In Re Proex Logistics, 2025 ONSC 51, Justice Steele of the Ontario Superior Court of Justice (Commercial List) recently made a number of holdings related to the process for trustees accepting claims in a bankruptcy and other parties seeking to challenge those decisions. The Court held that:
Two recent Supreme Court of Canada decisions demonstrate that the corporate attribution doctrine is not a one-size-fits-all approach.
In a recent decision of the Supreme Court of Canada in Poonian v. British Columbia (Securities Commission), the Court determined that while disgorgement orders made by the British Columbia Securities Commission (the “Commission”) survive bankruptcy under the Bankruptcy and Insolvency Act (the “BIA”), administrative penalties may not.
On November 11, 2022, the world’s second-largest cryptocurrency exchange FTX Trading Ltd. filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-11068). The company reports $10 to $50 billion in both assets and liabilities and intends to place an additional, approximately 130 affiliates into bankruptcy.
On November 7, 2022, cloud manufacturing and digital supply chain company Fast Radius, Inc. of Chicago, IL filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-11051). The company reports $69.3 million in assets and $55.2 million in liabilities.
On October 30, 2022, wealth advisory, risk management services and insurance brokerage services provider Vesta Holdings LLC of Mongomeryville, PA filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-11019) along with two affiliates. The company reports $100 million to $500 million in both assets and liabilities.
On September 27, 2022, Phoenix Services Topco LLC, a steel mill service provider with approximately 2,600 employees, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10906). The company reports $500 million to $1 billion in both assets and liabilities.
On August 28, 2022, Hauppauge, N.Y.-based Packable Holdings, LLC, a privately-owned tech-enabled e-commerce company, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10797). The company reports $100 million to $500 million in both assets and liabilities.
On August 23, 2022, College Park, Georgia-based ExpressJet Airlines LLC, a leading regional airline connecting millions of passengers to North America monthly, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-10787). The company reports $10 million to $50 million in both assets and liabilities.
On August 23, 2022 (the “Petition Date”), Rochester, New York-based Carestream Health, Inc.