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    Fraudulent preferences and transfers at undervalue
    2011-03-14

    TheBankruptcy and Insolvency Act, RSC 1985, c. B‐3 (the “BIA”) was recently amended to repeal the settlement and reviewable transaction sections of the Act, and replaced these sections with provisions regarding transfers under value and preferences. The aim of these new provisions is to prevent bankrupts from unfairly preferring certain creditors over others and to prevent bankrupts from transferring assets for significantly less than they are worth.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Shareholder, Debtor, Fraud, Consideration, Legal burden of proof, Conveyancing, Bankruptcy and Insolvency Act 1985 (Canada), Trustee
    Authors:
    Christopher J. Ramsay
    Location:
    Canada
    Firm:
    Dentons
    Classification of creditors under the CCAA
    2009-11-30

    In a corporate reorganization under the Companies’ Creditors Arrangement Act (the “CCAA”), the design of appropriate classes of creditors can be central to the success of the restructuring initiative. The requisite “double majority” for a plan of arrangement to be approved, being a majority in number and two thirds by value of support from creditors, is required per class in order to be binding on that class.

    Filed under:
    Canada, Insolvency & Restructuring, Dentons, Debtor, Unsecured debt, Interest, Consideration, Debt, Liability (financial accounting), Liquidation, Common law, Constitutional amendment, Companies' Creditors Arrangement Act 1933 (Canada)
    Authors:
    David W. Mann , David LeGeyt
    Location:
    Canada
    Firm:
    Dentons
    Recognition of foreign proceedings
    2009-05-29

    Magna Enterprises Corp. (“MEC”), a foreign bankrupt corporation, brought an application for ancillary relief pursuant to s. 18.6 of the CCAA. Section 18.6 gives the court the power to “make such orders and grant such relief as it considers appropriate to facilitate, approve or implement arrangements that will result in a co-ordination of proceedings under this Act with any foreign proceeding”.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Public company, Bankruptcy, Comity, Subsidiary, Title 11 of the US Code, Delaware General Corporation Law, United States bankruptcy court
    Authors:
    David LeGeyt , David W. Mann
    Location:
    Canada
    Firm:
    Dentons
    RRSPs in British Columbia receives legislative protection from creditors
    2008-12-23

    The British Columbia Provincial government recently passed the Economic Incentive and Stabilization Statutes Amendment Act, 2008 (the “Act”). The Act was aimed at protecting RRSPs to afford self-employed individuals the same protection from creditors as those individuals who have planned for their retirement through a registered pension plan.

    To achieve this purpose, the Act amends a number of statutes in British Columbia.

    Filed under:
    Canada, British Columbia, Employee Benefits & Pensions, Insolvency & Restructuring, Dentons, Tax exemption, Ex post facto law, Debt, Retirement
    Location:
    Canada
    Firm:
    Dentons
    Sell the assets, sell the name – change your PPSA registration to get the proceeds!
    2008-04-03

    The Ontario Court of Appeal recently held that Royal Bank of Canada ("RBC") was unperfected as against a trustee in bankruptcy (the "Trustee"), because RBC failed to comply with section 48(3) of the Personal Property Security Act (Ontario) (the "PPSA") by failing to file a financing change statement to reflect a change of the debtor’s name after assets of the debtor were sold by a court appointed interim receiver.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Debtor, Secured creditor, Unsecured creditor, Personal Property Security Act 1990 (Canada), Royal Bank of Canada, Supreme Court of Canada, Court of Appeal for Ontario, Ontario Superior Court of Justice, Trustee
    Location:
    Canada
    Firm:
    Dentons
    Corporate dissolution will not protect former directors and officers from environmental liabilities
    2016-12-05

    On December 10, 2016, Ontario’s Forfeited Corporate Property Act, 2015 (the FCPA), comes into force,1 along with related amendments to the Ontario Business Corporations Act (the OBCA).

    Filed under:
    Canada, Ontario, Company & Commercial, Environment & Climate Change, Insolvency & Restructuring, Litigation, Dentons, Corporate governance, Environmental remediation, Asset forfeiture, Dissolution (law)
    Location:
    Canada
    Firm:
    Dentons
    Section 163 examinations
    2011-03-14

    Section 163 gives the trustee the broad power to examine the bankrupt, any person who would be reasonably thought to know the affairs of the bankrupt, or any person who is or has been an agent, clerk, officer, director or employee with respect to the bankrupt or the bankrupt’s dealings. Essentially, this section gives the trustee the power to examine any person who is capable of providing information on the bankrupt.

    Filed under:
    Canada, Company & Commercial, Insolvency & Restructuring, Dentons, Confidentiality, Bankruptcy, Debtor, Solicitor, Secured creditor, Canadian Charter of Rights and Freedoms, Trustee
    Authors:
    Christopher J. Ramsay
    Location:
    Canada
    Firm:
    Dentons
    Reorganization of multi-unit residential developments
    2009-11-30

    Over the last two years, with the fluctuations in the economic market, commercial real estate in distress has become a lively topic among insolvency practitioners and even in court decisions.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Real Estate, Dentons, Debtor, Commercial property, Foreclosure, Secured loan
    Authors:
    David W. Mann , David LeGeyt
    Location:
    Canada
    Firm:
    Dentons
    Employee super-priority under the WEPPA and the BIA: comments on Ted Leroy Trucking Ltd. and 383838 B.C. Ltd. (Re)
    2009-05-29

    The Wage Earner Protection Program Act, S.C. 2005, c. 47 (the “WEPPA”), came into force on July 7, 2008. This paper will set out the implications of the WEPPA on insolvency practice and provide a brief analysis of Ted LeRoy Trucking Ltd. and 383838 B.C. Ltd. (Re), 2009 BCSC 41 (“LeRoy Trucking”), the only reported decision regarding the WEPPA (as at the date of this paper) since the legislation came into force.

    I. Introduction to the WEPPA

    Filed under:
    Canada, Employment & Labor, Insolvency & Restructuring, Litigation, Dentons, Wage, Bankruptcy, Severance package, Bankruptcy and Insolvency Act 1985 (Canada), Trustee
    Location:
    Canada
    Firm:
    Dentons
    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, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Debtor, Prejudice, Constitutional amendment, Trustee
    Location:
    Canada
    Firm:
    Dentons

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