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    Good news for secured creditors as value of their collateral increases
    2008-11-05

    For most lenders, taking security from their borrowers is pretty straightforward: take a general security agreement covering inventory, receivables and all other collateral, add some guarantees, and then look to see if there are any other loose ends that need tying up. But for businesses in regulated industries where some sort of government-issued licence is a threshold requirement, it's not that easy.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Bankruptcy, Debtor, Collateral (finance), Security (finance), Accounts receivable, Personal property, Common law, Royal Bank of Canada, Bankruptcy and Insolvency Act 1985 (Canada), Personal Property Security Act 1990 (Canada), Supreme Court of the United States
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    New pension contribution priorities under the Bankruptcy and Insolvency Act
    2008-11-24

    The priorities of some pension claims on bankruptcy and receivership changed as a result of amendments effective July 8, 2008 to the Bankruptcy and Insolvency Act R.S.C. (Canada) (the “BIA”).  

    Priority Before the Amendments

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Fasken, Wage, Bankruptcy, Debtor, Unsecured debt, Income tax, Liquidation, Unemployment benefits, Secured creditor, US Federal Government, Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    Fasken
    Bankruptcy court allows DIP financing in a BIA proposal
    2008-11-30

    In Re Farmpure Seeds Inc. (2008 CarswellSask. 639) the Saskatchewan Court of Queen’s Bench considered the proposal of a debtor which was conditional upon the Court approving DIP financing and a super priority charge.

    The debtor company had an active business, however became insolvent as a result of rapid expansion and some improvident contracts. The debtor could not meet its immediate obligations such as payroll, and the need to pay its suppliers upon receipt of their seed product. As a result, the debtor could not maintain its business without immediate interim financing.

    Filed under:
    Canada, Saskatchewan, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Debtor, Prejudice, Constitutional amendment, Trustee
    Location:
    Canada
    Firm:
    Dentons
    Licenses and Parliament’s lexicon
    2008-12-08

    The Supreme Court of Canada released its decision in Saulnier v. Royal Bank of Canada on October 24, 2008. The decision provides welcome clarification concerning the nature of government licenses and confirms that at least certain kinds of licenses constitute property for the purposes of the Bankruptcy and Insolvency Act (the “BIA”) and for the purposes of Canadian personal property security legislation. The decision is also important because it takes a purposive and commercial approach to the interpretation of bankruptcy and personal property security legislation.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Interest, Personal property, Common law, Secured creditor, Easement, Tangible property, Bénéfice, Royal Bank of Canada, Bankruptcy and Insolvency Act 1985 (Canada), Personal Property Security Act 1990 (Canada), Supreme Court of Canada
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Nortel seeks Chapter 11 bankruptcy protection
    2009-01-16

    Nortel Networks Corp. of Canada, one of the world’s leading suppliers of fixed line phone network equipment, filed for protection from creditors Wednesday under Chapter 11 of the U.S. Bankruptcy Code. A pioneer in the development of network switches, routers, and fiber-optic technologies used by many of the world’s top telecommunications carriers, Nortel ranked as Canada’s largest company by value at the height of the global telecom market boom of the late 1990s and early 2000s.

    Filed under:
    Canada, USA, Insolvency & Restructuring, Telecoms, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Bond (finance), Bankruptcy, Shareholder, Interest, Debt, Title 11 of the US Code, Chief executive officer
    Location:
    Canada, USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    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
    Changes to Canadian insolvency law: a re-ordering of priorities affecting secured creditors
    2008-07-31

    On July 23, 2008, the Canadian Government proclaimed into force amendments to the Bankruptcy and Insolvency Act (Canada) (the "BIA") that provide super-priority security to claims, subject to specified limits, for unpaid wages ("Unpaid Wage Claims") and unpaid pension plan contributions ("Unpaid Pension Contribution Claims") in a bankruptcy or receivership proceeding, effective as of July 7, 2008.

    Filed under:
    Canada, Employment & Labor, Insolvency & Restructuring, Borden Ladner Gervais LLP, Wage, Bankruptcy, Accounts receivable, Tax deduction, Unemployment benefits, Annual leave, Severance package, Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    The pension implications of the Wage Earner Protection Program
    2008-08-08

    On July 7, 2008, the Wage Earner Protection Program Act (the "WEPPA") was proclaimed into force, along with complementary amendments to the Bankruptcy and Insolvency Act (the "BIA") and other related statutes. The new program protects a limited amount of the unpaid wages of employees when an employer becomes bankrupt or is placed into receivership, and the amendments to the BIA provide for the priority of some un-remitted pension contributions.

    The Wage Earner Protection Program (the "WEPP")

    Filed under:
    Canada, Employment & Labor, Insolvency & Restructuring, Borden Ladner Gervais LLP, Wage, Bankruptcy, Income tax, Retirement, Remand (court procedure), Preferred stock, Severance package, Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    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

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