The Bottom Line
PLAN SPONSOR ENTITLED TO VOTE AS CREDITOR AND CREDITOR APPROVAL REQUIRED TO IMPLEMENT LITIGATION FUNDING AGREEMENT.
As Yeats said in his poem, The Second Coming: "mere anarchy is loosed upon the world". While perhaps not anarchy, certainly most insolvency practitioners expected the Alberta Court of Appeal decision in Redwater[1] to be upheld, preserving the priorities afforded to secured creditors and rendering the Provincial Government to be an unsecured Creditor.
On September 25, 2018, just days before his retirement, Senator Art Eggleton moved second reading of Bill S-253, An Act to amend the Bankruptcy and Insolvency Act and other Acts and Regulations (pension plans).
Bill S-253 seeks to accomplish two things:
On October 29, 2018, the Canadian Government introduced Bill C-86, A second Act to implement certain provisions of the budget tabled in Parliament on February 27, 2018 and other measures. Bill C-86 is omnibus legislation, over 850 pages in length, which addresses diverse subjects including income tax, money laundering, and greenhouse gas emissions pricing. Numerous amendments and additions to Canadian intellectual property legislation are proposed.
Following are the summaries for the civil decisions released by the Court of Appeal this week.
There were two wrongful dismissal cases this week. One was brought by a physician against Sick Kids Hospital. The Court found against the Hospital and allowed the appeal, remitting the matter back to the Superior Court for a determination of the damages. The second involved the breach of fiduciary duty of a senior officer of a public company who was found to have been self-dealing. The Court confirmed that the breach of fiduciary duty constituted just cause for termination.
Top Insolvency Cases and Highlights from 2017 With the passing of another year, McCarthy Ttrault's National Bankruptcy & Restructuring Group takes a look at the trends, leading cases and other insolvency highlights from 2017. This publication puts at your fingertips a summary of the year's biggest insolvency cases and developments from across the country and highlights some of the most talked-about cases and issues from 2017, including deemed trusts, the monitor's role in oppression actions, equitable subordination and more. This report was authored by Heather L.
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.
This is the third instalment in a series examining large retail insolvencies in Canada from the perspective of various stakeholders. This article discusses insolvencies from the perspective of corporate parents of distressed Canadian retailers.
Key Employee Retention Plans are a common feature in restructurings occurring under the Companies’ Creditors Arrangement Act. The basis for a KERP is simple and easily explainable.