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Post-filing interest in a CCAA proceeding: Re Nortel Networks Corp.
2014-10-15

In lengthy insolvency proceedings, interest accrued on existing claims during the “post-filing” period can represent a substantial portion of the debtor’s estate.

Filed under:
Canada, Ontario, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Interest, Companies' Creditors Arrangement Act 1933 (Canada)
Location:
Canada
Firm:
Weil Gotshal & Manges LLP
View Original Article
Southern District of New York Dismisses Securities Law Claims on Grounds of International Comity; No Chapter 15 Proceeding Required
2019-03-25

The Bottom Line

Filed under:
Canada, USA, New York, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Companies' Creditors Arrangement Act 1933 (Canada), US District Court for SDNY
Authors:
Kelly E. Porcelli
Location:
Canada, USA
Firm:
Kramer Levin Naftalis & Frankel LLP
View Original Article
Supreme Court of Canada confirms priority of court ordered charges in a CCAA proceeding
2021-08-24

On July 28, 2021, the Supreme Court of Canada (the "SCC") released its decision in Canada v Canada North Group Inc.[1] (2021 SCC 30) confirming that court-ordered super-priority charges ("Priming Charges") granted pursuant to the Companies' Creditors Arrang

Filed under:
Canada, Insolvency & Restructuring, Litigation, Gowling WLG, Companies' Creditors Arrangement Act 1933 (Canada), Supreme Court of Canada
Authors:
Virginie Gauthier , Kate Yurkovich
Location:
Canada
Firm:
Gowling WLG
View Original Article
Guide to doing business in Canada: Bankruptcy & Restructuring
2020-10-01

The economies of the United States (U.S.) and Canada are closely intertwined. As operations expand across the border, so too do the complexities associated with carrying on business - particularly the insolvency of a company spanning both jurisdictions. As such, understanding how to navigate the complexities of Canadian insolvency regimes is essential to successfully doing business in the country.

1. Legislation and court system

Filed under:
Canada, Insolvency & Restructuring, Gowling WLG, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada)
Authors:
Clifton P. Prophet
Location:
Canada
Firm:
Gowling WLG
View Original Article
Commercial insolvency-related amendments to the BIA and the CCAA
2009-09-17

Summary of Some of the Key Commercial Insolvency Related Amendments to the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act

INTRODUCTION

Filed under:
Canada, Employment & Labor, Insolvency & Restructuring, Gowling WLG, Wage, Bankruptcy, Promulgation, Constitutional amendment, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada), UK House of Commons
Location:
Canada
Firm:
Gowling WLG
View Original Article
Nortel's environmental obligations don't withstand CCAA restructuring proceedings
2012-03-13

Since Nortel Networks Corporation and a number of related companies (together, “Nortel”), initiated a reorganization under the Companies’ Creditors Arrangement Act (“CCAA”) over two years ago, the Ontario Ministry of the Environment (the “MOE”) has sought to hold Nortel responsible to remediate environmental contamination remaining on properties once or currently owned by Nortel. Nortel has maintained that its responsibility for the environmental contamination should not be prioritized ahead of its other obligations.

Filed under:
Canada, Ontario, Environment & Climate Change, Insolvency & Restructuring, Litigation, DLA Piper, Environmental remediation, Companies' Creditors Arrangement Act 1933 (Canada)
Authors:
Lana Finney
Location:
Canada
Firm:
DLA Piper
View Original Article
Supreme Court of Canada settles Excise Tax Act priorities in CCAA action
2011-02-08

MARY BUTTERY WINS IMPORTANT CASE FOR CENTURY SERVICES INC.

Filed under:
Canada, Insolvency & Restructuring, Litigation, Tax, DLA Piper, Bankruptcy, Debtor, Excise, Unemployment benefits, Secured creditor, Goods and services tax (Canada), Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada
Location:
Canada
Firm:
DLA Piper
View Original Article
First English Scheme of Arrangement Recognised in Canada under the CCAA
2019-11-01

In a recent decision, the Ontario Superior Court of Justice recognised the English law schemes of arrangement of the Syncreon group under the Companies’ Creditors Arrangement Act, RSC 1985, c C-36 (“CCAA“). This was the first time a Canadian court was asked to determine whether proceedings under Part 26 of the Companies Act 2006 (the “Companies Act“) could be recognised as “foreign proceedings” under Part IV of the CCAA.

Filed under:
Canada, Ontario, Insolvency & Restructuring, Litigation, Hogan Lovells, Companies' Creditors Arrangement Act 1933 (Canada), Companies Act 2006 (UK), Ontario Superior Court of Justice
Location:
Canada
Firm:
Hogan Lovells
View Original Article
Asset sales in the CCAA
2009-10-30

Nortel Networks (“Nortel”) brought a motion seeking approval of the sale of various Nortel assets to Nokia Siemens (“Asset Sale Agreement”), and for approval of a Sale Agreement and Bidding Procedures, advanced by Nortel for the purpose of conducting a “stalking horse” bidding process in respect of its Code Division Multiple Access (“CDMA”) and Long-Term Evolution Access (“LTE”) assets. As of the date of the motion, Nortel had yet to propose a formal plan of compromise or arrangement.

Filed under:
Canada, Insolvency & Restructuring, Litigation, Dentons, Shareholder, Debtor, Economy, Good faith, Voting, Stakeholder (corporate), Companies' Creditors Arrangement Act 1933 (Canada), United States bankruptcy court, US District Court for District of Delaware
Authors:
David W. Mann , David LeGeyt
Location:
Canada
Firm:
Dentons
View Original Article
Restructuring under the Business Corporations Act
2009-09-30

In the recent case of Re Masonite International Inc., the Ontario Superior Court approved a plan of arrangement under the Canada Business Corporations Act (“CBCA”), notwithstanding that certain insolvent entities were involved. This was a short but complex cross-border restructuring which commenced and was principally completed prior to the recent Canadian insolvency legislation amendments coming into force.

Filed under:
Canada, Ontario, Insolvency & Restructuring, Litigation, Dentons, Share (finance), Unsecured debt, Security (finance), Debt, Secured loan, Companies' Creditors Arrangement Act 1933 (Canada), Corporations Act 2001 (Australia), Canada Business Corporations Act 1985, United States bankruptcy court, Ontario Superior Court of Justice
Authors:
David W. Mann , David LeGeyt
Location:
Canada
Firm:
Dentons
View Original Article

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