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    Taking a second look at lessors’ risk in airline insolvencies in Canada
    2011-05-27

    On April 6, 2011, the Ontario Superior Court of Justice released its decision in the priority disputes between the lessors and aviation authorities resulting from the Skyservice receivership. The Court, in interpreting and applying the decisions in Canada 3000 and Zoom Airlines, may have raised the bar for lessors to defeat the seizure and detention rights of the aviation authorities in Canada.

    Filed under:
    Canada, Ontario, Aviation, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Ontario Superior Court of Justice
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Fraudulent Misrepresentation To Receivers and Beyond: Meridian Credit Union Limited v Baig
    2016-09-28

    The Ontario Court of Appeal in Meridian Credit Union Limited v Baig1 made it clear that misinforming a receiver during the purchase of a property, even by omission, will not be tolerated. Purchasers in the context of a receivership have an obligation to ensure that the receiver is aware of all of the facts. The court also took the opportunity to remind corporate directors that they will be held personally responsible for their tortious conduct, even if that conduct was directed in a bona fide manner to the best interests of the company.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Real Estate, White Collar Crime, Borden Ladner Gervais LLP, Fraud, Misrepresentation, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Ontario Court of Appeal addresses PBA deemed trust and other pension issues in CCAA proceedings
    2011-04-21

    On April 7, 2011, the Ontario Court of Appeal released its judgment in theRe Indalex Limited case (Indalex).1 The decision addresses the interplay between the deemed trust provision in the Ontario Pension and Benefits Act (PBA)2 and the federal Companies’ Creditors Arrangement Act (CCAA),3 as well as the fiduciary duties of pension plan administrators in CCAA proceedings. Indalex is important for pension plan sponsors and administrators for a number of reasons:

    Filed under:
    Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Fiduciary, Beneficiary, Liquidation, Title 11 of the US Code, Companies' Creditors Arrangement Act 1933 (Canada), United Steelworkers, Court of Appeal of England & Wales, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Ontario Court of Appeal Holds Contempt Motion Can Be Subject to Stay in Bankruptcy
    2016-08-29

    In Walchuk v. Houghton, the Ontario Court of Appeal held that the stay of all proceedings against a bankrupt pursuant to the Bankruptcy and Insolvency Act applies to a contempt motion brought by a judgment credi​tor where the contempt arises after the bankruptcy.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Debtor, Contempt of court, Capital punishment, Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal for Ontario, Court of Appeal of Singapore
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    The Ontario Court of Appeal’s decision in re Indalex Limited – enhanced pension deemed trusts, enhanced priority and breach of fiduciary duty in liquidating CCAAs
    2011-04-13

    On April 7, 2011, in the context of a liquidating CCAA that achieved a going concern sale of the debtor’s business, the Ontario Court of Appeal held that:

    Filed under:
    Canada, Ontario, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Debtor, Collateral (finance), Fiduciary, Beneficiary, Liquidation, Balance sheet, Defined benefit pension plan, Constructive trust, Companies' Creditors Arrangement Act 1933 (Canada), United Steelworkers, Supreme Court of Canada, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    OCA addresses fraudulent transfers under Bankruptcy and Insolvency Act
    2022-04-05

    The recent decision inErnst & Young Inc. v. Aquino, the Ontario Court of Appeal (OCA) analyzed the criteria for establishing voidable transfers at undervalue under section 96 of theBankruptcy and Insolvency Act RSC 1985, c B-3 (BIA), with a particular focus on the application of “corporate attribution” in the context of insolvency.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Court of Appeal for Ontario
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Ontario Court Refuses to Add Underwriters to Class Action against Bankrupt Issuer
    2016-05-03

    In a decision released April 27, 2016 in LBP Holdings Ltd. v. Allied Nevada Gold Corp., Justice Belobaba dismissed a motion by a representative plaintiff to add certain underwriters as defendants to a securities class proceeding. The defendant gold mining company, Allied Nevada, effected a secondary public offering financed as a "bought deal" by two underwriters.

    Filed under:
    Canada, Ontario, Capital Markets, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Bankruptcy, Class action, Underwriting
    Authors:
    Bevan Brooksbank
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    An exercise in cross border cooperation: Gandi Innovations Limited, Gandi Innovations Holdings LLC and Gandi Innovations LLC
    2009-07-15

    On May 8, 2009, the Honourable Madam Justice Hoy of the Ontario Superior Court of Justice (Commercial List) granted an Initial Order under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C36, as amended (the “CCAA”) in respect of Gandi Innovations Limited (“Gandi Canada”), Gandi Innovations Holdings LLC (“Gandi Holdings”) and Gandi Innovations LLC (“Gandi Texas”) (collectively, the “Gandi Group”).

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Debtor, Retirement, Title 11 of the US Code, Bankruptcy and Insolvency Act 1985 (Canada), United States bankruptcy court
    Authors:
    Roger Jaipargas
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Tenant bankruptcies in the COVID-19 era: tenant bankruptcy and letters of credit
    2021-03-25

    In the face of increased tenant bankruptcies caused by the COVID-19 pandemic, a key question arises for commercial landlords: what protection do I have from the security provided by my tenant? Tenant-supplied security under a lease can take many forms, including a third party guarantee or indemnity, prepaid rent, a cash deposit, and a letter of credit (an LOC). Crucially, certain forms of security will be more beneficial to a landlord in the face of a tenant bankruptcy, especially where the lease has been disclaimed by the tenant’s trustee in bankruptcy.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Real Estate, Borden Ladner Gervais LLP, Due diligence, Coronavirus, Commercial tenant
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    Prior Involvement as Advisor to Debtor Company - Possible Bar to Appointment in Restructuring Proceedings
    2016-05-02

    Financial institutions need to be mindful of the effect of the engagement of financial advisors with respect to their special loan clients.

    Filed under:
    Canada, Ontario, Banking, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Debtor
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP

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