The Quebec Court of Appeal’s unanimous decision in Gestion Éric Savard1 reaffirms the super-priority ranking of CCAA2 DIP financing3 over regular unpaid post-filing obligations, absent steps being taken to reverse this usual order of priorities.
On December 10, 2018, the Superior Court of Quebec (Court) released an important judgment concerning the assignment of contracts under the Companies' Creditors Arrangements Act (CCAA), in which the Court held that it was possible for an assignee to have contracts transferred to it without having to assume the monetary penalties arising from the assumed contracts for defaults by the assignor prior to the assignment.[1]
In Arrangement relatif à Ferreira, 2018 QCCS 3891 (“Ferreira”), the Quebec Superior Court recently annulled an assignment in bankruptcy that had been filed in Ontario in an attempt to subvert bankruptcy proceedings already underway in Quebec.
The Québec Superior Court recently rendered a judgment (Francis v. Adobe 2018 QCCS 2547) confirming that a bankrupt's debt may be declared non-releasable by a discharge order pursuant to section 178 of the Bankruptcy and Insolvency Act (the "Act"), even when said discharge order has not yet been rendered or when the bankrupt's discharge has been suspended or granted conditionally pursuant to section 173 of the Act.
Jurisprudence canadienne récente en matière d’insolvabilité : ce que les prêteurs doivent savoir Linc Rogers, Caitlin McIntyre et Ilia Kravtsov L’issue d’un certain nombre de dossiers d’insolvabilité portés devant les tribunaux de diverses provinces du Canada en 2017 pourrait avoir une incidence importante sur les droits de réalisation et de recouvrement des prêteurs commerciaux dans le cadre de procédures de restructuration et d’insolvabilité.
RCR International, Inc. (“RCR”), along with its wholly-owned subsidiary, has filed a petition under Chapter 15 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10112).
In 2017, a number of insolvency cases were litigated, in various provinces across Canada, which may materially affect the realization and recovery rights of commercial lenders in restructuring and insolvency proceedings. This article summarizes the core issue of importance to lenders in each of these cases and provides an update on their appeal status.
November 2, 2017 September 11, 2017
INTEGRITY OF COURT-ORDERED SALE PROCESS
Squestre de Gestion EGR inc. et Lemieux Nolet inc., syndics de faillite et gestionnaires
On September 11, 2017, the Quebec Superior Court released a decision in the Wabush Companies’ Creditors Arrangement Act (CCAA) proceedings that may affect how pension plan liabilities are dealt with in insolvency proceedings in Quebec and the rest of Canada. The Court made four significant findings, each of which is discussed in detail below:
On September 11, 2017, the Quebec Superior Court released a decision in the Wabush Companies’ Creditors Arrangement Act (CCAA) proceedings that may affect how pension plan liabilities are dealt with in insolvency proceedings in Quebec and the rest of Canada. The Court made four significant findings, each of which is discussed in detail below:
Dans l’arrêt Arrangement relatif à Métaux Kitco inc. 2017 QCCA 268 rendu le 20 février dernier, la Cour d’appel du Québec a confirmé la décision de la Cour supérieure interdisant l’Agence du revenu du Québec (« ARQ ») de compenser des crédits et des remboursements de taxes sur les intrants (« CTI/RTI ») réclamés prétendument illégalement par Métaux Kitco inc. (« Kitco ») avant le dépôt d’un avis d’intention avec des CTI/RTI engendrés après le dépôt d’un avis d’intention.