The High Court has considered whether the title to a freehold property could be re-vested in a company restored to the register of companies where the Crown had disclaimed its interest whilst the company was dissolved.
Background
PENSION ADMINISTRATION
York (Police Services Board) v. York Regional Police Association, 2015 CanLII 62103 (ON LA)
This decision of the Chancery Division is a useful reminder to lenders of the Court’s power to set aside a transaction intended to defraud a creditor under s.423 of the Insolvency Act 1986.
The Facts
The Defendant, Mr Ahmed, was registered as the proprietor of two properties known as High Elm and Hilltop (the “Properties”). The Claimant advanced monies to be secured over the Properties by second legal charge. The Defendant fell into arrears and the Claimant commenced possession proceedings.
The High Court has recently considered whether directors were in breach of their duties after a company entered insolvency. Specifically, the Court considered whether it could exercise its discretion in accordance with section 212 of the Insolvency Act 1986, whereby the Court can order summary judgment against an officer of the company who has misapplied, retained or become accountable for money or property of the company, or been guilty of any misfeasance or breach of fiduciary or other duty in relation to the company.
The Claim
Grant Forest Products Inc. v. The Toronto-Dominion Bank, 2015 ONCA 570
As of 1 October 2015, a number of changes have been introduced to insolvency law in the UK with more to follow on 10 October 2015 and then in April 2016. The key developments implemented in October 2015 will affect both companies and individuals.
From 1 October 2015
Personal Insolvency
As well as serving as a useful reminder of the law surrounding wrongful trading and the operation of section 214 Insolvency Act 1986, this recent High Court decision clarified where the burden of proof lies in defending a wrongful trading case.
Background
Nortel Networks Corporation (Re), 2015 ONSC 2987
Au début de 2015, les sociétés 9171665 Canada Ltd. et Connacher Oil and Gas Limited (collectivement, « Connacher ») ont présenté à la Cour du Banc de la Reine de l’Alberta (la « Cour ») une demande d’ordonnance finale en vertu de l’article 192 de la Loi canadienne sur les sociétés par actions (la « LCSA ») en vue de l’approbation d’un plan d’arrangement visant la restructuration de Connacher (l’« Arrangement »). Le 2 avril 2015, le juge C.M.
In early 2015, 9171665 Canada Ltd. and Connacher Oil and Gas Ltd. (together Connacher) applied to the Alberta Court of Queen's Bench (Court) for a final order pursuant to section 192 of the Canada Business Corporations Act (CBCA) for the approval of a plan of arrangement to restructure Connacher (Arrangement). On April 2, 2015, Justice C.M. Jones rejected Connacher's restructuring proposal for the reasons set out below.