In a decision of McDonald J in RESAM Cork UC & Anor v Monsoon Accessorize Ltd & Anor, Apperley Investments Ltd & Ors v Monsoon Accessorize Ltd1, the High Court refused to recognise and enforce certain provisions of Monsoon Accessorize Limited’s ("Monsoon") Company Voluntary Arrangement implemented in the United Kingdom as they related to Irish leases on the basis that to do so would be manifestly contrary to the public policy of the State.
On July 20, 2020, the Quebec Court of Appeal (Court of Appeal) released its decision in Séquestre de Media5 Corporation, overturning the lower court’s decision and authorizing the appointment of a receiver pursuant to section 243(1) of the Bankruptcy and Insolvency Act (BIA).
On Thursday, 4 June 2020, the Office of the Director of Corporate Enforcement (“ODCE”) published a welcome reminder on points to be taken into account when considering liquidators’ reports and the likelihood of restriction proceedings as a consequence of dishonest or irresponsible conduct.
While the ODCE considers each company’s case on its own merits taking into account:
(i) the liquidator’s report on the relevant insolvent entity; and
(ii) any other relevant information obtained independently of the liquidator, broadly speaking:
Le 8 mai 2020, suite à une décision unanime rendue séance tenante le 23 janvier 2020, la Cour suprême du Canada (la « Cour suprême ») a publié ses motifs dans le cadre des procédures d’insolvabilité de Bluberi Gaming Technologies Inc., désormais 9354‑9186 Québec inc., et al.
On May 8, 2020, the Supreme Court of Canada (Supreme Court) issued its reasons in the restructuring proceedings of Bluberi Gaming Technologies Inc., now 9354‑9186 Québec Inc., et al.
Due to the current economic downturn, many corporations (Borrowers) may find themselves in financial difficulty and need to refinance their existing debt obligations with creditors (Lenders). Such Borrowers may be able to reduce their financing costs through the issuance of “distress preferred shares” (DPS). This method of refinancing generally does not adversely affect the Lenders, as they can receive equal or better after-tax returns on their investments without jeopardizing their security and priority.
In our earlier article, we discussed the importance of timing in corporate recovery efforts and the difficulties facing companies with the examinership process and its legislative requirements.
En 2019, les tribunaux canadiens, dont la Cour suprême du Canada, ont rendu un certain nombre de décisions qui présentent un intérêt pour les prêteurs commerciaux et les spécialistes des dossiers de restructuration. Le présent article propose, pour chacune de ces affaires, un résumé des enjeux d’importance.
In 2019, a number of judicial decisions were rendered across Canada, including by the Supreme Court of Canada (SCC), that will be of interest to commercial lenders and restructuring professionals. This article summarizes the core issues of importance in each of these cases.
In 2019, a number of judicial decisions were rendered across Canada, including by the Supreme Court of Canada (SCC), that will be of interest to commercial lenders and restructuring professionals. This article summarizes the core issues of importance in each of these cases.