Good afternoon.

Following are this week’s summaries of the Court of Appeal for Ontario for the week of June 14, 2021.

In Kelava v. Spadacini, the Court found that a Deputy Judge of the Small Claims Court has the jurisdiction to make a representation order relying on Rule 12 of the ordinary Rules of Civil Procedure by analogy. The overriding consideration in Small Claims Court matters is access to justice.

Davies Restructuring Review 2021: Issue 2 Contents Emerging Trends for the Short and Long Terms 01 Observations of Q1 2021 03 CCAA Proceedings 03 Business Bankruptcies and Proposals 05 Receiverships 07 A Trend to Watch: From BIA to CCAA 08 Case Example: Kanwal 08 Case Example: EncoreFX 09 A Spotlight on Government Involvement in CCAA Proceedings 09 Goals and Methods of Government Bankruptcy Activism 10 Case Example: Air Canada Inc.

In its recent decision in Atlas (Brampton) Limited Partnership v. Canada Grace Park Ltd., 2021 ONCA 221, the Ontario Court of Appeal (ONCA) clarified the requirements for foreclosure on investment property under the Personal Property Security Act (Ontario) (the PPSA).

Cryptocurrency has been recognized as “property” for the purposes of the Bankruptcy and Insolvency Act by the Ontario Superior Court of Justice (Commercial List) in Re Quadriga Fintech Solutions Corp. et al.,^[1]the first Canadian case of its kind.

Good afternoon.

Following are this week’s summaries of the civil decisions of the Court of Appeal for Ontario.

Introduction  

The Government has issued a consultation paper regarding statutory audits and financial reporting. The consultation makes proposals in relation to four areas, namely directors, auditors and audit firms, shareholders and the audit regulator.

For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.

Recent Developments

A recent decision of the Ontario Superior Court of Justice (Commercial List) (the “Court”) in the receivership proceedings of The Clover on Yonge Inc.[1] (the “Clover Project”) has addressed the question of whether a debtor in receivership can avoid a sales process by redeeming its outstanding debt.

In 7636156 Canada Inc. v. OMERS Realty Corporation¹ (“7636156 v. OMERS”), the Ontario Superior Court of Justice (Commercial List) (the “Court”) held that a bankrupt’s landlord was only entitled to have drawn down on a letter of credit by an amount equal to the landlord’s priority claim for three months’ accelerated rent, rather than by the full amount of the letter of credit, and ordered that the landlord pay over the excess to the bankrupt’s trustee.