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    Media5 Corporation: Quebec Court of Appeal Confirms Course of Action to Appoint a Receiver
    2020-07-27

    On July 20, 2020, the Quebec Court of Appeal (Court of Appeal) released its decision in Séquestre de Media5 Corporation, overturning the lower court’s decision and authorizing the appointment of a receiver pursuant to section 243(1) of the Bankruptcy and Insolvency Act (BIA).

    Filed under:
    Canada, Quebec, Insolvency & Restructuring, Litigation, Blake, Cassels & Graydon LLP
    Authors:
    Bernard Boucher , Sébastien Guy , Philippe Dubois
    Location:
    Canada
    Firm:
    Blake, Cassels & Graydon LLP
    La Cour d’appel tranche la controverse québécoise quant à l’applicabilité des exigences du CCQ à la nomination d’un séquestre au terme de l’art. 243 LFI
    2020-07-21

    Dans une décision unanime rendue le 20 juillet 2020, la Cour d’appel du Québec (la « CAQ ») met un terme à une controverse jurisprudentielle concernant la mise en œuvre au Québec du régime de séquestre prévu à la Loi sur la faillite et l’insolvabilité (la « LFI »). La CAQ confirme qu’il est possible pour un créancier garanti d’obtenir la nomination d’un séquestre au terme de la LFI, mais que les exigences de fond et de procédure prévues au Code civil du Québec (le « C.c.Q.

    Filed under:
    Canada, Quebec, Insolvency & Restructuring, Litigation, Davies Ward Phillips & Vineberg LLP, Bankruptcy and Insolvency Act 1985 (Canada), Quebec Court of Appeal
    Authors:
    Christian Lachance , Gabriel Lavery Lepage
    Location:
    Canada
    Firm:
    Davies Ward Phillips & Vineberg LLP
    Can a plan of arrangement authorize a monitor appointed to supervise insolvency proceedings to exercise rights on behalf of the debtor's creditors?
    2020-06-11

    In the matter of Aquadis, the Quebec Court of Appeal recently rendered a decision on the power of a judge supervising restructuring proceedings under the Companies' Creditors Arrangement Act ("CCAA") to approve a plan of arrangement giving the monitor the power to exercise rights against third parties on

    Filed under:
    Canada, Quebec, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Companies' Creditors Arrangement Act 1933 (Canada), Quebec Court of Appeal
    Authors:
    Alain N. Tardif , Gabriel Faure , Marc-Antoine Gaudet
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    The Aquadis case: Québec Court of Appeal confirms the broad powers of the CCAA monitor
    2020-06-02

    On May 21, 2020, the Québec Court of Appeal (QCA) released its reasons in Arrangement relatif à 9323-7055 Québec inc. (Aquadis International Inc.)[1](the Aquadis case).

    Filed under:
    Canada, Ontario, Quebec, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, General contractor
    Authors:
    Ilia Kravtsov , Cristina Cosneanu , Sandra Abitan
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    Maîtres chez nous : l'affaire Montréal C'est Électrique et la maîtrise (ou non) d'un compte bancaire à titre d’hypothèque
    2021-01-04

    Le 2 décembre 2020, la Cour d’appel du Québec (la « Cour ») a rendu un arrêt important dans l’affaire Syndic de Montréal c’est électrique confirmant la décision du juge de première instance à l’effet que la Ville de Montréal (la « Ville ») ne détenait pas de sûreté sur les sommes détenues dans le compte bancaire de Montréal C’est Électrique (« MCE » ou la « débitrice »).

    Filed under:
    Canada, Quebec, Insolvency & Restructuring, Litigation, Fasken
    Authors:
    Nicolas Mancini , Éliane Dupéré-Tremblay
    Location:
    Canada
    Firm:
    Fasken
    Another Brick in the (Pre/Post) Wall: Non-dischargeable Claims and the Prohibition of Pre-post Compensation
    2020-03-23

    On March 17, 2020, the Court of Appeal of Québec (the "Court") issued an important ruling concerning "pre-post" compensation and "non-dischargeable" debts under the Companies' Creditors Arrangement Act (the "CCAA"), by finding that the debt of a municipality arising from an agreement entered into as part of a voluntary reimbursement program ("VRP") under the Act to ensure mainly the recovery of amounts improperly paid as a result of fraud or fraudulent tactics in connection with public contracts ("Bill 26") is unsecured debt in connection with the insolvency of a co-contra

    Filed under:
    Canada, Quebec, Insolvency & Restructuring, Litigation, Fasken, Companies' Creditors Arrangement Act 1933 (Canada), Quebec Court of Appeal
    Authors:
    Luc Béliveau , Marc-André Morin , Nicolas Mancini
    Location:
    Canada
    Firm:
    Fasken
    The New Duty of Good Faith in Canadian Insolvency Proceedings
    2020-01-27

    Canada’s two main insolvency and restructuring statutes, the Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA) were recently amended to include a new duty of good faith on the part of all “interested persons” involved in an insolvency proceeding. The amendments do not define “good faith” or “interested persons”. Although requiring all participants in an insolvency proceeding to act in good faith may be a laudable objective, the statutory amendments are problematic.

    Filed under:
    Canada, Quebec, Insolvency & Restructuring, Litigation, Bennett Jones LLP, Debtor, Due diligence
    Authors:
    Raj S. Sahni
    Location:
    Canada
    Firm:
    Bennett Jones LLP
    Proactive Super-Priority of DIP Lenders Prevails over Reactive Post-Filing Creditors
    2020-02-13

    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.

    Filed under:
    Canada, Quebec, Insolvency & Restructuring, Litigation, Aird & Berlis LLP | Aird & McBurney LP, Debtor, Quebec Superior Court
    Authors:
    Ian Aversa , Jeremy Nemers
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    How to protect suppliers from defaulting or insolvent payers
    2019-10-01

    In most trading relationships, suppliers enter into deferred payment agreements, such as instalment sales, with their retailers in order to allow retailers to stock their inventory and to manage cash flow between the delivery of goods and the resale to the customer. The possibility of default on payments or often the insolvency of a trade customer/retailer exposes the supplier to considerable risk without control of its goods and without payment. As an unsecured creditor, the supplier then stands in an unfortunate position and may never recover its goods or receive payment.

    Filed under:
    Canada, Quebec, Company & Commercial, Insolvency & Restructuring, Borden Ladner Gervais LLP
    Authors:
    Benjamin Gross
    Location:
    Canada
    Firm:
    Borden Ladner Gervais LLP
    The Priority of Unpaid Post-Filing Creditors in a CCAA Proceeding
    2019-10-15

    On August 27, 2019, Quebec's Court of Appeal overturned the Quebec Superior Court's decision to give post-filing claims priorities over secured creditors' claims, stating that section 11.01 of the CCAA does not give automatic priority to post-filing creditors.

    Background

    Filed under:
    Canada, Quebec, Banking, Insolvency & Restructuring, Litigation, Bennett Jones LLP, Debtor
    Authors:
    Kelsey J. Meyer
    Location:
    Canada
    Firm:
    Bennett Jones LLP

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