The rules governing corporate and personal insolvency in Singapore are set out in the Insolvency, Restructuring and Dissolution Act 2018 (IRDA), which includes mechanisms to reverse transactions that unfairly deplete a company's assets prior to insolvency, thereby protecting creditors' interests by allowing the value of the company’s assets to be maximised for distribution to its creditors on insolvency.

In 2018, Singapore enacted the Insolvency, Restructuring and Dissolution Act (IRDA 2018), which streamlined its debt restructuring regime by consolidating provisions previously set out in various statutes into a piece of omnibus legislation.

Among other developments, the IRDA 2018 built upon existing provisions relating to pre-packed schemes of arrangement (i.e. pre-packed schemes) and enhanced pre-packed schemes as a viable tool in Singapore’s arsenal of debt restructuring mechanisms.

Introduction

The Ontario Superior Court of Justice’s decision in Carillion Canada Inc. clarifies how the principles in Montréal (City) v. Deloitte Restructuring Inc. (Montréal) should be applied to contingent obligations that are only quantified after the debtor company files for creditor protection.

In the receivership proceedings of Distinct Infrastructure Group Inc.

On July 13, 2022, the Court of Appeal for Ontario allowed an appeal from the Order of a bankruptcy judge in Sirius Concrete Inc. (Re), 2022 ONCA 524 (Sirius), which ruled that certain funds paid by a trade creditor formed part of the bankrupt’s estate. The issue on appeal was whether a constructive trust should be imposed over certain funds due to a claim of unjust enrichment arising from alleged fraudulent misrepresentations made by the bankrupt on the eve of its bankruptcy filing.

What this means for the shareholders of a business facing insolvency

Overview

Au Québec, le droit de la consommation évolue régulièrement et la Loi sur la protection du consommateur (L.P.C.) continue de faire l’objet de plusieurs décisions des tribunaux chaque mois.

À l’occasion de la publication de ce nouveau bulletin de notre série en droit de la consommation, nous présentons les développements récents dans ce domaine sous l’angle des décisions des quelque 12 derniers mois de la Cour d’appel du Québec, qui apportent un éclairage sur des règles de la L.P.C.

Consumer law in Québec remains in constant evolution, and the Consumer Protection Act (CPA) continues to be the subject of many court decisions each month.

In this new article in our series on consumer law, we present recent developments in this area from the perspective of Québec Court of Appeal decisions over the past 12 months, which shed some light on the rules of the CPA.