The case of Canrock Ventures LLC v. Ambercore Software Inc. et al is a cautionary tale for a Receiver and its counsel alike. In this case, the Ontario Superior Court of Justice rejected a Receiver’s application for the approval of an asset purchase agreement because of a failure to take the requisite steps when conducting a sale process and, in the Court’s view, failing to remain a neutral officer of the Court.
Canada, Ontario, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Advertising, Interest, Limited liability company, Debt, Foreclosure, Secured creditor, Subsidiary, Debenture, Ontario Superior Court of Justice
In a recent decision issued by Lord Drummond Young, one of the Scottish insolvency judges in the Court of Session, useful guidance has been issued which will be of interest to practitioners having to deal with the, not uncommon, situation of a retiring practitioner and replacement with a current partner in the same firm.
United Kingdom, Insolvency & Restructuring, Litigation, Shepherd and Wedderburn LLP, Dividends, Advertising, Interest, Retirement, Adoption, Liquidation, Common law, Liquidator (law), Prejudice, Court of Session