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    The monitor’s power and authority in a CCAA claims process
    2009-07-23

    Although the Companies’ Creditors Arrangement Act (“CCAA”) provides scant guidance, it is a well established procedure in a CCAA proceeding for the Court to order a claims process and to delegate powers to review creditors claims to a CCAA Monitor. Recognizing the gaps in the legislation, the Nova Scotia Supreme Court recently reviewed and clarified the basis of a Monitor’s authority to conduct a claims bar process in the CCAA restructuring of ScoZinc Ltd.

    Filed under:
    Canada, Nova Scotia, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Unsecured debt, Interest, Stakeholder (corporate), Supreme Court of the United States
    Authors:
    David Ward
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Directors' liability in the event of bankruptcy
    2009-06-30

    A. THE PROBLEM

    Many charities and associations have cash flow challenges, particularly in the current economic situation. They usually budget to break even financially. If some funding does not materialize as expected, they may be forced to close down. Their directors may be at financial risk as a result.

    Filed under:
    Canada, Employment & Labor, Insolvency & Restructuring, Non-profit Organizations, Borden Ladner Gervais LLP, Wage, Bankruptcy, Legal personality, Interest, Employment contract, Budget, Trade union, Wrongful dismissal, Debt, Liability (financial accounting), Common law, Joint and several liability, Severance package, European Space Agency, Corporations Act 2001 (Australia), Employment Standards Act 2000 (Ontario) (Canada), Canada Labour Code
    Authors:
    Michelle S. Henry
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Unregistered prior general security agreement v. subsequent 427 Bank Act security
    2009-05-14

    Innovation Credit Union v. Bank of Montreal [2009] S.J. No. 147; 2009 SKCA 35, on appeal from 2007 SKQB 471

    October 1991:     Saskatchewan farmer James Buist (“Debtor”) granted a general security agreement to Innovation Credit Union (“CU”). The general security agreement was not perfected under the Saskatchewan Personal Property Security Act (“PPSA”) by registration.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Litigation, Miller Thomson LLP, Debtor, Collateral (finance), Interest, Debt, Credit union, Default (finance), Bank Act 1991 (Canada), Personal Property Security Act 1990 (Canada), Court of Appeal of England & Wales
    Location:
    Canada
    Firm:
    Miller Thomson LLP
    Boom, bust and dip
    2009-05-19

    The extraordinary turmoil in the financial markets in recent times has caused many major economies, including the Canadian economy, to enter into a recessionary period. With the financial sector still trying to cope with the shocks of 2007 and 2008, prospects for a full Canadian economic recovery in the near future appear uncertain. Recent decisions by well-established Canadian companies such as Nortel Networks and Masonite International Corporation (a Kohlberg Kravis Roberts & Co.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Stikeman Elliott LLP, Bankruptcy, Debtor, Interest, Debt, Supply chain, Liquidation, Chrysler, Title 11 of the US Code, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Justin Parappally
    Location:
    Canada
    Firm:
    Stikeman Elliott LLP
    Rights of trustees in bankruptcy and secured creditors to licenses held by a debtor
    2009-04-28

    The Supreme Court of Canada recently released its decision in Saulnier v. Royal Bank of Canada1 ("Saulnier"), an important case involving fishing licences in the context of a secured lending transaction and an assignment in bankruptcy. This case contains what we believe is significant commentary on classifying certain governmental licences as "property" under the Bankruptcy and Insolvency Act (Canada) (the "BIA") and "personal property" under the Personal Property Security Act (Nova Scotia) (the "Nova Scotia PPSA").

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Debtor, Interest, Consideration, Personal property, Secured creditor, Tangible property, Royal Bank of Canada, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, Supreme Court of Canada
    Authors:
    Shane B. Pearlman
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Superintendent’s Levy deducted from repayment of bank’s mortgage
    2009-01-30

    In Seeley (Trustee of) v. Canadian Imperial Bank of Commerce (2008), the Bankruptcy Court determined that the Superintendent’s Levy was payable on the amount paid to a secured creditor by a Trustee in bankruptcy.The bankrupt made an assignment into bankruptcy. He owned a cabin which was mortgaged to the Bank.

    The Trustee sent the Bank three notices requiring it to file proof of its security. The Bank did not respond.The cabin was sold and subsequently the Bank filed a Proof of Claim in the bankruptcy.

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Dividends, Interest, Debt, Mortgage loan, Secured creditor, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, United States bankruptcy court
    Location:
    Canada
    Firm:
    Dentons
    The importance of registering name changes
    2009-01-30

    In Royal Bank of Canada v. Head West Energy Inc., the Court of Appeal considered the priority of two security interest registrations against the same collateral, namely industrial camp trailers, and the obligations, pursuant to the Personal Property Security Act, R.S.A. 2000, c. P-7 (“PPSA”) of a security holder to amend its registration to reflect a name change when the security holder has knowledge of that name change.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Debtor, Collateral (finance), Interest, Voting, Wells Fargo, Royal Bank of Canada, Personal Property Security Act 1990 (Canada)
    Authors:
    David W. Mann , David LeGeyt
    Location:
    Canada
    Firm:
    Dentons
    The priority of the operator’s lien
    2009-01-30

    In Brookfield Bridge Lending Fund Inc. v.

    Filed under:
    Canada, Alberta, Insolvency & Restructuring, Litigation, Dentons, Debtor, Interest, Unjust enrichment, Constructive trust, Court of equity
    Location:
    Canada
    Firm:
    Dentons
    Licences as property or collateral
    2009-03-10

    The recent decision of the Supreme Court of Canada in Saulnier (Receiver of) v. Saulnier has changed the basis for determining whether a licence is property under a provincial Personal Property Security Act (“PPSA”) and the federal Bankruptcy and Insolvency Act (“BIA”).

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, McMillan LLP, Bankruptcy, Interest, Secured creditor, Bankruptcy and Insolvency Act 1985 (Canada), Personal Property Security Act 1990 (Canada), Supreme Court of Canada, Court of Appeal for Ontario
    Authors:
    David E. Thring
    Location:
    Canada
    Firm:
    McMillan 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

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