Despite optimistic predictions earlier in 2022, slowedglobal growth resulting, in part, from the war in Ukraine has elevated inflation and interest rates, reducing the availability of credit, increasing business borrowing costs and threatening the ability of companies to retain the confidence of their
When a debtor is facing insolvency, it is typically not permitted to liquidate or transfer assets.
Trustees in bankruptcy are granted protection from civil claims for acts and omissions under the Bankruptcy and Insolvency Act (“BIA”), as the statute requires that a plaintiff obtain leave of the court to pursue some types of claims.
Good afternoon.
Following are this week’s summaries of the Court of Appeal for Ontario for the week of July 11, 2022. There were many interesting cases this week.
In Humphrey v. Mene Inc., the Court allowed an appeal in part and reduced damages for wrongful dismissal from twelve months to seven as a result of the plaintiff’s failure to reasonably mitigate by accepting another comparable position seven months after she had been dismissed. The awards of aggravated and punitive damages were upheld.
This overview is intended as an introductory summary to the Companies' Creditors Arrangement Act (CCAA), Canada’s principal statute for the reorganization of a large insolvency corporation. The CCAA applies in every province and territory of Canada, and even purports to have worldwide jurisdiction.
Investors in a scheme that seems too good to be true should be aware that they may be liable to return the funds under principles of unjust enrichment or bankruptcy preference laws.
What this means for the shareholders of a business facing insolvency
Good afternoon.
Please find our summaries of the civil decision of the Court of Appeal for Ontario for the week of July 4, 2022.
The Alberta Court of Appeal (the “ABCA”)’s anticipated decision in Manitok Energy Inc (Re), 2022 ABCA 117 (“Manitok”) confirmed that the sales proceeds of a debtor estate’s valuable petroleum and natural gas assets that are subject environmental claims including, notably, abandonment and reclamation obligations, must first be applied to abandonment and reclamation obligations, even where such assets are “unrelated” to the abandonment and reclamation obligations.
[This paper originally presented at the Manitoba Bar Association Mid-Winter Conference, January, 2003. It was updated and revised for the 2011 Pitblado Lectures and again updated in June, 2022.]