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    Ancillary foreign proceedings in Canada
    2009-08-31

    Lear Corporation, a Delaware corporation, its Canadian subsidiaries, and other affiliates, sought an Order under s. 18.6 of the Companies’ Creditors Arrangement Act (“CCAA”) for a declaration that Chapter 11 proceedings in the U.S. Bankruptcy Court (New York) constituted “foreign proceedings” and for a stay of proceedings. Introduced to the CCAA in 1997 to assist with the administration of the increasing number of cross-border insolvencies, s.18.6 is aimed at increasing cooperation, comity, and coordination between courts of different jurisdictions.

    Filed under:
    Canada, USA, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Debtor, Stakeholder (corporate), Comity, Cashflow, Subsidiary, Delaware General Corporation Law, United States bankruptcy court
    Authors:
    David W. Mann , David LeGeyt
    Location:
    Canada, USA
    Firm:
    Dentons
    Solvency problems? Make sure to react swiftly
    2009-08-31

    In these trying times for our economy and our financial system, every business leader should pay attention to the company’s needs for working capital for the year and prepare for any potential problem related to its lack of liquidities.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Heenan Blaikie LLP, Bankruptcy, Debtor, Unsecured debt, Refinancing, Cashflow, Credit rating, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    Heenan Blaikie LLP
    Debtor in possession financing – what is it, who needs it and how did it jump the queue?
    2009-07-09

    Debtor in Possession (“DIP”) financing is essentially new bridge financing that is provided to a corporation as it undergoes insolvency proceedings. The term exists because the corporation maintains possession of its assets during this process as opposed to having a bankruptcy trustee take possession. The concept derived from the United States of America where DIP financing is expressly provided for under c.11 of the Bankruptcy Code and allows a bankrupt corporation to incur new debt for the purposes of carrying on business operations.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Miller Thomson LLP, Bankruptcy, Debtor, Debt, Tax deduction, Cashflow, Debtor in possession, Bridge loan, Canada Revenue Agency, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Deepesh Daya
    Location:
    Canada
    Firm:
    Miller Thomson LLP
    Liquidating CCAAs - the debate continues
    2008-11-30

    The Humber Valley Resort Corporation and related companies (collectively, “Humber Valley”) applied for, and was granted, an Initial Order from the Newfoundland and Labrador Supreme Court (Trial Division) staying proceedings against it for one month under the CCAA. On this same date, the Court authorized a DIP lending facility of up to $600,000.00, with a first priority charge over various of Humber Valley’s assets. At the end of the initial stay period, Humber Valley brought two further applications.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Debtor, Consideration, Liquidation, Good faith, Due diligence, Cashflow
    Location:
    Canada
    Firm:
    Dentons
    Distressed preferred shares offer attractive restructuring alternative
    2008-12-08

    Distressed preferred shares are an important weapon in the arsenal of a restructuring lawyer. They allow distressed companies to reduce their borrowing costs by restructuring their debt in a way that gives a taxable Canadian resident corporate lender a tax-free return. This means that the lender can accept a dividend rate that is less than the interest rate on the debt it holds and receive the same economic return without losing the priority that came with holding secured debt.

    Filed under:
    Canada, Insolvency & Restructuring, Tax, Osler Hoskin & Harcourt LLP, Bond market, Tax exemption, Shareholder, Debtor, Dividends, Interest, Debt, Economy, Maturity (finance), Refinancing, Cashflow, Default (finance), Subsidiary, Preferred stock, Distressed securities, Secured loan, Income-Tax Act 1961 (India)
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    Business insolvency
    2007-01-11

    The Bankruptcy Law, applicable to FIEs and most other companies in China, will come into effect on 1 June 2007.

    The Bankruptcy Law sets out a dual test of insolvency: inability to pay debts as they fall due ("cash flow insolvency") and insufficient assets to pay off all debts ("balance sheet insolvency"). Either a debtor or a creditor may apply to the court for reorganization or liquidation of the debtor. Court assistance may also be sought to conciliate.

    Filed under:
    China, Insolvency & Restructuring, Herbert Smith Freehills LLP, Wage, Bankruptcy, Debtor, Debt, Liability (financial accounting), Liquidation, Balance sheet, Cashflow, Social security
    Location:
    China
    Firm:
    Herbert Smith Freehills LLP
    The PRC Enterprise Insolvency Law
    2007-04-13

    On 27 August 2006, the PRC National People’s Congress passed a new Enterprise Insolvency Law (the “Law”) after more than a decade’s preparation and debate. The Law, which will become effective on 1 June 2007, introduces a formal insolvency process applying to a wide range of legal entities. The Law only contains general principles which in practice are unlikely to provide sufficient protection to creditors’ interests.

    Scope of application

    Filed under:
    China, Insolvency & Restructuring, Norton Rose Fulbright, Legal personality, Debtor, Debt, State-owned enterprise, Cashflow, Bankruptcy discharge
    Location:
    China
    Firm:
    Norton Rose Fulbright
    Asia restructuring and insolvency briefing - China
    2009-01-15

    Introduction This briefing complements our other publications on corporate restructuring and the sale or purchase of distressed assets.  

    What are the options for companies in financial difficulty in the PRC?  

    Filed under:
    China, Insolvency & Restructuring, Norton Rose Fulbright, Bankruptcy, Shareholder, Debtor, Unsecured debt, Accounting, Debt, Liquidation, Balance sheet, Cashflow, Debt restructuring
    Location:
    China
    Firm:
    Norton Rose Fulbright
    Insolvency of Guernsey funds
    2009-07-15

    Introduction

    If a fund is insolvent, it is either not able to pay its debts as they fall due, or its assets are less than its liabilities. An investor/creditor will have the ability to put the fund into a formal insolvency procedure and, in most cases, appoint an independent third party to take control of the assets and investigate the conduct of the fund’s directors, managers and other controlling functionaries. Defined terms in this article are the same as the terms which were defined in the potential causes of action article.  

    Filed under:
    Guernsey, Capital Markets, Insolvency & Restructuring, Ogier, Legal personality, Debtor, Collateral (finance), Board of directors, Debt, Personal property, Limited partnership, Liability (financial accounting), Liquidation, Balance sheet, Investment funds, Cashflow, Liquidator (law)
    Location:
    Guernsey
    Firm:
    Ogier
    Tips for directors facing business difficulties
    2010-07-28

    The rapid downturn in the economy means company directors are faced with new challenges, possibly on a greater scale and more complex than ever before. Directors are responsible for managing the affairs of a company, identifying risk and ensuring that there is a strategy and a system in place to deal with those risks.

    Weak and inadequate management by the directors may contribute to a weak financial performance and can lead to damage to business reputation, adverse media attention and damage to the business itself.

    Filed under:
    Ireland, Company & Commercial, Insolvency & Restructuring, Mason Hayes & Curran LLP, Shareholder, Board of directors, Debt, Liquidation, Cashflow, Non-executive director
    Location:
    Ireland
    Firm:
    Mason Hayes & Curran LLP

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