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    Euroresource--deals and debt (January 2014)
    2014-01-31

    Recent Developments

    Filed under:
    Canada, European Union, Spain, United Kingdom, USA, Derivatives, Insolvency & Restructuring, Litigation, Projects & Procurement, Jones Day, Bond (finance), Hedge funds, Liquidation, Supreme Court of the United States, Second Circuit
    Authors:
    Corinne Ball , Veerle Roovers
    Location:
    Canada, European Union, Spain, United Kingdom, USA
    Firm:
    Jones Day
    Preferential payments: commercial imperative or creditor pressure?
    2013-12-04

    In the recent decision of the Alberta Court of Appeal in Orion Industries Ltd. (Trustee of) v Neil's General Contracting Ltd.1("Orion Industries") the Court interpreted and applied the rule added as part of the 2009 amendments to section 95(2) of theBankruptcy and Insolvency Act ("BIA") which deals with preferential payments. That amendment provides that evidence of pressure by a creditor is inadmissible to support a preferential payment.

    Filed under:
    Canada, Alberta, Insolvency & Restructuring, Litigation, McMillan LLP, Debtor, Debt, Liquidation, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, Court of Appeal of Alberta
    Authors:
    Waël Rostom , Jeffrey Levine
    Location:
    Canada
    Firm:
    McMillan LLP
    Real estate development and investment companies having trouble finding shelter under the CCAA
    2013-05-02

    The Companies’ Creditors Arrangement Act1 (the “CCAA”) is by far the most flexible Canadian law under which a corporation can restructure its business. When compared against theBankruptcy and Insolvency Act2 (the “BIA”), the CCAA looks like a blank canvass and lends itself well to invention and mutual compromise.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Debtor, Mortgage loan, Liquidation, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Ian Aversa
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    Supreme Court offers some financiers protection, creates new risks for others, in its decision on Sun Indalex, LLC v. United Steelworkers
    2013-06-03

    The Supreme Court of Canada, in a decision that has implications for borrowers and lenders alike, particularly where pension funds are involved, has raised some new hurdles for the country’s banks and their business customers and, at the same time, has bolstered protection for lenders of last resort who finance insolvent companies.

    The court’s decision in Sun Indalex Finance, LLC v. United Steelworkers, issued earlier this year, addresses critical questions in insolvency law regarding pension funds and DIP financing. 

    Filed under:
    Canada, Ontario, Banking, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Blaney McMurtry LLP, Debtor, Liquidation, Debtor in possession, United Steelworkers, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    John Polyzogopoulos , Varoujan Arman
    Location:
    Canada
    Firm:
    Blaney McMurtry LLP
    Re Indalex in the Supreme Court of Canada
    2013-02-20

    The Court of Appeal for Ontario's (the "OCA") decision in Re Indalex Ltd.1 was decried by professionals in pension, banking and insolvency practices. On February 1, 2013, the Supreme Court of Canada (the "SCC" or the "Court") overturned the OCA's decision.

    Filed under:
    Canada, Banking, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Stikeman Elliott LLP, Debtor, Fiduciary, Liquidation, Supreme Court of Canada
    Authors:
    Elizabeth Pillon , Ashley John Taylor , David R. Byers , Daphne J. MacKenzie
    Location:
    Canada
    Firm:
    Stikeman Elliott LLP
    Commentary on Caouette v. Boutin-Jacques (Succession de) – non-compliance with formalities and good faith in the liquidation of a succession
    2013-02-20

    INTRODUCTION 

    In theory, when liquidating a succession, publication formalities must be observed so that the various creditors can present themselves and claim their due. This formality also gives the successors an overall view of the assets and liabilities of the succession before deciding whether or not to accept it.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Fasken, Debt, Liquidation, Good faith
    Authors:
    Antoine Aylwin
    Location:
    Canada
    Firm:
    Fasken
    Indalex – priorities and pension deficiencies
    2013-02-07

    On Friday, February 1, 2013, the Supreme Court of Canada released its highly anticipated decision in Indalex Limited (Re).  The ruling stemmed from an appeal of an Ontario Court of Appeal decision that had created commercial uncertainty for financing transactions.  The primary issue for lenders was a priority dispute between a court ordered super-priority charge granted to a lender that had provided “debtor-in-possession” (DIP) financing under the Compan

    Filed under:
    Canada, Banking, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Liquidation, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Court of Appeal for Ontario
    Authors:
    Kevin J. Morley , Scott Horner , Richard Borins , Edward A. Sellers , Michael De Lellis
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    Indalex: appeal allowed, but ...
    2013-02-07

    On February 1, 2013, the Supreme Court of Canada (SCC) released its decision in Sun Indalex Finance, LLC v. United Steelworkers (Re Indalex). With respect to one critical issue,the SCC confirmed that a court-ordered debtor-in-possession (DIP) charge had priority over a deemed trust (akin to a statutory security interest) securing the debtor's obligation to fund a pension wind-up deficiency on the wind-up of a defined benefit (DB) pension plan.

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Blake, Cassels & Graydon LLP, Debtor, Liquidation, United Steelworkers, Bankruptcy and Insolvency Act 1985 (Canada), Personal Property Security Act 1990 (Canada), Supreme Court of Canada
    Location:
    Canada
    Firm:
    Blake, Cassels & Graydon LLP
    Indalex: what are the pension implications?
    2013-02-11

    “When a business becomes insolvent, many interests are at risk.  Creditors may not be able to recover their debts, investors may lose their investments and employees may lose their jobs. If the business is the sponsor of an employee pension plan, the benefits promised by the plan are not immune from that risk. The circumstances leading to these appeals show how that risk can materialize. Pension plans and creditors find themselves in a zero-sum game with not enough money to go around.

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Liquidation, Supreme Court of Canada, Court of Appeal for Ontario
    Authors:
    Anthony Devir , Ian J.F. McSweeney , Lesha Van Der Bij
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    Challenge to priority for default interest fails
    2012-08-22

    Section 8 of the Interest Act (Canada) (the Act) was considered by the Ontario Superior Court of Justice in Grant Forest Products Inc. (Re) in the context of an inter-creditor dispute.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Blake, Cassels & Graydon LLP, Credit (finance), Debtor, Interest, Debt, Liquidation, Default (finance)
    Authors:
    Michael Birch
    Location:
    Canada
    Firm:
    Blake, Cassels & Graydon LLP

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