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    Holiday cheer - Alberta court grants rare extension to unpaid supplier
    2009-06-29

    Unpaid suppliers are generally unsecured in liquidation proceedings. A supplier can elevate its unsecured claim by taking security from the debtor or modifying its supply contract by inserting an effective title retention clause. The supplier may also rely on the BIA unpaid supplier provision to assert a super-priority for the return of its goods.

    Filed under:
    Canada, Alberta, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Bankruptcy, Debtor, Unsecured debt, Liquidation, Secured creditor, Goldman Sachs
    Authors:
    Harvey Garman
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell 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
    Application of the Superintendent of Bankruptcy’s Levy carved back
    2009-02-27

    Section 147 of the Bankruptcy and Insolvency Act (“BIA”) provides that the Superintendent’s Levy is applied to defray the supervisory expenses of the Superintendent, will be charged on dividend payments made by the trustee.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Dividends, Debt, Liquidation, Precondition, Secured creditor, Bankruptcy and Insolvency Act 1985 (Canada), Trustee
    Location:
    Canada
    Firm:
    Dentons
    Chapter 15: a Canadian perspective
    2009-03-19

    American Bankruptcy Institute: Caribbean Symposium 2009

    Introduction

    Filed under:
    Canada, Insolvency & Restructuring, McMillan LLP, Debtor, Liquidation, US Code, Title 11 of the US Code, Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    McMillan LLP
    Risks in doing business in a Canadian reorganization
    2009-03-25

    As the pace of restructuring activity in Canada continues to accelerate (see the partial listing below), international creditors should be aware that there are credit risks in doing business with a company that is restructuring in either of Canada's two restructuring systems. (These are, briefly, the Bankruptcy and Insolvency Act which is generally used for small to medium sized restructurings and the Companies Creditors' Arrangement Act which is generally used for large cases and resembles proceedings under Chapter 11 of the United States Bankruptcy Code).

    Filed under:
    Canada, Insolvency & Restructuring, Cassels Brock & Blackwell LLP, Bankruptcy, Credit (finance), Debtor, Unsecured debt, Supply chain, Liquidation, Title 11 of the US Code, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Bruce Leonard
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    New pension contribution priorities under the Bankruptcy and Insolvency Act
    2008-11-24

    The priorities of some pension claims on bankruptcy and receivership changed as a result of amendments effective July 8, 2008 to the Bankruptcy and Insolvency Act R.S.C. (Canada) (the “BIA”).  

    Priority Before the Amendments

    Filed under:
    Canada, Employee Benefits & Pensions, Insolvency & Restructuring, Fasken, Wage, Bankruptcy, Debtor, Unsecured debt, Income tax, Liquidation, Unemployment benefits, Secured creditor, US Federal Government, Canada Pension Plan Act 1985, Bankruptcy and Insolvency Act 1985 (Canada)
    Location:
    Canada
    Firm:
    Fasken
    Liquidating CCAAs - the debate continues
    2008-11-30

    The Humber Valley Resort Corporation and related companies (collectively, “Humber Valley”) applied for, and was granted, an Initial Order from the Newfoundland and Labrador Supreme Court (Trial Division) staying proceedings against it for one month under the CCAA. On this same date, the Court authorized a DIP lending facility of up to $600,000.00, with a first priority charge over various of Humber Valley’s assets. At the end of the initial stay period, Humber Valley brought two further applications.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Debtor, Consideration, Liquidation, Good faith, Due diligence, Cashflow
    Location:
    Canada
    Firm:
    Dentons
    Secured claims in proposal proceedings
    2008-08-11

    In the recent decision of Re WorkGroup Designs Inc.,1 the Ontario Court of Appeal considered the provisions of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3 (the "BIA") which relate to valuing and determining the claims of secured creditors in proposal proceedings under the BIA.

    Background

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Unsecured debt, Statutory interpretation, Liquidation, Secured creditor, Royal Bank of Canada, Canada Revenue Agency, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, Court of Appeal for Ontario, Ontario Superior Court of Justice, Court of Appeal of Singapore
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Controversial releases acceptable in asset backed commercial paper CCAA Plan of Arrangement
    2008-09-30

    The Ontario Court of Appeal has confirmed the asset backed commercial paper CCAA Plan of Arrangement (2008 CaswellOnt 4811 (C.A.)). The reasoning of the Ontario Superior Court approving the Plan of Arrangement was reviewed in previous editions of this Newsletter.

    Filed under:
    Canada, Ontario, Capital Markets, Insolvency & Restructuring, Litigation, Dentons, Debtor, Security (finance), Fraud, Market liquidity, Swap (finance), Margin (finance), Liability (financial accounting), Maturity (finance), Liquidation, Default (finance), Credit default swap, Commercial paper, Court of Appeal for Ontario, Ontario Superior Court of Justice
    Location:
    Canada
    Firm:
    Dentons
    Effect of a debtor’s pension plan liabilities and pension plan deficit on its secured lenders
    2008-10-14

    Prudent lenders should monitor their corporate debtors’ pension plan liabilities and pension plan deficits because they may have a significant impact on the priority of the lender’s security and on the amount the lender will recover if the lender enforces its security.

    Priority with respect to Lender’s Security

    Filed under:
    Canada, Banking, Employee Benefits & Pensions, Insolvency & Restructuring, Dentons, Bankruptcy, Debtor, Trade union, Debt, Liability (financial accounting), Liquidation, Defined benefit pension plan, Bankruptcy and Insolvency Act 1985 (Canada), Bank Act 1991 (Canada)
    Location:
    Canada
    Firm:
    Dentons

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