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    Abuse of the Repair and Storage Liens Act
    2012-03-06

    Lawrence Gold recently presented on abuses of the Repair and Storage Liens Act (Ontario) (“RSLA”) impacting commercial finance and insurance companies to the Ontario Personal Property Security Legislation Committee (“PPSL Committee”). As changes to the RSLA will likely not be implemented in the near future, concerns regarding abuse of lien claimant rights are of significant importance to the industry.

    Filed under:
    Canada, Ontario, Banking, Insolvency & Restructuring, Insurance, Litigation, Cassels Brock & Blackwell LLP, Collateral (finance), Market value
    Authors:
    Jonathan Fleisher , Eleonore Morris
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Treatment of repair and storage liens in insolvency proceedings
    2012-03-08

    The Repair and Storage Liens Act1 (the “RSLA”) endeavors to protect the rights of persons that maintain or increase the value of collateral though repair and/or storage services.

    Filed under:
    Canada, Insolvency & Restructuring, Cassels Brock & Blackwell LLP
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Nortel's environmental obligations don't withstand CCAA restructuring proceedings
    2012-03-13

    Since Nortel Networks Corporation and a number of related companies (together, “Nortel”), initiated a reorganization under the Companies’ Creditors Arrangement Act (“CCAA”) over two years ago, the Ontario Ministry of the Environment (the “MOE”) has sought to hold Nortel responsible to remediate environmental contamination remaining on properties once or currently owned by Nortel. Nortel has maintained that its responsibility for the environmental contamination should not be prioritized ahead of its other obligations.

    Filed under:
    Canada, Ontario, Environment & Climate Change, Insolvency & Restructuring, Litigation, DLA Piper, Environmental remediation, Companies' Creditors Arrangement Act 1933 (Canada)
    Authors:
    David I. Crocker , Bruce Darlington , Lana Finney
    Location:
    Canada
    Firm:
    DLA Piper
    Can money paid into court be used to discharge other liens?
    2012-03-19

    When a contractor pays money into court to discharge a lien of a sub-contractor, can that money only be used to discharge that lien holder’s claim?  Or is it available to pay the liens of all eventual lien holders?  In Canadian Western Bank v.

    Filed under:
    Canada, Construction, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Subcontractor, Canada Revenue Agency
    Authors:
    Thomas G. Heintzman
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Supreme Court of Canada sets date to hear Indalex appeal
    2012-01-30

    On Thursday, December 1, 2011, a three-judge panel of the Supreme Court of Canada granted leave to appeal from the decision of the Court of Appeal for Ontario in Re Indalex.

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Blake, Cassels & Graydon LLP, Beneficiary, United Steelworkers, Supreme Court of Canada
    Location:
    Canada
    Firm:
    Blake, Cassels & Graydon LLP
    Secured creditors may assert priority over proceeds of a fraudulent preference action
    2012-01-30

    In the decision of Justice Morawetz of the Ontario Superior Court of Justice (Commercial List) (the “Court”) in In the Matter of Aero Inventory (UK) Limited and Aero Inventory PLC, the Court held that proceeds of a fraudulent preference action recovered by a trustee in bankruptcy under section 95 of the Bankruptcy and Insolvency Act (“BIA”) may be subject to the rights of secured creditors, to the extent secured creditors had rights in the collateral in question at the time of the impugned transaction.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Unsecured debt, Collateral (finance), Secured creditor, High Court of Justice (England & Wales)
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Supreme Court decision in Toronto-Dominion Bank v. Her Majesty the Queen: garnishment notices regarding unpaid GST remain valid after bankruptcy
    2012-01-30

    In a succinct decision rendered on January 12, the same day as the hearing, the Supreme Court of Canada finally settled the question of whether requirements to pay, issued pursuant to section 317 of the Excise Tax Act ("ETA") prior to the bankruptcy of a tax debtor, but not paid before such time, remain valid against the garnishee.1 Supreme Court Justice LeBel, speaking on behalf of the Court, simply stated that the Court agreed with the reasons of Noël J.A. of the Federal Court of Appeal.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Litigation, Tax, Stikeman Elliott LLP, Bankruptcy, Debtor, Supreme Court of Canada, Federal Court of Appeal (Canada)
    Authors:
    Jean-Guillaume Shooner
    Location:
    Canada
    Firm:
    Stikeman Elliott LLP
    U.S. bankruptcy court bars tolling of fraudulent conveyance look-back period
    2012-02-02

    A U.S. bankruptcy judge in Delaware has held that the two-year "look-back" period in which a transfer occurring within two years of the bankruptcy petition filing date may be avoided, under Section 548 of the U.S. Bankruptcy Code, cannot be equitably tolled. After some inconsistent orders about whether the courts may broaden the look-back period, this decision should give greater certainty to lenders when evaluating their exposure upon the commencement of a bankruptcy case by a borrower.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Torys LLP, Debtor, Statute of limitations, United States bankruptcy court
    Authors:
    Alison D. Bauer , Darien G. Leung
    Location:
    Canada
    Firm:
    Torys LLP
    WEPPA amendments may eliminate key bankruptcy eligibility period
    2012-02-03

    The definition of “eligible wages” under theWage Earner Protection Program Act1 (“WEPPA”) was amended on December 15, 2011. Under the original definition, employees could claim under the wage earner protection program (“WEPP”) for payment of wages earned during either (i) the six-month period ending on the date of bankruptcy of the former employer, or (ii) the six-month period ending on the first day on which there was a receiver in relation to the former employer. The definition did not deal with CCAA or BIA restructurings.

    Filed under:
    Canada, Employment & Labor, Insolvency & Restructuring, Cassels Brock & Blackwell LLP, Wage, Bankruptcy
    Authors:
    Eleonore Morris
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Insolvency watch: Union of Canada Life to be wound up due to inadequate capital and deteriorating finances
    2012-02-06

    A liquidator has been appointed to supervise the winding up and sale of the assets of Union of Canada Life, one of Canada's oldest life insurance companies, by order of the Ontario Superior Court of Justice.

    Union of Canada applied under the Winding Up and Restructuring Act (WURA) for a Winding Up Order and the appointment of Grant Thornton as liquidator to take possession and control of the company and conduct the sale under the protection of a stay of proceedings.

    Filed under:
    Canada, Insolvency & Restructuring, Insurance, Cassels Brock & Blackwell LLP, Life insurance, Liquidation, Liquidator (law), Capital requirement
    Authors:
    Joseph Bellissimo , Larry Ellis , Bruce Leonard , Eleonore Morris , David Ward
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP

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