This article has been contributed to the blog by Patrick Riesterer and Waleed Malik.
This article has been contributed to the blog by Caitlin Fell and Sean Stidwill. Caitlin Fell is an associate in the insolvency and restructuring group of Osler, Hoskin & Harcourt LLP and Sean Stidwill is a summer student at Osler, Hoskin & Harcourt LLP.
Public consultations on enhancing retirement security led by the Ministry of Innovation, Science and Economic Development Canada closed in late 2018. Given the importance and complexity of the subject matter, the one-month consultation period offered by the government was curiously short. Given that 2019 is an election year, the quick completion of the process could suggest that the federal government anticipated the direction in which it would proceed with any legislation.
Bankruptcy & restructuring
Today the Supreme Court of Canada granted the Orphan Well Association and Alberta Energy Regulator leave to appeal the Alberta Court of Appeal’s closely watched decision in Orphan Well Association v. Grant Thornton Limited (2017 ABCA 124), which is also known as Redwater.
APPLICATIONS FOR LEAVE TO APPEAL DISMISSED
37268
Joseph Palazzo v. Standard Life Assurance Company of Canada
(Que.)
Civil Procedure – Appeal – Prescription
The Applicant was an employee of the Respondent from 1968 to 2009. In 1980, the Applicant began selling life insurance and investment products of the Respondent until his retirement on May 1, 2009. During his employment as a sales representative, the Applicant was paid on a commission basis only.
Introduction
A bankruptcy discharge hearing is the forum for the Court’s determination of a bankrupt’s application for discharge which has been opposed by one or more of: a creditor, the Trustee, or the Superintendent of Bankruptcy. This paper will aim to provide practical advice on preparing for and arguing an opposed discharge, whether from the perspective of the bankrupt, an opposing creditor, or the Trustee.1
Discharge
What does the U.S. doctrine of equitable subordination have to do with Canada? Superficially, the answer may be: not much. But for many financing and insolvency professionals here in Canada, there remains a palpable sense that the U.S. doctrine will eventually, if not inevitably, find its way fully across the U.S. border into Canada. So, perhaps the more appropriate response really ought to be: not much, at least not yet! It is because of this anticipation that it is worthwhile, from time to time, to summarize the central aspects of the U.S.
Lenders should be aware that a broad definition of “wages” owing to employees of a borrower/customer in bankruptcy or receivership can take priority over what a lender might otherwise believe is its “first ranking charge” against the borrower.