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    Solvency problems? Make sure to react swiftly
    2009-08-31

    In these trying times for our economy and our financial system, every business leader should pay attention to the company’s needs for working capital for the year and prepare for any potential problem related to its lack of liquidities.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Heenan Blaikie LLP, Bankruptcy, Debtor, Unsecured debt, Refinancing, Cashflow, Credit rating, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    Heenan Blaikie LLP
    Debtor in possession financing – what is it, who needs it and how did it jump the queue?
    2009-07-09

    Debtor in Possession (“DIP”) financing is essentially new bridge financing that is provided to a corporation as it undergoes insolvency proceedings. The term exists because the corporation maintains possession of its assets during this process as opposed to having a bankruptcy trustee take possession. The concept derived from the United States of America where DIP financing is expressly provided for under c.11 of the Bankruptcy Code and allows a bankrupt corporation to incur new debt for the purposes of carrying on business operations.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Miller Thomson LLP, Bankruptcy, Debtor, Debt, Tax deduction, Cashflow, Debtor in possession, Bridge loan, Canada Revenue Agency, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Deepesh Daya
    Location:
    Canada
    Firm:
    Miller Thomson LLP
    An exercise in cross border cooperation: Gandi Innovations Limited, Gandi Innovations Holdings LLC and Gandi Innovations LLC
    2009-07-15

    On May 8, 2009, the Honourable Madam Justice Hoy of the Ontario Superior Court of Justice (Commercial List) granted an Initial Order under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C36, as amended (the “CCAA”) in respect of Gandi Innovations Limited (“Gandi Canada”), Gandi Innovations Holdings LLC (“Gandi Holdings”) and Gandi Innovations LLC (“Gandi Texas”) (collectively, the “Gandi Group”).

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Debtor, Retirement, Empowerment, Title 11 of the US Code, Bankruptcy and Insolvency Act 1985 (Canada), United States bankruptcy court
    Authors:
    Roger Jaipargas
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Traps for the unwary – secured creditor obligations under the Wage Earner Protection Program
    2009-07-23

    As we warned in our earlier articles, “Wage Earner Protection Program Act Comes Into Force - Secured Creditors Be Wary” and “Extension of the WEPPA – Further Protection for Employees”, the Wage Earner Protection Program Act (the “WEPPA”) took eff

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Cassels Brock & Blackwell LLP, Wage, Bankruptcy, Debtor, Accounts receivable, Accounting, Personal property, Secured creditor, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Harvey Garman
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    No DIPping allowed
    2009-07-23

    Over the last few years, debtor-in-possession (DIP) loans have become a fixture in Canadian insolvency proceedings. Initially, in Companies’ Creditors Arrangement Act (CCAA) proceedings, courts used inherent jurisdiction to authorize DIP facilities because the statute did not expressly permit them. (Pending legislative changes will put explicit DIP provisions in the CCAA and the Bankruptcy and Insolvency Act (BIA).)

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Bankruptcy, Debtor, Collateral (finance), Mortgage loan, Liquidation, Refinancing, Secured creditor, Prejudice, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    John N. Birch
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Canadian restructuring proceedings
    2009-07-23

    In Canada, there is more than one insolvency regime available to an insolvent company that wishes to restructure its debts and operations. However, the most commonly used regime for large companies ? and sometimes for smaller companies, because it is the most flexible ? is the Companies’ Creditors Arrangement Act (Canada) (CCAA). The most commonly used regime for smaller companies or less complicated restructurings is proposal proceedings under theBankruptcy and Insolvency Act (Canada) (BIA).

    CCAA

    Filed under:
    Canada, Insolvency & Restructuring, McCarthy Tétrault LLP, Debt, Stakeholder (corporate), Debt restructuring, Companies' Creditors Arrangement Act 1933 (Canada), Corporations Act 2001 (Australia), Bankruptcy and Insolvency Act 1985 (Canada), Canada Business Corporations Act 1985
    Authors:
    Philippe H. Bélanger , James D. Gage , Kevin P. McElcheran , Heather L. Meredith , Mason Poplaw , Sylvain A. Vauclair
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Security interest in royalty distributions survives bankruptcy of composer
    2009-06-04

    In a recent decision of the Ontario Superior Court of Justice, the Court rejected a bankrupt music composer’s argument that a security interest the composer had granted in royalty based distributions should be ineffective following his bankruptcy.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Media & Entertainment, Dentons, Royalty payment, Wage, Bankruptcy, Accounts receivable, Bankruptcy and Insolvency Act 1985 (Canada), Ontario Superior Court of Justice
    Location:
    Canada
    Firm:
    Dentons
    Lender strategy in light of new pension priorities
    2009-06-04

    Recent changes to the Bankruptcy and Insolvency Act have given certain unpaid pension plan contributions priority over a lender’s security if the employer is bankrupt or in receivership. How can a lender monitor the debtor’s pension arrears to assess the extent of the lender’s loss of priority?

    The Bankruptcy and Insolvency Act now provides that certain unpaid pension plan claims rank ahead of a lender’s security in bankruptcy or receivership proceedings. Effective July 7, 2008, sections 81.5 and 81.6 give super-priority status to:

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Dentons, Bankruptcy, Debtor, Liability (financial accounting), Defined contribution plan, Defined benefit pension plan, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Ross W. Walker
    Location:
    Canada
    Firm:
    Dentons
    The monitor’s power to revise claims after a claims bar date
    2009-06-30

    In Re ScoZinc Ltd., 2009 NSSC 136 the monitor appointed under the Companies’ Creditors Arrangement Act (“CCAA”) brought a motion for directions on whether it had the authority to allow the revision of a claim after the claim’s bar date, but before the date set for the monitor to complete its assessment of claims.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Shareholder, Debtor, Unsecured debt, Debt, Stakeholder (corporate), Prejudice, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, Court of Appeal of Alberta
    Authors:
    David W. Mann , David LeGeyt
    Location:
    Canada
    Firm:
    Dentons
    Broad interpretation of “wages” under WEPPA
    2009-06-30

    The decision of the British Columbia Superior Court in Re Ted Leroy Trucking Ltd. was a result of an application for directions with respect to what amounts are properly covered by the Wage Earner Protection Program Act, S.C. 2005, c. 47 (the “WEPPA”), and the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3 (the “BIA”).

    Filed under:
    Canada, British Columbia, Employment & Labor, Insolvency & Restructuring, Litigation, Dentons, Wage, Bankruptcy, Liability (financial accounting), Severance package, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    David W. Mann , David LeGeyt
    Location:
    Canada
    Firm:
    Dentons

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