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    Ontario Court of Appeal addresses PBA deemed trust and other pension issues in CCAA proceedings
    2011-04-21

    On April 7, 2011, the Ontario Court of Appeal released its judgment in theRe Indalex Limited case (Indalex).1 The decision addresses the interplay between the deemed trust provision in the Ontario Pension and Benefits Act (PBA)2 and the federal Companies’ Creditors Arrangement Act (CCAA),3 as well as the fiduciary duties of pension plan administrators in CCAA proceedings. Indalex is important for pension plan sponsors and administrators for a number of reasons:

    Filed under:
    Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Fiduciary, Beneficiary, Liquidation, Title 11 of the US Code, Companies' Creditors Arrangement Act 1933 (Canada), United Steelworkers, Court of Appeal of England & Wales, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    The chronicles of property of the bankrupt: trustees, interim receivers and the law of trusts
    2008-08-19

    In Re Norame Inc. (2008), 90 O.R. (3d) 303(Ont. C.A.), the Ontario Court of Appeal was again called upon to consider various issues of importance to insolvency practitioners. In a decision released on April 28, 2008, Mr. Justice LaForme delivered the judgment for the Court of Appeal and in so doing dismissed the appeal of Paddon + Yorke Inc., in its capacity as trustee in bankruptcy of Norame Inc. (the "Trustee").

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Involuntary dismissal, Common law, Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal of England & Wales, Court of Appeal for Ontario, Ontario Superior Court of Justice, Trustee
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    A business acquisition strategy put to the test in the context of a proposal
    2022-02-07

    Does a claim for a balance of sale of shares, originally owed by one of the two entities that amalgamated to become the debtor, constitute an equity claim pursuant to section 2(1) of the Bankruptcy and Insolvency Act1 (hereafter the BIA) in the context of a proposal of that same debtor?

    If so, what are the consequences for the Seller?

    Background

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP
    Authors:
    Kevin Mailloux , François D. Gagnon
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Insolvency: Warning signs of financial distress
    2020-03-26

    In such turbulent times, financial institutions and their customers or borrowers may be facing significant challenges and stresses. There are signs suggesting that clients are facing financial distress and would benefit from assessing restructuring options, or that it would be time to consult with your intervention or special loans group.

    Filed under:
    Canada, Insolvency & Restructuring, Borden Ladner Gervais LLP
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    The Alberta Energy Regulator Retains its Statutory Powers in the Bankruptcy of an Oil and Gas Licensee
    2019-01-31

    Today, the Supreme Court of Canada released its decision in Orphan Well Association v. Grant Thornton Ltd., known as Redwater.

    Filed under:
    Canada, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy and Insolvency Act 1985 (Canada), Alberta Energy Regulator, Supreme Court of Canada
    Authors:
    Chidinma B. Thompson
    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
    End of the Road: The Supreme Court of Canada Denies Leave to Appeal in Iona Contractors Ltd. v Guarantee Company of North America
    2016-04-14

    The Supreme Court of Canada today released its highly anticipated decision in Iona Contractors Ltd. v Guarantee Company of North America, 2015 ABCA 240 dismissing the application for leave to appeal by the Trustee in Bankruptcy (the "Trustee") of the bankrupt, Iona Contractors Inc. ("Iona").

    Filed under:
    Canada, Alberta, Construction, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Supreme Court of Canada, Court of Appeal of Alberta
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    BLG Monthly Update
    2012-12-19

    The BLG Monthly Update is a digest of recent developments in the law which Neil Guthrie, our National Director of Research, thinks you will find interesting or relevant – or both.

    Filed under:
    Argentina, Australia, Canada, United Kingdom, USA, Capital Markets, Company & Commercial, Employment & Labor, Healthcare & Life Sciences, Insolvency & Restructuring, Intellectual Property, Legal Practice, Litigation, Media & Entertainment, Private Client & Offshore Services, Public, Tax, Borden Ladner Gervais LLP
    Location:
    Argentina, Australia, Canada, United Kingdom, USA
    Firm:
    Borden Ladner Gervais LLP
    The Ontario Court of Appeal’s decision in re Indalex Limited – enhanced pension deemed trusts, enhanced priority and breach of fiduciary duty in liquidating CCAAs
    2011-04-13

    On April 7, 2011, in the context of a liquidating CCAA that achieved a going concern sale of the debtor’s business, the Ontario Court of Appeal held that:

    Filed under:
    Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Debtor, Collateral (finance), Fiduciary, Beneficiary, Liquidation, Balance sheet, Defined benefit pension plan, Constructive trust, Companies' Creditors Arrangement Act 1933 (Canada), United Steelworkers, Supreme Court of Canada, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Secured claims in proposal proceedings
    2008-08-11

    In the recent decision of Re WorkGroup Designs Inc.,1 the Ontario Court of Appeal considered the provisions of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3 (the "BIA") which relate to valuing and determining the claims of secured creditors in proposal proceedings under the BIA.

    Background

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Unsecured debt, Statutory interpretation, Liquidation, Secured creditor, Bankruptcy and Insolvency Act 1985 (Canada), Royal Bank of Canada, Canada Revenue Agency, Court of Appeal for Ontario, Ontario Superior Court of Justice, Court of Appeal of Singapore, Trustee
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP

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