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    The court provides further clarification on the distinction and appropriate use of rescission and annulment of a bankruptcy order
    2017-12-05

    Key points

    • Where the underlying liability on which a bankruptcy order is made is subsequently set aside, the correct remedy is rescission under s.375(1) of the Insolvency Act 1986.

    • Annulment under s.282(1)(a) is the appropriate remedy when, on grounds existing at the time of making the bankruptcy order, the order ought not to have been made.

    The facts

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing, Court of Appeal of England & Wales
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Competing subordinated debts - the lessons learnt from Lehmans' insolvency
    2022-07-08

    Some 13 years ago, Lehman Brothers' sudden and unexpected insolvency sent ripples across the banking and financial services market, some of which are still felt today.

    The Court of Appeal's decision in the consolidated cases of Lehman Brothers Holdings Scottish LP 3 v Lehman Brothers Holdings plc (in administration) and others1 [2021] EWCA Civ 1523 was the latest in a long line of cases seeking to unwind the issues arising from Lehman Brothers' unexpected collapse.

    The background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation
    Location:
    United Kingdom
    Canadian energy oil and gas: Top 20 of 2020 - Judicial decisions
    2021-02-10

    Part 1

    Without question, the top story over the last year has been the COVID-19 pandemic and its tremendous ongoing effects felt across Canada and the world.

    This time has had a significant impact on Canada’s energy industry and many of the changes and developments that took place in 2020 will continue to influence trends, business decisions and the future growth of Canada’s energy industry in 2021.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Coronavirus
    Authors:
    Jessica Cameron , Jack Maslen , Tiffany Bennett
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    The Alberta Energy Regulator Retains its Statutory Powers in the Bankruptcy of an Oil and Gas Licensee
    2019-01-31

    Today, the Supreme Court of Canada released its decision in Orphan Well Association v. Grant Thornton Ltd., known as Redwater.

    Filed under:
    Canada, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy and Insolvency Act 1985 (Canada), Alberta Energy Regulator, Supreme Court of Canada
    Authors:
    Chidinma B. Thompson
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Alberta Courts Confirm Restructuring Transactions with Select Creditors Not Oppressive and Comment on Availability of the Oppression Remedy in CCAA Proceedings
    2017-03-30

    ​In Re Lightstream Resources Ltd, 2016 ABQB 665 (Lightstream), the Court of Queen’s Bench of Alberta (Court) confirmed that it had jurisdiction to remedy oppressive conduct while a business is restructuring under the Companies’ Creditors Arrangement Act (CCAA). The decision also provides insight as to when a court might exercise its equitable jurisdiction to remedy oppressive conduct in a CCAA proceeding.

    Background

    Filed under:
    Canada, Alberta, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Companies' Creditors Arrangement Act 1933 (Canada), Court of Appeal of Alberta
    Authors:
    Josef G. A. Kruger , Matti Lemmens
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Limits of Relief for Lessors under the Surface Rights Act when an Operator has been Assigned into Bankruptcy
    2015-12-22

    This Fall the Alberta Surface Rights Board (the “Board”) Panel issued its decision in Lemke v Petroglobe Inc, 2015 ABSRB 740. The Panel decided that it did not have authority to proceed with a claim by a landowner for unpaid compensation that had accrued before the date that the operator was assigned into bankruptcy.

    Filed under:
    Canada, Alberta, Insolvency & Restructuring, Litigation, Real Estate, Borden Ladner Gervais LLP, Bankruptcy, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Michael A. Marion
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Skyservice decision affirmed in Canada by the Ontario Court of Appeal
    2012-05-24

    On April 6, 2011, the Ontario Superior Court of Justice released its decision in the priority disputes between the lessors and aviation authorities resulting from the Skyservice receivership. The Court, in interpreting and applying the decisions in Canada 3000 and Zoom, raised the bar for lessors to defeat the seizure and detention rights of the aviation authorities in Canada.

    Filed under:
    Canada, Ontario, Aviation, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Court declines to approve sale of assets as part of proposal proceedings
    2010-07-21

    In the recent decision of Justice Cumming In the Matter of the Proposal of Hypnotic Clubs Inc. (“Hypnotic” or the “Debtor”) the court dismissed a motion by the Debtor for a sale of its assets pursuant to s.65.13 of the Bankruptcy and Insolvency Act (“BIA”).

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Debtor, Consideration, Good faith, Secured creditor, Market value, Unsecured creditor, Bankruptcy and Insolvency Act 1985 (Canada), Trustee
    Authors:
    Roger Jaipargas
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Case summary of Concrete Equities Inc. (Re)
    2022-07-12

    What this means for the shareholders of a business facing insolvency

    Filed under:
    Canada, Capital Markets, Company & Commercial, Insolvency & Restructuring, Litigation
    Location:
    Canada
    FCA confirms CRA super priority over secured creditors on a GST/HST debtors’ property
    2020-05-21

    In Toronto-Dominion Bank v Canada,1 the Federal Court of Appeal (FCA) upheld the Federal Court’s decision2 that the Toronto-Dominion Bank (TD) was required to pay to the Canada Revenue Agency (CRA) proceeds of $67,854 for unremitted GST that TD received as repayment from a borrower upon the discharge of a TD mortgage.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Due diligence, Federal Court of Appeal (Canada)
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP

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