On May 8, 2020, the Supreme Court of Canada (SCC) released its reasons for the decision rendered in 9354-9816 Québec Inc. et al. v. Callidus Capital Corporation, et al on January 23, 2020. The SCC unanimously allowed the appeal from the Québec Court of Appeal’s decision, reinstating an order allowing third-party litigation funding in insolvency proceedings.
Background
These are unprecedented and uncertain times. Everywhere, the COVID-19 pandemic has strained revenue streams and asset prices, shaken investor and consumer confidence, and caused overall financial conditions to deteriorate. Everyone is asking the same question: How do we deal with the financial fallout of COVID-19?
In many cases, parties are working together to overcome these financial challenges, preserve value and navigate a mutually beneficial path forward.
In cosa consistono le misure di moratoria previste per le PMI dal decreto “cura Italia”?
Il Decreto “cura Italia” prevede che le micro e le PMI che hanno sofferto crisi di liquidità a causa dell’epidemia da Covid-19 possano:
Having ensured, to the extent possible, the safety of their workplace and workforce, many companies are turning their mind to the economic impact of the COVID-19 pandemic. All businesses are impacted, and in many cases, the impact will be adverse, whether caused by travel restrictions, office or workforce disruptions or decreased demand.
In such turbulent times, financial institutions and their customers or borrowers may be facing significant challenges and stresses. There are signs suggesting that clients are facing financial distress and would benefit from assessing restructuring options, or that it would be time to consult with your intervention or special loans group.
On January 23, 2020, the Supreme Court of Canada unanimously allowed the appeal from the Québec Court of Appeal’s decision in 9354-9186 Québec Inc. et al. v. Callidus Capital Corporation, et al., opening the doors to third-party litigation funding in insolvency proceedings in Canada.
Background
Italy is already implementing the Directive (EU) 2019/1023 of the European Parliament and the Council of 20 June 2019 (the “Directive”), related to the preventive restructuring frameworks, discharge and measures aiming at increasing the effectiveness of restructuring, insolvency and discharge procedures, that Member States shall implement within 17 July 2021.
L’Italia sembra essere in netto anticipo nel recepimento della direttiva (UE) 2019/1023 del Parlamento Europeo e del Consiglio del 20 giugno 2019 (la “Direttiva”), riguardante i quadri di ristrutturazione preventiva, l'esdebitazione e le interdizioni, e le misure volte ad aumentare l'efficacia delle procedure di ristrutturazione, insolvenza ed esdebitazione, che gli Stati membri dovranno fare propria entro il 17 luglio 2021.
When a commercial tenant goes bankrupt, the respective rights of landlords and trustees can be complex to sort out. Yet, as illustrated by recent Ontario Superior Court decision 7636156 Canada Inc. v. OMERS Realty Corporation, 2019 ONSC 6106, this determination can have important ramifications on the assets available for distribution to creditors.
On November 1, 2019, amendments to the Bankruptcy and Insolvency Act,R.S.C. 1985, c. B-3 (BIA) and the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36 (CCAA) came into force. Among other changes described in our previous publication, these amendments expand the protection offered to intellectual property (IP) licensees in the event that the licensor enters insolvency.