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    CCAA Debtor in Possession Financing without “Adequate Protection”
    2016-01-12

    There are a number of similarities between restructuring legislation in Canada and the United States.  Each of Canada and the United States have adopted a form of the UNCITRAL Model Law Cross-Border Insolvency in order to facilitate cooperation and efficient administration of cases with an international component.  In Canada this has occurred through implementation of both Part XIII of the 

    Filed under:
    Canada, USA, Insolvency & Restructuring, McCarthy Tétrault LLP, Debtor, Debtor in possession
    Authors:
    Walker W. MacLeod
    Location:
    Canada, USA
    Firm:
    McCarthy Tétrault LLP
    Give this post superpriority – Supreme Court decides Sun Indalex Finance, LLC v. United Steelworkers
    2013-02-05

    Introduction

    The Supreme Court has issued its much-anticipated decision in Sun Indalex Finance, LLC v. United Steelworkers.

    Filed under:
    Canada, Banking, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Conflict of interest, Debtor, Fiduciary, Beneficiary, Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Mergers & acquisitions in a more uncertain world: using the Companies’ Creditors Arrangement Act
    2012-07-25

    You are probably aware of the useful restructuring and creditor protection process available to insolvent entities in the United States under Chapter 11 of the United States Bankruptcy Code. In Canada, more than one insolvency regime is available in respect of debtor companies in financial difficulty and those interested in acquiring such companies or their assets. However, because of its flexibility, the most commonly used Canadian regime for larger debtor companies or complicated restructurings is the Companies’ Creditors Arrangement Act (Canada) (the "CCAA").

    Filed under:
    Canada, Corporate Finance/M&A, Insolvency & Restructuring, McCarthy Tétrault LLP, Bankruptcy, Debtor, Title 11 of the US Code
    Authors:
    Sean F. Collins , James D. Gage , Warren B. Milman
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    New priorities? The Ontario Superior Court applies Indalex and reaches a different result
    2012-02-13

    On February 2 and 9, 2012, the Ontario Superior Court released two decisions in the ongoing proceedings of Timminco Limited and Bécancour Silicon Inc. (together, the Timminco Entities) under the Companies’ Creditors Arrangement Act (CCAA) that further develop the law regarding pension claim priorities in insolvency proceedings.

    Filed under:
    Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Debtor, Ontario Superior Court of Justice
    Authors:
    Mark Firman , James D. Gage
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Comments on the Supreme Court of Canada’s landmark insolvency decision in Ted LeRoy Trucking
    2011-05-20

    The Supreme Court of Canada decision in Century Services Inc. v. Canada (Attorney General), which arose from the restructuring proceedings of Ted LeRoy Trucking Ltd. and was released on December 6, 2010, is a landmark decision in Canadian insolvency law.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy, Debtor, Statutory interpretation, Debt, Liquidation, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada), SCOTUS, Supreme Court of Canada, Court of Appeal for Ontario
    Authors:
    Kevin P. McElcheran , Heather L. Meredith
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Indalex priority case decided — Ontario Court of Appeal gives priority to pension plan deficiency over secured lenders
    2011-04-08

    This week, the Ontario Court of Appeal surprised many by deciding that in the context of the CCAA proceedings of Indalex, pension plan deficiency claims can have priority over security held by secured DIP lenders. The Court granted priority for the entire wind-up deficiency of two pension plans over the DIP lender’s security. If not reversed on appeal, the ruling creates a potential worst case scenario for secured lenders in Ontario and could affect availability of credit for all employers who provide defined benefit pension plans for their employees.

    Filed under:
    Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Conflict of interest, Credit (finance), Debtor, Fiduciary, Stakeholder (corporate), Defined benefit pension plan, Parent company, Secured loan, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal of England & Wales, Supreme Court of Canada, Court of Appeal for Ontario
    Authors:
    Kevin P. McElcheran
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Life sciences collaborations - recent amendments to the BIA and the CCAA and the use of bankruptcy remote entities
    2009-10-31

    Amendments to the Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA) have recently come into force that purportedly protect licensees of intellectual property (IP) if their licensors become insolvent or bankrupt. There are, however, a number of uncertainties surrounding the scope of protection afforded by these amendments. Until these uncertainties are resolved, licensees may wish to consider augmenting their statutory rights by contractual and other legal mechanisms. A Bankruptcy Remote Entity (BRE) is one potential mechanism.

    Filed under:
    Canada, Insolvency & Restructuring, Intellectual Property, McCarthy Tétrault LLP, Royalty payment, Bankruptcy, Debtor, Foreclosure, Title 11 of the US Code, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Highlights of 2019 Canadian Restructuring Law
    2020-01-13

    2019 was a busy year for corporate restructuring practitioners in Canada. The year saw an uptick in CCAA filings nationwide, with 38 total proceedings (up from the total of 21 filings in 2018). The Canadian restructuring landscape also some significant shake-ups, with important decisions and extensive legislative changes. The highlights are summarized below:

    BIA & CCAA Amended

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Debtor, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Court of Appeal for Ontario, Court of Appeal of Alberta, Quebec Court of Appeal
    Authors:
    Alexander Steele
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    New protection for licensees of IP — BIA and CCAA amendments come into force
    2009-10-31

    At long last, amendments to the Bankruptcy and Insolvency Act (BIA) and theCompanies’ Creditors Arrangement Act (CCAA) have come into force, providing licensees of intellectual property (IP) with some additional level of protection.

    Filed under:
    Canada, Insolvency & Restructuring, Intellectual Property, McCarthy Tétrault LLP, Confidentiality, Royalty payment, Bankruptcy, Debtor
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Insolvency Amendments Now in Force Under the BIA and CCAA
    2019-11-01

    Extensive amendments to the Bankruptcy and Insolvency Act (“BIA”) and Companies’ Creditors Arrangement Act (“CCAA”) coming into force on November 1, 2019 through Bill C-97 will have a significant effect on certain aspects of insolvency proceedings commenced after that date. The wide-ranging revisions to both the BIA and CCAA will likely foster changes to the currently existing insolvency and restructuring practice in Canada.

    Bill C-97 Overview

    Bill C-97 amends both the BIA and CCAA to:

    Filed under:
    Canada, Insolvency & Restructuring, McCarthy Tétrault LLP, Debtor
    Authors:
    Walker W. MacLeod , Nathan Stewart
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP

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