The Companies’ Creditors Arrangement Act¹ (the “CCAA”) is by far the most flexible Canadian law under which a corporation can restructure its business. When compared against theBankruptcy and Insolvency Act² (the “BIA”), the CCAA looks like a blank canvass and lends itself well to invention and mutual compromise.

Afdeling bestuursrechtspraak van de Raad van State 13 februari 2013, LJN: BZ1261

In haar uitspraak van 13 februari 2013 heeft de Afdeling bestuursrechtspraak van de Raad van State (de "Afdeling") uitleg gegeven over de positie van een curator bij naleving van de voor een inrichting geldende milieuwetgeving.

On February 1, the Supreme Court of Canada (the “SCC”) released its long-awaited decision in Sun Indalex Finance, LLC v. United Steel Workers. By a five to two majority, the SCC allowed the appeal from the 2011 decision of the Ontario Court of Appeal (the “OCA”) which had created so much uncertainty about the priority of pension claims in Companies’ Creditors Arrangement Act (the “CCAA”) proceedings.

In October 2012, The Futura Loyalty Group Inc. (“Futura”) commenced proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”). On November 13, 2012, Justice Brown of the Ontario Superior Court of Justice (Commercial List) (the “Court”) considered Futura’s request to permit pre-filing, prepayment obligations to its key customers.

Background
Facts
Decision
Comment

Introduction
Separable assets
Data recovery costs
Other applications

On January 27, 2012, Justice Newbould of the Ontario Superior Court of Justice (Commercial List) (the “Court”) released his decision in Temple (Re),1 holding that the Ontario Limitations Act, 20022 (the “Act”) does not apply to a bankruptcy application and does not operate to extinguish a debt owing to a creditor.

The Ontario Limitations Act, 2002

Introduction

Does the dissolution of a corporation that is in receivership terminate the receivership? Until the recent decision of Meta Energy Inc. v. Algatec Solarwerke Brandenberg GMBH, 2012 ONSC 175, 2012 ONSC 4873, there was no previous court decision directly on point. The answer to the question is “no.”

Background

On 9 October 2012, a bill proposal was introduced to the Luxembourg Parliament providing for a right to claim back "intangible" and non-fungible movable assets from a bankrupt company.

According to the explanatory memorandum, the bill proposal is intended to allow the recovery of data from a bankrupt provider of distance IT services or cloud computing solutions. Once passed, the law will provide greater certainty as to the consequences of the bankruptcy of a cloud computing provider on the data in its possession.

"Separable" Assets

A recent case illustrates the importance of clarity in the contractual arrangements associated with the disposition of a debtor’s assets. In the case, the Court appointed receiver was given Court approval for an auction services agreement. Under that agreement, the auctioneer was to conduct an auction sale of the debtor’s assets and was entitled to charge and collect a buyer’s premium equal to a minimum of 12% of the sales price.