Introduction
The Ontario Court of Appeal recently affirmed the decision of the Ontario Superior Court of Justice in ReNortel Networks Corporation that the common law interest stops rule applies in proceedings under the Companies' Creditors Arrangement Act. The court also clarified that parties retain the right to provide for the consensual payment of post-filing interest in a Companies' Creditors Arrangement Act plan of reorganisation.
35820 Alberta (Attorney General) v. Moloney
Constitutional law — Division of powers — Federal paramountcy — Bankruptcy and insolvency
Appeal from a judgment of the Alberta Court of Appeal (2014 ABCA 68), affirming a decision of Moen J. (2012 ABQB 644).
What do a car crash in Alberta, a delinquent farm mortgage in Saskatchewan and an unpaid highway toll ticket in Ontario have in common?
They all ended up in the Supreme Court of Canada.
In August I presented on cross-border insolvency at the joint Federal Court of Australia and Law Council of Australia conference on corporations law. The audience consisted of over 30 Federal Court judges and a range of other experienced corporate and insolvency lawyers.
FI and D&O Since our last update, there have been significant developments in the FI and D&O landscape. November saw the first ever UK deferred prosecution agreement (DPA) announced between the SFO and Standard Bank. The DPA process has been available but unused since 2014 so the judgment and the SFO’s comments thereafter provided some much needed guidance on what the process involved. Significantly, weight was placed on Standard Bank’s early self-reporting and cooperation.
When a company files for bankruptcy, employees are faced with uncertainty on a number of issues. Everything from outstanding wages to benefit entitlements are suddenly at risk. Further, when a company becomes insolvent, employees are often laid off in circumstances that fail to satisfy statutory or common law notice period entitlements. However, under the Bankruptcy and Insolvency Act (“BIA”), employees are often barred from fully recovering what they are owed.
A recent decision of the Ontario Superior Court sheds light on when a commercial landlord is required to give consent to an assignment of lease or sublease.
TORKIN MANES LLP www.torkinmanes.com The issues raised in this publication are for information purposes only. The comments contained in this document should not be relied upon to replace specific legal advice. Readers should contact professional advisors prior to acting on the basis of material contained herein. Torkin Manes LegalPoint BANKING & FINANCIAL SERVICES JULY 2015 Does a Discharge of a Receiver Mean Liability of the Receiver is at an End?
Following the Supreme Court of Canada decision in Sun Indalex Finance, LLC v. United Steelworkers, [2013] 1 S.C.R. 271 (Indalex), creditors and their advisors have been closely following jurisprudence which considers the scope of the decision.
On August 7, 2015, the Ontario Court of Appeal (ONCA) released its decision in Grant Forest Products Inc. v.