INTRODUCTION

Despite abundant case law on latent defects and what constitutes a provable claim, Quebec courts have rarely been called upon to decide an issue involving both concepts.

INTRODUCTION

Malgré la jurisprudence abondante tant en matière de vices cachés que sur la qualification de réclamation prouvable, les tribunaux québécois ont rarement eu l’opportunité de trancher une question qui réunit ces deux concepts.

In insolvency proceedings, it can be difficult to navigate how to close out a transaction with an insolvent counterparty without suffering excessive collateral damage. One question that may arise in this process is whether a contract with the insolvent party can be relied upon. Canadian insolvency laws provide special treatment for a certain category of contracts called eligible financial contracts (EFCs).

In the recent decision of Atlantic Sea Cucumber Ltd (Re), 2023 NSSC 231 the Supreme Court of Nova Scotia in Bankruptcy and Insolvency (the “Court”) departed from the long-standing norm in insolvency proceedings of granting an abridgement of time for filing and service of applications. The debtor company, Atlantic Sea Cucumber Ltd.

Introduction

Following are this week’s summaries of the Court of Appeal for Ontario for the week of July 17, 2023.

Bankruptcy is Not an Option

Bankruptcy can be a very helpful tool for a distressed business. Bankruptcy allows a business to stop collection actions, discharge certain debts, cancel unfavorable contracts, and provides breathing room to restructure the business.

Lenders beware, Canada is one step closer to establishing a framework that will provide significant enhanced protections for suppliers of perishable food items. Bill C-280, or the Financial Protection for Fresh Fruit and Vegetable Farmers Act (the “Act”), has passed the Second of Three Readings in the House of Commons.

In Convoy Supply Ltd. v.

There may be hope on the horizon for insolvent Canadian cannabis companies who wish to seek recognition proceedings south of the border.