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    Licenses and Parliament’s lexicon
    2008-12-08

    The Supreme Court of Canada released its decision in Saulnier v. Royal Bank of Canada on October 24, 2008. The decision provides welcome clarification concerning the nature of government licenses and confirms that at least certain kinds of licenses constitute property for the purposes of the Bankruptcy and Insolvency Act (the “BIA”) and for the purposes of Canadian personal property security legislation. The decision is also important because it takes a purposive and commercial approach to the interpretation of bankruptcy and personal property security legislation.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Interest, Personal property, Common law, Secured creditor, Easement, Tangible property, Bénéfice, Royal Bank of Canada, Bankruptcy and Insolvency Act 1985 (Canada), Personal Property Security Act 1990 (Canada), Supreme Court of Canada
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Quebec court rules on hypothec enforceability
    2008-12-18

    In the early nineties, Quebec adopted new personal property legislation under the reform of the Civil Code of Quebec (the "CCQ"). However, the CCQ incorporated language and legislation from Quebec's former personal property regime. This combination of old and new legislation has, in some cases, left remnants of formalism surrounding the creation of certain types of hypothecs (security interests). In Positron Technologies Inc.

    Filed under:
    Canada, Quebec, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Bond (finance), Legal personality, Interest, Debt, Personal property, Limited partnership, Power of attorney, Debenture, Civil Code of Quebec, Trustee, Quebec Superior Court
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Nortel seeks Chapter 11 bankruptcy protection
    2009-01-16

    Nortel Networks Corp. of Canada, one of the world’s leading suppliers of fixed line phone network equipment, filed for protection from creditors Wednesday under Chapter 11 of the U.S. Bankruptcy Code. A pioneer in the development of network switches, routers, and fiber-optic technologies used by many of the world’s top telecommunications carriers, Nortel ranked as Canada’s largest company by value at the height of the global telecom market boom of the late 1990s and early 2000s.

    Filed under:
    Canada, USA, Insolvency & Restructuring, Telecoms, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Bond (finance), Bankruptcy, Shareholder, Interest, Debt, Title 11 of the US Code, Chief executive officer
    Location:
    Canada, USA
    Firm:
    Paul, Weiss, Rifkind, Wharton & Garrison LLP
    Tighter lending environment fuels distressed M&A deals
    2008-06-17

    Although the global “credit crisis” phenomenon has been dominating the headlines for some time, the implications of it in Canada may just be beginning in the form of increased distressed M&A activity. The past decade of unprecedented growth and the abundance of liquidity has been replaced in the past few months by a more conservative lending environment. Around the country, bank loan officers are busy reviewing financial statements and covenant compliance certificates, and assessing loan renewals of corporate clientele.

    Filed under:
    Canada, Corporate Finance/M&A, Insolvency & Restructuring, Osler Hoskin & Harcourt LLP, Bond (finance), Shareholder, Credit (finance), Interest, Market liquidity, Consideration, Liquidation, Due diligence, Stakeholder (corporate), Warranty, Default (finance)
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    New amendments to insolvency legislation finally arriving!
    2008-07-15

    Pursuant to an Order in Council dated July 4, 2008, July 7, 2008 was established as the date that certain of the provisions of S.C. 2005, c. 47 (the "Insolvency Reform Act 2005") and S.C. 2007, c. 36 (the "Insolvency Reform Act 2007") came into force. The Wage Earner Protection Program Act (the "WEPPA") as well as certain of the amendments to the Bankruptcy and Insolvency Act (the "BIA") made by the Insolvency Reform Act 2005 and the Insolvency Reform Act 2007 are, as a result, now in force.

    Filed under:
    Canada, Insolvency & Restructuring, Dentons, Wage, Bankruptcy, Shareholder, Debtor, Interest, Debt, Tax deduction, Bankruptcy discharge, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    Dentons
    A tentative deal for restructuring Canadian ABCP
    2008-02-28

    On December 23, 2007, the Pan-Canadian Investors Committee for Third-Party Structured Asset-Backed Commercial Paper (ABCP) announced that an ‘agreement in principle’ had been reached for a restructuring of $33 billion of approximately $35 billion of Canadian ABCP. The repayment of this debt had been frozen pursuant to a standstill created by the ‘Montreal Accord’ as of August 16, 2007.

    Filed under:
    Canada, Insolvency & Restructuring, McCarthy Tétrault LLP, Credit card, Accounts receivable, Interest, Market liquidity, Margin (finance), Subprime lending, Debt, Maturity (finance), Collateralized debt obligation
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Alberta court finds a DIP Charge can be granted in priority to the deemed trust claims of CRA
    2008-02-28

    In Re Temple City Housing Inc.; Minister of National Revenue v. Temple City Housing Inc. 2007 CarswellAlta 1806 (Alta. Q.B.), Temple City Housing Inc. (“Temple”) filed for protection under the Companies’ Creditors Arrangement Act (“CCAA”). The Order sought by Temple contemplated that a Debtor-In-Possession credit facility (“DIP Charge”) would be granted. Temple’s major creditor, Canada Revenue Agency (“CRA”), opposed the granting of the DIP Charge, which would create a court ordered priority over the CRA deemed trust claim.

    Filed under:
    Canada, Insolvency & Restructuring, Tax, Dentons, Debtor, Interest, Stakeholder (corporate), Line of credit, Canada Revenue Agency, Constitutional amendment, Minister of National Revenue (Canada), Court of Appeal of England & Wales
    Location:
    Canada
    Firm:
    Dentons
    Substantial amendments to Ontario’s PPSA legislation
    2007-05-01

    Ontario has introduced a series of significant amendments to the Personal Property Security Act (Ontario) (the PPSA). The last major amendments to the PPSA occurred in 1989. This Osler Update highlights amendments to the PPSA that are of particular interest to court officers of insolvent enterprises and others taking or enforcing security.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Osler Hoskin & Harcourt LLP, Debtor, Collateral (finance), Security (finance), Breach of contract, Interest, Personal property, Common law, Default (finance), Secured creditor, Credit default swap, Uniform Commercial Code (USA), Personal Property Security Act 1990 (Canada)
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    Cayman investment company obtains Chapter 15 protection in the United States
    2010-02-19

    The United States’ Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited (“SIFCO5”) (an SPV established to operate as an investment company), as a “foreign main proceeding” under Chapter 15 of the United States’ Bankruptcy Code.

    Recognition of the liquidation as foreign main proceedings provides for an automatic stay of proceedings with respect to any assets of SIFCO5 within the United States, amongst other things.

    Filed under:
    Cayman Islands, USA, Delaware, Insolvency & Restructuring, Litigation, Harneys, Interest, Limited liability partnership, Liquidation, Investment company, Liquidator (law), Bear Stearns, Title 11 of the US Code, United States bankruptcy court, US District Court for District of Delaware
    Location:
    Cayman Islands, USA
    Firm:
    Harneys
    Taxation on corporate restructuring
    2009-05-08

    New tax rules relating to the tax treatment of certain corporate restructuring transactions are expected to be finalized soon by the PRC Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”).

    Filed under:
    China, Insolvency & Restructuring, Tax, Sheppard Mullin Richter & Hampton LLP, Share (finance), Interest, Income tax, Ex post facto law, State Administration of Taxation (China)
    Location:
    China
    Firm:
    Sheppard Mullin Richter & Hampton LLP

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