Provinces as creditors for remediation costs

Today the Supreme Court of Canada (“SCC”) released a decision finding that the Province of Newfoundland and Labrador is not exempt from claims proceedings under the Companies’ Creditors Arrangement Act (“CCAA”) relating to unfulfilled remediation obligations of an insolvent company. Due to general financial stress, AbitibiBowater Inc. ended industrial operations in the Province and filed for insolvency protection.

Filed under:
Canada, Insolvency & Restructuring, Litigation, McLennan Ross LLP, Environmental remediation, Supreme Court of Canada
Authors:
Sean D. Parker
Location:
Canada
Firm:
McLennan Ross LLP
Section 11.01 of the CCAA: equipment lessors beware

INTRODUCTION

Filed under:
Canada, British Columbia, Insolvency & Restructuring, Litigation, Real Estate, McLennan Ross LLP, Option (finance), Consideration, Supreme Court of the United States, British Columbia Supreme Court
Authors:
Clayton D. Bangsund
Location:
Canada
Firm:
McLennan Ross LLP