as astounded at the news that the long-awaited Third Parties (Rights Against Insurers) Act 2010, which received Royal Assent on 25 March 2010, will be coming into force on 1 August 2016.

In a decision released April 27, 2016 in LBP Holdings Ltd. v. Allied Nevada Gold Corp., Justice Belobaba dismissed a motion by a representative plaintiff to add certain underwriters as defendants to a securities class proceeding. The defendant gold mining company, Allied Nevada, effected a secondary public offering financed as a "bought deal" by two underwriters.

Financial institutions need to be mindful of the effect of the engagement of financial advisors with respect to their special loan clients.

Recent developments in landlord and tenant law concerning the position of the outgoing tenant’s guarantor on the assignment of the lease can only be described as ‘bonkers’. A few years ago, the Good Harvest and House of Fraser cases confirmed that a parent company could not guarantee both of its subsidiaries on an intra-group assignment. Last month, in the EMI case, the High Court has confirmed that the assignment of a lease to the tenant’s guarantor is similarly void.

Happy anniversary

The Supreme Court of Canada today released its highly anticipated decision in Iona Contractors Ltd. v Guarantee Company of North America, 2015 ABCA 240 dismissing the application for leave to appeal by the Trustee in Bankruptcy (the "Trustee") of the bankrupt, Iona Contractors Inc. ("Iona").

Draft regulations were laid before Parliament on 25 February 2016 to amend the Third Parties (Rights Against Insurers) Act 2010

The Act, when it comes into force, will make it more straightforward for claimants to cut through directly to insurers when policyholders become insolvent. It has been six years since the Act was passed. These proposed amendments are another step on what has been a slow road towards bringing the Act into force.

1 hilldickinson.com Pricing Defended claims Enforcement Insolvency Key contacts Commercial Recovery proceedings debt recovery 2016 2 Outstanding debt, irrespective of its amount, is detrimental to operations. For large organisations, unpaid monies add up and can considerably reduce real profit. For a small to medium-sized enterprise, a reduction in liquid assets may critically affect its ability to survive. Recovering debts has a significant and positive impact on a business.