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.
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 creditor where the contempt arises after the bankruptcy.
The much-debated and closely-monitored Re Redwater Energy Corp.
A recent decision of the Victorian Court of Appeal (handed down on 14 July 2016) highlights a number of areas in which conflicts can arise in a commercial transaction involving multiple secured parties and the extent to which the interests of lower-ranked secured parties need to be considered when the proceeds are dealt with.
The case - Nom de Plume
On 23 February 2016, Justice Brereton in the New South Wales Supreme Court handed down the decision in the matter ofIndependent Contractor Services (Aust) Pty Ltd ACN 119 186 971 (in liquidation) (No 2) [2016] NSWSC 106.
This is an important judgment, with significant consequences for the insolvency community.
The decision deals with two fundamental aspects of insolvency law, being:
The Alberta Court of Queen’s Bench has released its highly anticipated decision in Redwater Energy Corporation (Re), 2016 ABQB 278 (“Redwater”).
Summary
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.