- Ex ParteOrders
There are a number of ethical issues facing lawyers today in bankruptcy and insolvency litigation. One of the main issues is the level of disclosure in ex parte applications, such as those for a stay of proceedings in order to file a proposal under the BIA or a plan under theCCAA.
2010 SCC 60 (Released 16 December 2010)
Bankruptcy and Insolvency – Companies’ Creditors Arrangement Act – Priorities
In the first decision of the Supreme Court of Canada considering the Companies’ Creditors Arrangement Act (“CCAA”), the court discusses the principles of interpretation for the CCAA. Apart from its importance in that respect, the decision is also of interest for its discussion of statutory interpretation, particularly with respect to statutory amendments.
The Alberta Court of Appeal recently denied an application by Celtic Exploration Ltd. ("Celtic") for leave to appeal a decision from a Companies’ Creditors Arrangements Act (Canada) ("CCAA") proceeding involving Celtic and SemCAMS ULC ("SemCAMS"). The CCAA court found that the parties’ gas purchase agreement had been suspended as of July 2008, and as a result, Celtic could not set off amounts it owed to SemCAMS after that date against indebtedness arising under the agreement.
Perimeter Transportation Ltd. (Re), 2010 BCCA 509, on appeal from 2009 BCSC 1458
Last month, I appeared before the federal government’s Standing Committee on Industry, Science and Technology to convey our concerns regarding Bill C-501,An Act to amend the Bankruptcy and Insolvency Act and other Acts (pension protection), which if passed will alter the status of
In an important recent decision of the BC Court of Appeal, Davis LLP successfully represented its clients Century McMynn Leasing Partnership and GE Finance in Re Perimeter Transportation Ltd., 2010 BCCA 509.
SCC Docket No. 33797, Leave granted 25 November 2010
Bankruptcy and Insolvency—Companies' Creditors Arrangements Act—Provincial Obligations
On November 25, 2010, the Supreme Court of Canada granted leave to appeal in Her Majesty the Queen in Right of the Province of Newfoundland and Labrador v. Abitibibowater Inc., et al.
In May of 2010, we reported on the decision of the British Columbia Court of Appeal in Ted Leroy Trucking v. Century Services Inc. In that decision, the Court of Appeal upheld a decision of the B.C.
One of the primary objectives of the Bankruptcy and Insolvency Act (“BIA”) is to provide the bankrupt with an opportunity to stay existing creditors and establish a financial “clean slate”. The stay imposed on existing creditors includes creditors with causes of action existing at the time the bankruptcy is initiated. As a result, bankrupts can cause a halt to any existing or potential litigation by assigning themselves into bankruptcy.
In the recent decision of Century Services Inc. v. Canada (Attorney General), 2010 SCC 60, the Supreme Court of Canada has, for the first time, interpreted key provisions of the Companies’ Creditors Arrangement Act (“CCAA”).
The judgment of the Court, which was pronounced December 16, 2010, overrules appellate authority from Ontario and British Columbia that previously conferred a priority for unremitted GST on the Crown in CCAA proceedings, and endorses the broad discretionary power of a CCAA court.