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    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
    Ontario Court of Appeal gives priority to pension plan wind-up deficits in CCAA proceedings
    2011-04-08

    On April 7, 2011, in Indalex Limited (Re), 2011 ONCA 265 (Re Indalex), the Ontario Court of Appeal (the Court) held that in certain circumstances a pension plan wind-up deficit should be paid in priority to claims of secured creditors, including amounts outstanding under a court-approved debtor-in-possession facility (the DIP Facility).

    Filed under:
    Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Dentons, Debtor, Companies' Creditors Arrangement Act 1933 (Canada), Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Dentons
    Government loses its priority to GST in CCAA proceedings
    2010-12-22

    In the recent decision of Century Services Inc. v. Canada (Attorney General), 2010 SCC 60, the Supreme Court of Canada has, for the first time, interpreted key provisions of the Companies’ Creditors Arrangement Act (“CCAA”).

    The judgment of the Court, which was pronounced December 16, 2010, overrules appellate authority from Ontario and British Columbia that previously conferred a priority for unremitted GST on the Crown in CCAA proceedings, and endorses the broad discretionary power of a CCAA court.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Tax, Dentons, Bankruptcy, Debtor, Excise, Good faith, Due diligence, Remand (court procedure), Secured creditor, Unsecured creditor, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal of England & Wales, Supreme Court of Canada
    Location:
    Canada
    Firm:
    Dentons
    Court approval of cross-border DIP financing guarantees
    2010-05-11

    InterTAN Canada Ltd (“InterTAN”) is a wholly owned subsidiary of US based Circuit City Store, Inc. (“Circuit City”), a consumer electronics retailer. In Canada, InterTAN operates retail stores under the trade name “The Source by Circuit City”. Prior to Circuit City's filing under Chapter 11 of the United States Bankruptcy Code, InterTAN was a borrower under a syndicated credit facility between Circuit City, certain U.S. affiliates, InterTAN, Bank of America NA, as agent, and certain other loan parties (the “Secured Credit Facility”).

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Dentons, Retail, Credit (finance), Surety, Debtor, Unsecured debt, Liquidation, Stakeholder (corporate), Subsidiary, Companies' Creditors Arrangement Act 1933 (Canada), Bank of America
    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
    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
    Ontario Superior Court Lifts Stay to Allow Foreign Litigation to Proceed
    2018-02-28

    Urbancorp Inc., a large real estate development company involved in various projects in the Greater Toronto Area, became subject to proceedings under the Companies' Creditors Arrangement Act (the "CCAA") in April of 2016. Alan Saskin, Urbancorp's President and primary shareholder, filed a Notice of Intention to Make a Proposal (the "NOI") in his personal capacity under the Bankruptcy and Insolvency Act (the "BIA") shortly thereafter.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Companies' Creditors Arrangement Act 1933 (Canada), Ontario Superior Court of Justice
    Authors:
    Andrew Paterson
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Alberta Courts Confirm Restructuring Transactions with Select Creditors Not Oppressive and Comment on Availability of the Oppression Remedy in CCAA Proceedings
    2017-03-30

    ​In Re Lightstream Resources Ltd, 2016 ABQB 665 (Lightstream), the Court of Queen’s Bench of Alberta (Court) confirmed that it had jurisdiction to remedy oppressive conduct while a business is restructuring under the Companies’ Creditors Arrangement Act (CCAA). The decision also provides insight as to when a court might exercise its equitable jurisdiction to remedy oppressive conduct in a CCAA proceeding.

    Background

    Filed under:
    Canada, Alberta, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Companies' Creditors Arrangement Act 1933 (Canada), Court of Appeal of Alberta
    Authors:
    Josef G. A. Kruger , Matti Lemmens
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP

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