2275518 Ontario Inc. v. The Toronto-Dominion Bank, 2024 ONCA 343

On May 6, 2024, the Ontario Court of Appeal upheld a summary judgment motion decision in favour of The Toronto-Dominion Bank (“TD Bank”) in 2275518 Ontario Inc. v. The Toronto-Dominion Bank, 2024 ONCA 343.^[1]

Several significant judicial decisions and legislative updates occurred in 2023 that are relevant to commercial lenders, businesses and restructuring professionals. This bulletin summarizes the key developments of 2023 and highlights areas of significance to be aware of in 2024.

1. Priority Scheme

In 2023, several cases and legislative updates raised important questions regarding the priority scheme in insolvency proceedings.

Environmental Priorities

Following are this week’s summaries of the Court of Appeal for Ontario for the week of April 15, 2024.

A Case Comment on AssessNet Inc. v. Ferro Estate, 2023 ONCA 577

Following are this week’s summaries of the Court of Appeal for Ontario for the week of September 4, 2023.

In AssessNet Inc. v. Ferro Estate, the Court set aside an order dismissing the action, finding that the summary judgment motion judge had erred in determining the issue of discoverability of a claim against a trustee in bankruptcy.

Torgersrud v Lightstone is a family law decision where the Court dismissed an appeal from an order setting aside a marriage contract entered into in Quebec in 1988.

Good afternoon. Following are this week’s summaries of the Court of Appeal for Ontario for the week of August 28, 2023.

I hope everyone is enjoying the last long weekend of the summer.

Chippewas of Nawash Unceded First Nation v. Canada (Attorney General) is a 125-page decision dealing with the claim of the Saugeen Ojibway Nation to submerged lands in Lake Huron and Georgian Bay. The claim was mostly unsuccessful.

In insolvency proceedings, it can be difficult to navigate how to close out a transaction with an insolvent counterparty without suffering excessive collateral damage. One question that may arise in this process is whether a contract with the insolvent party can be relied upon. Canadian insolvency laws provide special treatment for a certain category of contracts called eligible financial contracts (EFCs).

Following are this week’s summaries of the Court of Appeal for Ontario for the week of July 17, 2023.

Following are our summaries of the civil decisions of the Court of Appeal for Ontario for the week of May 22, 2023.

Insolvency legislation is full of trade-offs—chief among them is expediency versus fairness. On the one hand, insolvencies are often urgent matters with the fate of the debtor’s business or the value of its assets resting on a speedy and efficient resolution of its creditors’ claims. On the other hand, those creditors expect to be treated fairly and receive a real opportunity to advance and resolve their claims, which often entails a slow, deliberate process.