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    Approval of cross border DIP financing facilities
    2009-02-27

    In Re Intertan Canada Ltd. (2009), WL 181688 (Ont. S.C.J. [Commercial]), 2009 CarswellOnt 324 [Re Intertan], Morawetz J denied the approval of an amended DIP financing agreement under CCAA proceedings which was granted under the Chapter 11 proceedings in the United States.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Retail, Unsecured debt, Default (finance), Subsidiary, Constitutional amendment, Companies' Creditors Arrangement Act 1933 (Canada)
    Location:
    Canada
    Firm:
    Dentons
    DIP Financing in a CCAA
    2008-10-31

    In Stomp Pork Farm Ltd., Re, (“Stomp Park Farm”) the Saskatchewan Court of Appeal partially overturned orders granted from the Saskatchewan Court of Queen’s Bench which approved debtor in possession financing (“DIP Financing”).

    In this case, the debtor owed its first lender $20.5 million, secured against the debtor’s current assets. The lender had priority over the current assets to the extent of $18 million and thereafter shared priority with the debtor’s second lender.

    Filed under:
    Canada, Saskatchewan, Insolvency & Restructuring, Litigation, Dentons, Debtor, Debtor in possession, Secured loan, Companies' Creditors Arrangement Act 1933 (Canada), Court of Appeal of England & Wales
    Location:
    Canada
    Firm:
    Dentons
    CCAA court clarifies position of creditors with liens against third party’s property
    2008-07-31

    In Kerr Interior Systems Ltd., the Court of Queen’s Bench of Alberta discussed a number of issues which arose as a result of two creditors registering builders liens against a third party’s property in Saskatchewan.

    Filed under:
    Canada, Alberta, Construction, Insolvency & Restructuring, Litigation, Dentons, Debtor, Unsecured debt, Beneficiary, Debt, Voting, Secured creditor, Unsecured creditor, Companies' Creditors Arrangement Act 1933 (Canada)
    Location:
    Canada
    Firm:
    Dentons
    New amendments to insolvency legislation finally arriving!
    2008-07-15

    Pursuant to an Order in Council dated July 4, 2008, July 7, 2008 was established as the date that certain of the provisions of S.C. 2005, c. 47 (the "Insolvency Reform Act 2005") and S.C. 2007, c. 36 (the "Insolvency Reform Act 2007") came into force. The Wage Earner Protection Program Act (the "WEPPA") as well as certain of the amendments to the Bankruptcy and Insolvency Act (the "BIA") made by the Insolvency Reform Act 2005 and the Insolvency Reform Act 2007 are, as a result, now in force.

    Filed under:
    Canada, Insolvency & Restructuring, Dentons, Wage, Bankruptcy, Shareholder, Debtor, Interest, Debt, Tax deduction, Bankruptcy discharge, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    Dentons
    Courts give the green light for fraud-based class actions in Canadian insolvency proceedings
    2016-10-20

    Both of Canada’s primary insolvency statutes, the Bankruptcy and Insolvency Act (“BIA”) and the Companies’ Creditors Arrangement Act (“CCAA”) provide for an automatic stay of all legal proceedings when an insolvent debtor files for or seeks insolvency protection. The purpose of the stay is to provide breathing space to a debtor attempting to restructure its business so as to avoid “death by a thousand cuts” and also to ensure similarly situated creditors are treated equally.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Baker McKenzie, Bankruptcy, Shareholder, Debtor, Fraud, Class action, Legal burden of proof, Prejudice, Prima facie, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Michael Nowina
    Location:
    Canada
    Firm:
    Baker McKenzie
    Lower court's decision upheld by Supreme Court of Canada in CCAA ruling
    2021-09-29

    In Her Majesty the Queen v. Canada North Group Inc., the Supreme Court of Canada (the Court) held that lower courts can permit the grant of court ordered charges under the Companies’ Creditors Arrangement Act, RSC 1985, c C-36 (the CCAA), including the interim lender’s charge, in priority to the Minister of National Revenue’s (the Minister) statutory deemed trust claims under the Income Tax Act, RSC 1985 c 1 (the ITA).

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Companies' Creditors Arrangement Act 1933 (Canada), Supreme Court of Canada
    Authors:
    Robyn Gurofsky
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Bankrupt company obtains protection under the CCAA
    2021-05-20

    On March 30, 2021, the Supreme Court of British Columbia (the Court) made an initial order under the Companies Creditors Arrangement Act (the CCAA) in respect of EncoreFX Inc. (EncoreFX) one year after the commencement of its bankruptcy proceedings. The decision is unusual in that the applicant for the CCAA initial order was EncoreFX’s trustee in bankruptcy (the Trustee), who also sought to be appointed as monitor of EncoreFX (with enhanced powers). On April 22, 2021, the Court released the reasons for its decision.1

    Filed under:
    Canada, British Columbia, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Coronavirus, Companies' Creditors Arrangement Act 1933 (Canada), British Columbia Supreme Court
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Court of Appeal of Alberta dismisses application for leave in Bellatrix CCAA proceedings
    2021-03-12

    The Court of Appeal of Alberta issued the latest decision in the Companies’ Creditors Arrangement Act (CCAA) proceedings of Bellatrix Exploration Ltd. (Bellatrix).1

    Filed under:
    Canada, Alberta, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Companies' Creditors Arrangement Act 1933 (Canada), Court of Appeal of Alberta
    Authors:
    Jessica Cameron , Josef G. A. Kruger , Jack Maslen
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    SCC decision opens doors to litigation funding in insolvency proceedings
    2020-02-10

    On January 23, 2020, the Supreme Court of Canada unanimously allowed the appeal from the Québec Court of Appeal’s decision in 9354-9186 Québec Inc. et al. v. Callidus Capital Corporation, et al., opening the doors to third-party litigation funding in insolvency proceedings in Canada.

    Background

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Debtor, Companies' Creditors Arrangement Act 1933 (Canada), Supreme Court of Canada
    Authors:
    Katie Archibald , Tyler McNaughton
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Expanding Protection of IP Licensees: Changes to the BIA and CCAA via the Budget Implementation Act, 2018, No. 2
    2019-11-18

    ​On November 1, 2019, amendments to the Bankruptcy and Insolvency Act,R.S.C. 1985, c. B-3 (BIA) and the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36 (CCAA) came into force. Among other changes described in our previous publication, these amendments expand the protection offered to intellectual property (IP) licensees in the event that the licensor enters insolvency.

    Filed under:
    Canada, Copyrights, Designs and trade secrets, Insolvency & Restructuring, Patents, Trademarks, Borden Ladner Gervais LLP, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Lisa Hiebert
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP

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