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    Finding the centre: COMI in a multi-jurisdictional world
    2009-09-30

    The facts behind Mr. Justice Lewison’s recent judgment in Stanford (STANFORD INTERNATIONAL BANK LIMITED [2009] EWHC 1441 (Ch)) have no direct connection with either the British Virgin or Cayman Islands but lawyers there do have particular reason to note the more general principles around the seemingly vexed but important issue of COMI in the context of multi-jurisdictional insolvency.

    Filed under:
    British Virgin Islands, Cayman Islands, United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Harneys, Debtor, Interest, Legal burden of proof, Uniform Act, High Court of Justice (England & Wales)
    Authors:
    Peter Tarn
    Location:
    British Virgin Islands, Cayman Islands, United Kingdom
    Firm:
    Harneys
    Bulgarian company directors face increased exposure to criminal liability
    2015-01-20

    Under Bulgarian law, persons who manage and represent companies and cooperatives (“Officers”) have a duty to file for bankruptcy 30 days from the cessation of payments if the entity they manage and represent becomes insolvent. Apart from the personal liability to creditors for late filing, the aforementioned Officers could be held criminally liable. During the last few years, the practice of the lower courts regarding this criminal liability was inconsistent. Generally there were two interpretations of the law:

    Filed under:
    Bulgaria, Company & Commercial, Insolvency & Restructuring, Litigation, Kinstellar
    Authors:
    Diana Dimova , Nina Tsifudina
    Location:
    Bulgaria
    Firm:
    Kinstellar
    SCC Grants Leave to Appeal Priority of CCAA Charges Over Federal Source Deduction Deemed Trusts
    2020-04-06

    On March 26, 2020, leave to appeal the decision of the Alberta Court of Appeal (the “Alberta CA”) in Canada v. Canada North Group Inc.1 (“Canada North Group”) was granted by the Supreme Court of Canada (the “SCC”).2 No reasons were given.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Royal Bank of Canada
    Authors:
    Sam Babe , Ian Aversa
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    Trades the winners in 5 panel decision of the Court of Appeal confirming Section 9 Trusts survive insolvency
    2020-04-14

    On March 11, 2020, the Court of Appeal for Ontario released its decision in Urbancorp Cumberland 2 GP Inc. (Re) 2020 ONCA 197 (“Urbancorp”), stating that a s.9(1) trust under Ontario’s Construction Act R.S.O. 1990, c. C.30 (“CA” or the “Act”) can be effective in insolvency proceedings under the federal Companies’ Creditors Arrangement Act R.S.C. 1085, c. C-36 (“CCAA”).

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Miller Thomson LLP, General contractor
    Location:
    Canada
    Firm:
    Miller Thomson LLP
    United States: A Road Map for Potential Buyers of Distressed Businesses in Section 363 Bankruptcy Sales
    2020-04-14

    The current COVID-19 market environment presents unique circumstances to companies and investors who may, as a result of the tumultuous markets and the financial and personal effects of COVID-19, have opportunities to acquire distressed businesses at potentially depressed prices. Particularly in this market environment, though, one or more of the following scenarios may apply:

    Filed under:
    Canada, USA, Company & Commercial, Insolvency & Restructuring, Litigation, Baker McKenzie, Coronavirus
    Location:
    Canada, USA
    Firm:
    Baker McKenzie
    Another Brick in the (Pre/Post) Wall: Non-dischargeable Claims and the Prohibition of Pre-post Compensation
    2020-03-23

    On March 17, 2020, the Court of Appeal of Québec (the "Court") issued an important ruling concerning "pre-post" compensation and "non-dischargeable" debts under the Companies' Creditors Arrangement Act (the "CCAA"), by finding that the debt of a municipality arising from an agreement entered into as part of a voluntary reimbursement program ("VRP") under the Act to ensure mainly the recovery of amounts improperly paid as a result of fraud or fraudulent tactics in connection with public contracts ("Bill 26") is unsecured debt in connection with the insolvency of a co-contra

    Filed under:
    Canada, Quebec, Insolvency & Restructuring, Litigation, Fasken, Companies' Creditors Arrangement Act 1933 (Canada), Quebec Court of Appeal
    Authors:
    Luc Béliveau , Marc-André Morin , Nicolas Mancini
    Location:
    Canada
    Firm:
    Fasken
    Current Status of Court Access for Insolvency and Bankruptcy Matters in Light of COVID-19
    2020-04-03

    The global COVID-19 pandemic has resulted in widespread closures and suspension of operations, including within the justice system in Ontario. Ontario courts have issued a number of notices detailing the changes to regular court operations. In an effort to simplify the complicated situation already facing insolvency practitioners and their clients, we have summarized the current status of court operations germane to bankruptcy and insolvency matters.

    Superior Court of Justice

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Coronavirus
    Authors:
    Steven L. Graff
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    Ontario Court of Appeal Holds No Leave Required in Appeals of Bankruptcy Orders
    2020-03-13

    On March 6, 2020, the Ontario Court of Appeal (the “OCA”) released its decision in Royal Bank of Canada v. Bodanis (“Bodanis”),1 holding that two debtors, each having an estate exceeding $10,000 in value, had appeals of their bankruptcy orders as of right under section 193 of the Bankruptcy and Insolvency Act2(the “BIA”) and thus did not need to seek leave to appeal.

    Section 193 reads as follows:

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Bankruptcy, Royal Bank of Canada, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Sam Babe
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    Where the Restructuring Meets the Road: the Intersection Between Insolvency Proceedings and Construction Law
    2020-03-19

    The construction industry is one of many that may be strained as a result of the current COVID-19 global pandemic. And the insolvency of any party in the construction pyramid often impacts many of the other parties in the same structure. Consequently, prudence in the construction business calls for general awareness of key issues at the intersection of construction and insolvency law.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, McMillan LLP, Coronavirus, Royal Bank of Canada
    Authors:
    Jeffrey Levine , Nicole Rozario
    Location:
    Canada
    Firm:
    McMillan LLP
    Are demobilization costs incurred by the lessor of property leased pursuant to an agreement which was disclaimed during insolvency proceedings to be paid by the debtor?
    2020-03-19

    In the matter of the Companies’ Creditors Arrangement Act of Nemaska Lithium, the Québec Superior Court rendered an interesting decision regarding the possibility for a debtor to disclaim agreements and its obligation, if any, to pay its counterparty the costs it must incur to repossess leased property.

    Background: Nemaska Lithium disclaims a housing modules rental agreement

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Coal mining, Companies' Creditors Arrangement Act 1933 (Canada)
    Authors:
    Gabriel Faure , Marc-Antoine Gaudet , Jean-Philippe Mathieu , François Alexandre Toupin
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP

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