Treasury has published two orders made under the Insolvency Act 1986 and the Banking Act 2009. The orders are:  

The British Columbia Provincial government recently passed the Economic Incentive and Stabilization Statutes Amendment Act, 2008 (the “Act”). The Act was aimed at protecting RRSPs to afford self-employed individuals the same protection from creditors as those individuals who have planned for their retirement through a registered pension plan.

To achieve this purpose, the Act amends a number of statutes in British Columbia.

On July 7th, the Wage Earner Protection Program (hereinafter the "WEPP") came into force, as instituted by the Wage Earner Protection Program Act[1].

The WEPP applies to workers whose employers have been declared bankrupt or were placed under receivership as of July 7, 2008.

LEGEND

What follows are blackline documents outlining amendments to the BIA, CCAA and WEPP which have been passed by the government, but not yet proclaimed in force. It is hoped that these comparisons will serve as a useful tool in providing a comprehensive understanding of what the legislation will ultimately look like, when the proposed amendments are proclaimed in force.

This round-up collates the information, analysis and guidance relating to insolvency issues shared by our Construction and Restructuring, Insolvency and Bankruptcy teams during the COVID-19 pandemic. For further information on any of the issues below, please get in touch with one of the Key Contacts.

On 4 December 2019, the UK Supreme Court issued its decision in MacDonald and another as joint liquidators of Grampian MacLennan's Distribution Services Ltd v. Carnbroe Estates Ltd [2019] UKSC 57, a Scottish case involving insolvency and "gratuitous alienations" (sales at undervalue).

Clydesdale Bank Plc v. (1) R Gough (t/a JC Gough & Sons) (2) Anne Michelle Gough [2017] EWHC 2230 (Ch)

Background

In 2009, the Calgary Airport Authority (CAA) entered into a construction agreement with Iona Contractors Ltd. for Iona to improve CAA’s north airfield. By October 2010, the work was substantially complete; however CAA withheld further payment to Iona on the basis that some of Iona’s subcontractors remained unpaid. Iona assigned into bankruptcy and a dispute arose over the entitlement to the withheld amounts (the Funds).

Sultani Decrees

Sultani Decree No. 39/2016

Enacting the Law on the continued validity of the licences of foreign accountancy and audit firms and the exemption of Omani owners of such firms from the full time requirement.

The Law extends the validity of the licences and the exemption up to 31/12/2017 renewable by a decision from the Ministers Council.

Issued on 18 August 2016. Effective from the day after the date of publication.

Sultani Decree No. 40/2016

The Ontario Court of Appeal (Court) recently affirmed the decision of the Ontario Superior Court of Justice in Nortel Networks Corporation (Re) (Nortel),^[1] that the “interest stops” rule applies in proceedings under the