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Fraudulent Misrepresentation To Receivers and Beyond: Meridian Credit Union Limited v Baig

The Ontario Court of Appeal in Meridian Credit Union Limited v Baig1 made it clear that misinforming a receiver during the purchase of a property, even by omission, will not be tolerated. Purchasers in the context of a receivership have an obligation to ensure that the receiver is aware of all of the facts. The court also took the opportunity to remind corporate directors that they will be held personally responsible for their tortious conduct, even if that conduct was directed in a bona fide manner to the best interests of the company.

Canada, Ontario, Insolvency & Restructuring, Litigation, Real Estate, White Collar Crime, Borden Ladner Gervais LLP, Fraud, Misrepresentation, Court of Appeal for Ontario
Pensions Update

1. POLICY UPDATE

1.1 Access to ARF option for holders of Buy-Out Bonds originating in DB Schemes

A change to the Revenue Commissioner's administrative procedures, effective from 22 June 2016, means that former defined benefit scheme members whose benefits were transferred to a buy-out bond may now access an Approved Retirement Fund ("ARF") rather than being restricted to the purchase of an annuity.

European Union, Ireland, United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Arthur Cox LLP
Ontario Court of Appeal Holds Contempt Motion Can Be Subject to Stay in Bankruptcy

In Walchuk v. Houghton, the Ontario Court of Appeal held that the stay of all proceedings against a bankrupt pursuant to the Bankruptcy and Insolvency Act applies to a contempt motion brought by a judgment credi​tor where the contempt arises after the bankruptcy.

Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Debtor, Contempt of court, Capital punishment, Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal for Ontario, Court of Appeal of Singapore
Alberta Court of Appeal Grants Intervener Status to Four Participants in Appeal of Re Redwater Energy Corp.

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

Canada, Alberta, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Natural gas, Common law, Alberta Energy Regulator, Court of Appeal of England & Wales, Supreme Court of Canada, Court of Appeal of Alberta
Where do we go from here? Alberta Court approves renouncement of AER-licensed assets by Trustees and Receivers to avoid monetary environmental obligations

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

Canada, Alberta, Energy & Natural Resources, Environment & Climate Change, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Bankruptcy and Insolvency Act 1985 (Canada)
Shifting Environmental Liabilities after the Redwater Decision

Summary

Canada, Alberta, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Environmental remediation, Liability (financial accounting), Alberta Energy Regulator
Ontario Court Refuses to Add Underwriters to Class Action against Bankrupt Issuer

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.

Canada, Ontario, Capital Markets, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Class action, Underwriting
Prior Involvement as Advisor to Debtor Company - Possible Bar to Appointment in Restructuring Proceedings

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

Canada, Ontario, Banking, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Debtor
End of the Road: The Supreme Court of Canada Denies Leave to Appeal in Iona Contractors Ltd. v Guarantee Company of North America

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").

Canada, Alberta, Construction, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Supreme Court of Canada, Court of Appeal of Alberta
Resolving the Mortgage Arrears Crisis (Vol. 1/2016)

This briefing summarises recent legislation, cases and trends relevant to ongoing efforts to resolve the mortgage arrears crisis.

Recent Legislation

Recent legal and regulatory developments relevant to the mortgage arrears crisis have included:

Ireland, Banking, Insolvency & Restructuring, Litigation, Real Estate, Arthur Cox LLP, Mortgage loan