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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
    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
    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
    Debtor and Creditor Bring Competing CCAA and Receivership Applications, NL Court Dismisses Both
    2020-02-20

    On December 30, 2019, the Supreme Court of Newfoundland and Labrador (the “NLSC”) released its decision in Re Norcon Marine Services Ltd.1 (“Norcon Marine”), dismissing both an application by a debtor for continuance of its Bankruptcy and Insolvency Act2 (“BIA”) proposal proceedings under the Companies’ Creditors Arrangement Act3 (“CCAA”) and a competing application by a secured creditor for the appointment of a receiver.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Due diligence, Companies' Creditors Arrangement Act 1933 (Canada), Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Sam Babe
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    Alberta court allows Securities Commission penalty to survive bankruptcy
    2020-02-24

    On January 17, 2020, Justice Romaine of the Alberta Court of Queen’s Bench found that the Alberta Securities Commission’s (the “ASC”) administrative penalties against Theodor Hennig (“Hennig”) survived Hennig’s discharge in bankruptcy. This decision marks the first time a Canadian court has considered securities regulatory penalties within the context of subsection 178(1) of the Bankruptcy and Insolvency Act (the “BIA”).

    Filed under:
    Canada, Alberta, Capital Markets, Insolvency & Restructuring, Litigation, DLA Piper, Alberta Securities Commission
    Authors:
    Adrienne Wong
    Location:
    Canada
    Firm:
    DLA Piper
    Trustee in bankruptcy chastised by the Supreme Court of British Columbia for refusing Crown’s deemed secured interest
    2020-03-06

    In Gidda (Re), 2020 BCSC 121, the Supreme Court of British Columbia affirmed the Crown’s priority as a secured creditor in bankruptcy proceedings, insofar as the registration of a tax debt judgment against the bankrupt’s interests in property is made prior to the bankruptcy order or assignment. The case is an appeal from a decision by a trustee in bankruptcy, who denied the Crown’s entitlement to proceeds from the sale of the Bankrupts’ property following his voluntary assignment into bankruptcy.

    Filed under:
    Canada, British Columbia, Insolvency & Restructuring, Litigation, Thorsteinssons LLP, British Columbia Supreme Court
    Authors:
    Vivian Esper
    Location:
    Canada
    Firm:
    Thorsteinssons LLP

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