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    Secured claims in proposal proceedings
    2008-08-11

    In the recent decision of Re WorkGroup Designs Inc.,1 the Ontario Court of Appeal considered the provisions of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3 (the "BIA") which relate to valuing and determining the claims of secured creditors in proposal proceedings under the BIA.

    Background

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Unsecured debt, Statutory interpretation, Liquidation, Secured creditor, Royal Bank of Canada, Canada Revenue Agency, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, Court of Appeal for Ontario, Ontario Superior Court of Justice, Court of Appeal of Singapore
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    The chronicles of property of the bankrupt: trustees, interim receivers and the law of trusts
    2008-08-19

    In Re Norame Inc. (2008), 90 O.R. (3d) 303(Ont. C.A.), the Ontario Court of Appeal was again called upon to consider various issues of importance to insolvency practitioners. In a decision released on April 28, 2008, Mr. Justice LaForme delivered the judgment for the Court of Appeal and in so doing dismissed the appeal of Paddon + Yorke Inc., in its capacity as trustee in bankruptcy of Norame Inc. (the "Trustee").

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Involuntary dismissal, Common law, Ally Financial, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, Court of Appeal of England & Wales, Court of Appeal for Ontario, Ontario Superior Court of Justice
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Wage Earner Bankruptcy Protection Program comes into force
    2008-09-26

    On July 7th, the Wage Earner Protection Program (hereinafter the "WEPP") came into force, as instituted by the Wage Earner Protection Program Act[1].

    The WEPP applies to workers whose employers have been declared bankrupt or were placed under receivership as of July 7, 2008.

    Filed under:
    Canada, Employment & Labor, Insolvency & Restructuring, Dentons, Wage, Bankruptcy, Income tax, Beneficiary, Tax deduction, Severance package, Bankruptcy and Insolvency Act 1985 (Canada), Income-Tax Act 1961 (India)
    Location:
    Canada
    Firm:
    Dentons
    Solicitor and client privilege in bankruptcy - revisited and affirmed
    2008-09-30

    In Ultra Information Systems Canada Inc. v. Pushor Mitchell LLP (2008 Carswell BC 1537 (B.C.S.C.)), one of the corporate Defendants had become bankrupt. There was an issue as to whether some of the bankrupt Defendant’s production documents were privileged. The Court considered whether the Trustee in Bankruptcy could waive the previously claimed solicitor and client privilege and therefore produce the documents.

    Filed under:
    Canada, British Columbia, Insolvency & Restructuring, Legal Practice, Litigation, Dentons, Bankruptcy, Waiver, Solicitor, Limited liability partnership, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, British Columbia Supreme Court
    Location:
    Canada
    Firm:
    Dentons
    Effect of a debtor’s pension plan liabilities and pension plan deficit on its secured lenders
    2008-10-14

    Prudent lenders should monitor their corporate debtors’ pension plan liabilities and pension plan deficits because they may have a significant impact on the priority of the lender’s security and on the amount the lender will recover if the lender enforces its security.

    Priority with respect to Lender’s Security

    Filed under:
    Canada, Banking, Employee Benefits & Pensions, Insolvency & Restructuring, Dentons, Bankruptcy, Debtor, Trade union, Debt, Liability (financial accounting), Liquidation, Defined benefit pension plan, Bankruptcy and Insolvency Act 1985 (Canada), Bank Act 1991 (Canada)
    Location:
    Canada
    Firm:
    Dentons
    The fourth-time bankrupt
    2008-06-03

    Fourth-time personal bankruptcies come along so rarely that they deserve special recognition. The Supreme Court of British Columbia was recently presented with one such instance when Mr. Thomas Boivin ("Boivin") applied for a discharge from his fourth bankruptcy.

    Over the course of about thirty years, Boivin's use of credit left creditors with total debts of approximately $834,000.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Credit card, Bankruptcy, Credit (finance), Debtor, Unsecured debt, Debt, Liability (financial accounting), Eminent domain, Line of credit, Bankruptcy discharge, Canada Revenue Agency, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of the United States, United States bankruptcy court, British Columbia Supreme Court
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Bankruptcy trustees' personal liability: avoiding the dangers enumerated by Greenstreet Management
    2008-06-03

    While rarely done, section 197(3) of the Bankruptcy and Insolvency Act ( “BIA”) authorizes a court to hold a bankruptcy trustee personally liable for the costs of its conduct. The principles underlying section 197(3) were recently reviewed and discussed by one of the leading authorities on Canadian bankruptcy law, Morawetz J., in the Ontario Superior Court of Justice case of Greenstreet Management where the Court used its statutory discretion to award costs personally against a trustee.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Bankruptcy, Sovereign immunity, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, Ontario Superior Court of Justice
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    New amendments to insolvency legislation finally arriving!
    2008-07-15

    Pursuant to an Order in Council dated July 4, 2008, July 7, 2008 was established as the date that certain of the provisions of S.C. 2005, c. 47 (the "Insolvency Reform Act 2005") and S.C. 2007, c. 36 (the "Insolvency Reform Act 2007") came into force. The Wage Earner Protection Program Act (the "WEPPA") as well as certain of the amendments to the Bankruptcy and Insolvency Act (the "BIA") made by the Insolvency Reform Act 2005 and the Insolvency Reform Act 2007 are, as a result, now in force.

    Filed under:
    Canada, Insolvency & Restructuring, Dentons, Wage, Bankruptcy, Shareholder, Debtor, Interest, Debt, Tax deduction, Bankruptcy discharge, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    Dentons
    The new employee super-priority - new issues for secured creditors
    2008-07-17

    For the first time ever in Canada, super-priority rights have been given to employees which will take priority over existing secured creditors.

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Bond market, Wage, Bankruptcy, Credit (finance), Debtor, Accounts receivable, Income tax, Tax deduction, Secured creditor, Leverage (finance), Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Insolvency along the NAFTA highways: what you need to know
    2008-07-23

    The relationship between Canada and the United States is one of the closest and most extensive in the world. With the equivalent of $1.6 billion in bilateral trade every day3, it is no surprise that a large number of US companies have subsidiary operations and assets located in Canada. Despite numerous socio-economic similarities between both countries and legal regimes both anchored in the tradition of common law, there are a number of legal differences that have the potential to significantly impact US companies doing business in Canada.

    Filed under:
    Canada, USA, Insolvency & Restructuring, McMillan LLP, Debtor, Unsecured debt, Comity, Common law, Prejudice, Title 11 of the US Code, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada, USA
    Firm:
    McMillan LLP

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