Applicants who seek ex parte relief under the Companies’ Creditors Arrangement Act (CCAA) have an obligation to make full and fair disclosure of all material facts to the court.
This article has been contributed to the blog by Mary Paterson, Dave Rosenblat and Waleed Malik.
In a recent decision, the Ontario Superior Court clarified the test by which Ontario courts will recognize foreign bankruptcy proceedings.
It’s been almost two years since the Supreme Court of Canada (SCC) decision in Indalex Ltd., Re.1 Currently, Canada’s lower courts are being challenged to interpret the decision in a variety of different contexts. The purpose of this article is to review the Indalex decision within the broader context of pre- and post-Indalex case law and to briefly comment on its impact in the lending marketplace.
This article has been contributed by Julien Morissette, associate in the Insolvency & Restructuring and Litigation groups of Osler, Hoskin & Harcourt LLP.
In a trust claim, it has become commonplace to seek a request for a declaration that, if there is judgment for breach of trust, the judgment will survive the subsequent bankruptcy of the judgment debtor. Will that request for relief ever be granted? This question was answered, in part, in B2B Bank v. Batson, a 2014 Ontario Superior Court of Justice decision.
Background
36039 Dhillon v. Jaffer (Law of professions – Barristers and solicitors – Breach of fiduciary duty – Damages)
One of the primary reasons why people declare bankruptcy is that upon being discharged, the bankrupt person is released from their obligation to repay most of the debts that had existed at the time they went bankrupt. I say most because there are certain exceptions to this rule, debts that the Bankruptcy and Insolvency Actitemizes as debts not released by an order of discharge.
In Gaumond v. The Queen, 2014 TCC 339, a shareholder forgave his loan to a company as part of the company’s proposal in bankruptcy, which proposal allowed the company to emerge from bankruptcy and continue its R&D activities. The shareholder claimed a business investment loss (BIL) on the forgiven loan under s.
This article has been contributed to the blog by Patrick Riesterer and Waleed Malik.