The Impact of Tariffs and Economic Shifts on Canadian Insolvencies
Insolvency Now Navigating Uncertainty: The Impact of Tariffs and Economic Shifts on Canadian Insolvencies Issue 12
Contents
Introduction
1
Insolvency Data Analysis
4
CCAA Proceedings in Canada
7
Regional Observations
12
Business Openings and Closures
15
Looking Ahead
17
Key Contacts
18
Introduction
This is the story of the first Indian insolvency proceeding to be granted recognition by the Singapore Court under the UNCITRAL Model Law on Cross-Border Insolvency (“Model Law”). This recognition, besides facilitating the challenging cross-border asset recovery, has also opened the doors for deeper insolvency cooperation between India and Singapore.
Introduction
Introduction
In a landmark judgment in Re Compuage Infocom Ltd and Anr., the Singapore High Court (“Singapore HC”) has, for the very first time, recognised a Corporate Insolvency Resolution Process (“CIRP”) initiated under the Indian Insolvency and Bankruptcy Code, 2016 (“IBC”) as a ‘foreign main proceeding’ under the UNCITRAL Model Law on Cross-Border Insolvency (“Model Law”).
What you need to know
Key Takeaway
Luxembourg’s law of 5 August 2005 on financial collateral arrangements, as amended (Collateral Law 2005), continues to offer strong safe-harbor protections for financial collateral arrangements and is now confirmed to apply to insolvency proceedings globally.
Recent Developments
Court of Appeal Ruling
The Hon’ble Supreme Court of India (“Supreme Court”) by a 2:1 majority in Independent Sugar Corporation Limited v Girish Sriram Juneja and Ors1, has held that in case of resolution plans proposing a combination (i.e., a merger or amalgamation of the entities) of a corporate debtor, the Competition Commission of India (“CCI”) must first grant the necessary approval before such Resolution Plan is placed before the Committee of Creditors (“CoC”) for it
1. Introduction