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    MF Global Canada declared bankrupt
    2011-11-10

    The Canadian Investor Protection Fund, the investment industry’s customer compensation agency, has obtained a bankruptcy order in the Ontario Superior Court against MF Global Canada, the Canadian subsidiary of MF Global Holdings which sought Chapter 11 protection in New York last week. KPMG Inc. has been appointed as trustee in bankruptcy for MF Global Canada.

    The Investment Industry Regulatory Organization of Canada, whose dealer members support the CIPF, had previously obtained an order requiring MF Global Canada to cease dealings with the public.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Cassels Brock & Blackwell LLP, Bankruptcy, Liability (financial accounting), Liquidation, Subsidiary, Securities Investor Protection Corporation, KPMG, Trustee, Ontario Superior Court of Justice
    Location:
    Canada
    Firm:
    Cassels Brock & Blackwell LLP
    Alberta Court confirms new rights for trustees of a bankrupt franchisee
    2011-10-14

    Summary

    Filed under:
    Canada, Alberta, Franchising, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Bankruptcy, Retail, Unsecured debt, Collateral (finance), Consent, Concession (contract), Franchise agreement, Prejudice, Ford Motor Company, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, Court of Appeal of Alberta
    Authors:
    Colin Feasby , Tamara Prince , Michael Bokhaut
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    Secured creditors in a bankruptcy
    2011-07-27

    Generally speaking, the policy of the Bankruptcy and Insolvency Act (“BIA”) is not to interfere with secured creditors, leaving them free to realize upon their security. While this makes sense in the abstract, the question that is most often posed by secured creditors is “what does this mean in a practical sense?  What exactly do I need to do to retrieve my secured asset?”

    Filed under:
    Canada, Insolvency & Restructuring, Miller Thomson LLP, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Interest, Debt, Liquidation, Secured creditor, Bankruptcy and Insolvency Act 1985 (Canada), Personal Property Security Act 1990 (Canada), Trustee
    Authors:
    Craig A. Mills
    Location:
    Canada
    Firm:
    Miller Thomson LLP
    Ontario Commercial Court rules proceeds of bia preference action subject to rights of secured creditors
    2011-08-25

    On August 18, 2011, Mr. Justice Morawetz, of the Ontario Superior Court of Justice, released an important decision in regard to preference actions in the matter of Tucker v. Aero Inventory (UK) Limited (together with Aero Inventory plc, Aero).

    Background

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Norton Rose Fulbright, Bankruptcy, Unsecured debt, Personal property, Legal burden of proof, Secured creditor, Unsecured creditor, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, High Court of Justice (England & Wales), Ontario Superior Court of Justice
    Authors:
    Kevin J. Morley
    Location:
    Canada
    Firm:
    Norton Rose Fulbright Canada LLP
    Farley's reflections: sunrise, sunset
    2011-09-08

    Sunrise, sunset. Perhaps a matchmaker would have helped. The saga of the dispute between Ventas, Inc. and Health Care Property Investors, Inc. arose five years ago when Sunrise Senior Living Real Estate Investment Trust’s "board of trustees determined that a strategic sale process of its assets would be beneficial to its unitholders, thus effectively putting Sunrise ‘in play’ on the public markets" (per Blair J.A. for the Ontario Court of Appeal) in Ventas, Inc. v.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Fraud, Tortious interference, Real estate investment trust, Anti-competitive practices, Coercion, Trustee, Court of Appeal of England & Wales, Court of Appeal for Ontario
    Authors:
    James Farley
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Franchise agreements may be assigned to another franchisee without consent upon bankruptcy
    2011-06-16

    A recent Alberta appellate decision establishes that a trustee in bankruptcy may sell a franchise agreement to a third party, in spite of objections by the franchisor, under the Bankruptcy and Insolvency Act (BIA). The Alberta Court of Appeal’s decision in Ford Motor Company of Canada Ltd v Welcome Ford Sales Ltd contains three important messages for franchisors:

    Filed under:
    Canada, Alberta, Franchising, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Bankruptcy, Consent, Legal burden of proof, Franchise agreement, Ford Motor Company, Bankruptcy and Insolvency Act 1985 (Canada), Trustee, United States bankruptcy court, Court of Appeal of Alberta
    Authors:
    Jane Langford
    Location:
    Canada
    Firm:
    McCarthy Tétrault LLP
    Fraudulent conveyances/preferences and limitation periods
    2011-06-22

    During the past 14 months, courts in Ontario have rendered three decisions dealing with the application of limitation periods to claims for fraudulent conveyances or preferences. A “limitation period” is a period of time, specified in a statute, within which a plaintiff must commence a court proceeding to seek a remedy. Otherwise, the claim is said to be “statute-barred” and an action to enforce the claim will be dismissed.

    The recent decisions have brought some clarity to the law in this area, but have left other questions unanswered.

    Background

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Real Estate, Aird & Berlis LLP | Aird & McBurney LP, Bankruptcy, Debtor, Fraud, Statute of limitations, Discovery, Mortgage loan, Condominium, Conveyancing, Bankruptcy and Insolvency Act 1985 (Canada), Trustee
    Location:
    Canada
    Firm:
    Aird & Berlis LLP | Aird & McBurney LP
    Appeals from disallowances of claims by trustees: true appeals or hearings de novo?
    2011-03-14

    One of the duties of a trustee is to examine each claim presented by a potential creditor of the
    bankrupt and to determine whether such a claim is valid. A trustee is entitled, under
    subsection 135(2) of the BIA, to disallow any claim, priority or security that it finds unproven or
    invalid. In the event that a creditor’s claim is disallowed by a trustee, that creditor is entitled to appeal that decision to the superior court in the province. A creditor has 30 days after the
    receipt of the trustee’s reasons for disallowance to file an appeal, although an extension may be

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Discovery, Standard of review, Admissible evidence, Trustee
    Location:
    Canada
    Firm:
    Dentons
    Section 38 claims
    2011-03-14

    Section 38 provides a mechanism by which a creditor can take the place of the trustee in any proceeding where the trustee refuses or fails to act. Essentially, the creditor stands in the place of the trustee and, if successful in the proceeding, is entitled to keep all proceeds, except those that exceed the total of the creditor’s claim and the creditor’s costs of the proceeding. Any surplus proceeds received by the creditor are the property of the bankrupt’s estate.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Bankruptcy, Costs in English law, Debtor, Interest, Prima facie, Trustee
    Location:
    Canada
    Firm:
    Dentons
    Section 163 examinations
    2011-03-14

    Section 163 gives the trustee the broad power to examine the bankrupt, any person who would be reasonably thought to know the affairs of the bankrupt, or any person who is or has been an agent, clerk, officer, director or employee with respect to the bankrupt or the bankrupt’s dealings. Essentially, this section gives the trustee the power to examine any person who is capable of providing information on the bankrupt.

    Filed under:
    Canada, Company & Commercial, Insolvency & Restructuring, Dentons, Confidentiality, Bankruptcy, Debtor, Solicitor, Secured creditor, Canadian Charter of Rights and Freedoms, Trustee
    Location:
    Canada
    Firm:
    Dentons

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