Le 30 juillet 2014, un financement intérimaire est autorisé à être déboursé par Alternative Capital Group («ACG») en contrepartie duquel une charge prioritaire lui est transmise sur les actifs des débitrices Gestion Rer inc., Rer Hydro Ltd. et Hydrolienne Très Saint-Laurent Inc. (les «Débitrices»).
Peu de temps après, suite à la vérification diligente, ACG a cessé d’avancer des fonds aux Débitrices.
Le 28 août 2014, le Contrôleur met fin au mandat de ACG après avoir constaté que cette dernière n’avait alors avancé que la somme initiale de 371 000 $.
Le 17 novembre 2011, aux termes de la négociation d’une entente de cessation de vie commune, il est prévu que la demanderesse cèdera ses droits dans la résidence familiale au défendeur en contrepartie de 70 000 $ dont l’acte de vente prévoit que le paiement se fera en deux versements.
Suite à leur entente, le défendeur ne verse pas le second paiement à la défenderesse dont la créance n’est pas garantie.
TORONTO (May 15, 2015) - On May 12, 2015, the Ontario Superior Court of Justice and U.S. Bankruptcy Court delivered an unprecedented joint ruling in the multi-jurisdictional dispute over the allocation of US$7.3-billion raised from the sale of the Nortel Networks global business units and patent portfolio.
At dispute was how to divide Nortel’s estate between bondholders, pensioners, suppliers and former employees of the parent company in Canada and its U.S. and European subsidiaries.
In a recent unreported decision denying approval of a plan of arrangement under the Canada Business Corporations Act (CBCA) proposed by Connacher Oil and Gas Limited, Justice C.M. Jones of the Alberta Court of Queen's Bench considered the solvency test that corporations must meet in order to obtain a final order approving a plan of arrangement under the CBCA1.
An insolvent entity will often have one or more businesses that, once separated from the insolvent organization or cleansed of their existing liabilities, is quite attractive acquisition targets.
Around 33,000 UK-based pensioners of the Nortel group look set to receive a greater share of the group’s $7bn worldwide assets, following a joint allocation hearing in the US and Canadian courts. This should mitigate earlier difficulties encountered in trying to use the Pensions Regulator’s anti- avoidance powers to recover monies from non-UK companies.
The decision may also have wider implications for unsecured lenders to a company which is part of a multi-jurisdictional group headquartered in the US or Canada.
WHAT WAS THE BACKGROUND TO THIS?
The biggest insolvency in national retailing history, Target stores’ Canadian subsidiary, is scheduled to take key steps on the road to resolution this month and over the summer.
Target Canada applied for protection under the Companies’ Creditors Arrangement Act (CCAA) last January 15 so that it could restructure and liquidate. It then closed all its 133 stores, eliminating the jobs of more than 14,000 employees and leaving its landlords and almost 1,800 other suppliers on the hook for close to $3 billion.
Nortel Networks Corporation was a telecommunications firm that filed for protection under the Companies’ Creditors Arrangement Act (“CCAA”) in 2009. At the time, a large number of interrelated companies representing the global business operations of Nortel also filed for protection, including Nortel Networks Limited (“NNL”), its direct Canadian subsidiary and legal owner of the Nortel Group’s worldwide patent portfolio.
Original Newsletter(s) this article was published in: Blaneys on Business Bulletin: June 2015
The courts in Ontario and Delaware have decided who is to be paid what from the more than $7.1 billion available to meet creditors’ claims in the Nortel Networks insolvency, closing the 120-year-old book on Canada’s first global research, development and technology enterprise.
In Akagi v. Synergy Group (2000) Inc. (“Akagi“), the Ontario Court of Appeal set aside a series of ex parte orders made by Toronto’s Commercial List Court granting broad investigative powers to a court-appointed receiver.