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This Could Be ‘The One’: Considerations for When a Property Developer Faces Insolvency

Introduction

A few weeks ago, real estate practitioners, investors, speculators, lenders and aspiring homeowners were all surprised to learn that The One, a monster development at 1 Bloor St. West in Toronto, was being placed into receivership. The project undertaken by Sam Mizrahi and his company, Mizrahi Inc., is slated to be an 85-storey mixed-use residential tower in the heart of the city, comprising retail stores, a restaurant, a hotel and luxury residential suites. It would be an iconic addition to Toronto’s growing skyline…

Canada, Insolvency & Restructuring, Litigation, Real Estate, Aird & Berlis LLP | Aird & McBurney LP, Supply chain, Coronavirus, Commercial tenant, Insolvency, Receivership, Ontario Superior Court of Justice, British Columbia Supreme Court
Whether the limitation to file an appeal under IBC will commence on the date of pronouncement of order or from the date when contents are known to the aggrieved party?

The National Company Law Appellate Tribunal (New Delhi Bench) (“NCLAT”) in two recent judgments passed in Raiyan Hotels and Resorts Pvt. Ltd. vs. Unrivalled Projects Pvt. Ltd. [Company Appeal (AT) (Insolvency) No. 1071 of 2023] and Aryan Mining & Trading Corpn Pvt. Ltd. vs Kail limited and Anr. [Company Appeal (AT) (Insolvency) No.

India, Company & Commercial, Insolvency & Restructuring, Litigation, Singhania & Partners LLP, Insolvency, Supreme Court of India, National Company Law Tribunal
Whether the limitation to file an appeal under IBC will commence on the date of pronouncement of order or from the date when contents are known to the aggrieved party?

INTRODUCTION: 

India, Insolvency & Restructuring, Litigation, Singhania & Partners LLP, Insolvency, Supreme Court of India, National Company Law Tribunal
BioSteel Files for Creditor Protection: Will the Budding Change in U.S. Bankruptcy Law Bloom?

A recent Canadian insolvency filing could provide insight into how U.S. courts will approach Chapter 15 applications from foreign cannabis-related entities.

Canada, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Insolvency
Asserting Limitation Period Defences in the Bankruptcy Context

A Case Comment on AssessNet Inc. v. Ferro Estate, 2023 ONCA 577

Canada, Ontario, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Court of Appeal for Ontario
Appellate Guidance on Appealing Receivership Orders

Introduction

Canada, British Columbia, Company & Commercial, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Receivership, British Columbia Supreme Court, British Columbia Court of Appeal
In re: The Hacienda Company, LLC - A Budding Change in Bankruptcy Law for Cannabis Companies?

There may be hope on the horizon for insolvent Canadian cannabis companies who wish to seek recognition proceedings south of the border.

Canada, Company & Commercial, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Bankruptcy, Insolvency
Enforcing Crypto-Litigation Orders: Practical Difficulties Seen in Cicada 137 LLC v. Medjedovic

The enforcement of court orders that are designed to preserve, trace or track crypto-assets within North America is often limited in practice. As seen in the recent Ontario decision of Cicada 137 LLC v. Medjedovic (“Cicada”),[1] mechanisms by which legal enforcement principles can be effectively applied against stolen or misappropriated crypto-assets are constrained.

Canada, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Due diligence, Cryptocurrency, Ontario Superior Court of Justice
Effect of breach of settlement agreement under Insolvency & Bankruptcy Code

The Insolvency and Bankruptcy Code, 2016 (“IBC”) being a relatively new legislation, has witnessed inconsistent interpretation of its various provisions, especially in respect of certain legal issues, which are grey areas i.e. the issues which are not specifically dealt with under the existing provisions of IBC. One of such interesting legal issue is effect of breach of settlement agreements, entered into between two parties, where one party promises to pay a certain amount to the other party.

India, Insolvency & Restructuring, Litigation, Singhania & Partners LLP, National Company Law Tribunal
Whether operational creditor includes a purchaser of goods and services

Introduction:

In a recent judgment, the Supreme Court of India, while keeping up the efforts of plugging various loopholes in Insolvency & Bankruptcy Code, 2016 (“Code”), decided an interesting legal issue relating to the scope of Section 5(20) of the Code, which provides the definition of “operational creditor”.

The Apex Court, in the case of Consolidated Construction Consortium Limited vs. Hitro Energy Solutions Private Limited, was seized of the following legal questions:

India, Insolvency & Restructuring, Litigation, Singhania & Partners LLP, Supreme Court of India