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    Québec court: DIP lender has priority over pension plan deficit
    2012-05-21

    In April 2011, the Ontario Court of Appeal rendered a unanimous judgment in Re Indalex Limited which ordered that the amount the debtor was required to contribute towards its pension plan wind up deficiency be paid in higher priority to repayments to its DIP lender. This judgment was a surprise to the legal community. Leave to appeal has since been granted by the Supreme Court of Canada. In November 2011, groups of White Birch employees and retirees (referred to below as employees) filed motions seeking the application of the legal findings of Indalex to White Birch.

    Filed under:
    Canada, Ontario, Banking, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Debtor, Liquidation, Supreme Court of Canada, Court of Appeal for Ontario
    Authors:
    Martin Desrosiers , Sandra Abitan , Julien Morissette
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    Insolvency watch: Union of Canada Life to be wound up due to inadequate capital and deteriorating finances
    2012-02-06

    A liquidator has been appointed to supervise the winding up and sale of the assets of Union of Canada Life, one of Canada's oldest life insurance companies, by order of the Ontario Superior Court of Justice.

    Union of Canada applied under the Winding Up and Restructuring Act (WURA) for a Winding Up Order and the appointment of Grant Thornton as liquidator to take possession and control of the company and conduct the sale under the protection of a stay of proceedings.

    Filed under:
    Canada, Insolvency & Restructuring, Insurance, Cassels Brock & Blackwell LLP, Life insurance, Liquidation, Liquidator (law), Capital requirement
    Authors:
    Joseph Bellissimo , Larry Ellis , Bruce Leonard , Eleonore Morris , David Ward
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Strike 1 for Madoff trustee in claim against Mets owners
    2011-11-09

    Saul Katz and Fred Wilpon, owners of the New York Mets baseball team, invested in Bernard Madoff’s Ponzi scheme. Irving Picard, the trustee appointed under the Securities Investor Protection Act to liquidate the business of Madoff and Madoff Securities, sought to recover over $1 billion from Katz and Wilpon on the grounds that they had made money from Madoff through fraud, constructive fraud and preferential transfers in violation of federal bankruptcy law and New York debtor-creditor law.

    Filed under:
    Canada, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Borden Ladner Gervais LLP, Bankruptcy, Debtor, Security (finance), Fraud, Liquidation, Good faith, Due diligence, Trustee, US District Court for the Southern District of New York
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    MF Global Canada declared bankrupt
    2011-11-10

    The Canadian Investor Protection Fund, the investment industry’s customer compensation agency, has obtained a bankruptcy order in the Ontario Superior Court against MF Global Canada, the Canadian subsidiary of MF Global Holdings which sought Chapter 11 protection in New York last week. KPMG Inc. has been appointed as trustee in bankruptcy for MF Global Canada.

    The Investment Industry Regulatory Organization of Canada, whose dealer members support the CIPF, had previously obtained an order requiring MF Global Canada to cease dealings with the public.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Bankruptcy, Liability (financial accounting), Liquidation, Subsidiary, Securities Investor Protection Corporation, KPMG, Trustee, Ontario Superior Court of Justice
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Secured creditors in a bankruptcy
    2011-07-27

    Generally speaking, the policy of the Bankruptcy and Insolvency Act (“BIA”) is not to interfere with secured creditors, leaving them free to realize upon their security. While this makes sense in the abstract, the question that is most often posed by secured creditors is “what does this mean in a practical sense?  What exactly do I need to do to retrieve my secured asset?”

    Filed under:
    Canada, Insolvency & Restructuring, Miller Thomson LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Interest, Debt, Liquidation, Secured creditor, Bankruptcy and Insolvency Act 1985 (Canada), Personal Property Security Act 1990 (Canada), Trustee
    Authors:
    Craig A. Mills
    Location:
    Canada
    Firm:
    Miller Thomson LLP
    Significant proposals to amend Canada’s foreign affiliate tax rules
    2011-08-22

    On August 19, 2011, the Federal Minister of Finance released a significant package of proposed amendments to Canada’s income tax rules applicable to Canadian multinational corporations with foreign affiliates (the Proposals).  The Proposals apply to most distributions from, and reorganizations of, foreign subsidiaries of Canadian corporations and contain new rules applicable to certain loans received from foreign subsidiaries that remain outstanding for at least two years, among other significant changes.  In addition to certain important new measures, the Proposals replace numero

    Filed under:
    Canada, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Tax, Osler Hoskin & Harcourt LLP, Share (finance), Tax exemption, Shareholder, Dividends, Foreign exchange market, Income tax, Liquidation, Tax deduction, Subsidiary, Federal Ministry of Finance (Germany), Department of Finance Canada, Constitutional amendment
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    Distinctions with a difference: comparison of restructurings under the CCAA with Chapter 11 law and practice
    2011-09-26

    introduction

    In Canada legislative authority is divided between the federal and provincial governments by subject matter. "Bankruptcy and insolvency" is a matter of federal jurisdiction, while "property and civil rights" is generally within the jurisdiction of the provinces.

    Filed under:
    Canada, USA, Insolvency & Restructuring, McMillan LLP, Bankruptcy, Debtor, Income tax, Liquidation, Unemployment benefits, Secured creditor, US Federal Government, Title 11 of the US Code, Companies' Creditors Arrangement Act 1933 (Canada), Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada, USA
    Firm:
    McMillan LLP
    Comments on the Supreme Court of Canada’s landmark insolvency decision in Ted LeRoy Trucking
    2011-05-20

    The Supreme Court of Canada decision in Century Services Inc. v. Canada (Attorney General), which arose from the restructuring proceedings of Ted LeRoy Trucking Ltd. and was released on December 6, 2010, is a landmark decision in Canadian insolvency law.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy, Debtor, Statutory interpretation, Debt, Liquidation, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of the United States, Supreme Court of Canada, Court of Appeal for Ontario
    Authors:
    Kevin P. McElcheran , Heather L. Meredith
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Court creates potential new hurdle for insolvent companies that sponsor employee pension plans and seek new financing
    2011-06-27

    Insolvent companies with under-funded employee pension plans that want to borrow money to keep operating and ultimately return to profitability may find it tougher to find new financing as a result of a recent Ontario Court of Appeal decision.

    The Court ruled on April 7 that Indalex Limited (and certain affiliated companies), the second largest aluminum extrusion company in North America, which administered two pension plans, one for employees and the other for executives, was obliged to pay its pension

    Filed under:
    Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Blaney McMurtry LLP, Bankruptcy, Debtor, Debt, Liquidation, Unemployment benefits, Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada), Personal Property Security Act 1990 (Canada), Court of Appeal of England & Wales, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Blaney McMurtry LLP
    Indalex Limited (Re)
    2011-04-19

    2001 ONCA 265 (Released 7 April, 2011)

    Companies’ Creditors Arrangement Act – Pensions – Priorities – Fiduciary Obligations – Funding Pension Plans

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, WeirFoulds LLP, Credit (finance), Surety, Fiduciary, Beneficiary, Liquidation, Common law, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal of England & Wales, Supreme Court of Canada
    Location:
    Canada
    Firm:
    WeirFoulds LLP

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