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    Reorganization proceedings continued notwithstanding allegations of conflict
    2010-02-25

    In a recent decision of the Ontario Superior Court of Justice, Re Smurfit-Stone Container Canada Inc., Justice Pepall examined the conflicting interests that arise where companies within a group of restructuring companies have made intercompany loans to one another, and where the board of directors mirror each other in each subsidiary.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Dentons, Conflict of interest, Bankruptcy, Debtor, Unsecured debt, Board of directors, Interest, Prejudice, Subsidiary, Companies' Creditors Arrangement Act 1933 (Canada), Ontario Superior Court of Justice, Trustee
    Authors:
    David W. Mann , David LeGeyt
    Location:
    Canada
    Firm:
    Dentons
    Classification of creditors under the CCAA
    2009-11-30

    In a corporate reorganization under the Companies’ Creditors Arrangement Act (the “CCAA”), the design of appropriate classes of creditors can be central to the success of the restructuring initiative. The requisite “double majority” for a plan of arrangement to be approved, being a majority in number and two thirds by value of support from creditors, is required per class in order to be binding on that class.

    Filed under:
    Canada, Insolvency & Restructuring, Dentons, Debtor, Unsecured debt, Interest, Consideration, Debt, Liability (financial accounting), Liquidation, Common law, Constitutional amendment, Companies' Creditors Arrangement Act 1933 (Canada)
    Authors:
    David W. Mann , David LeGeyt
    Location:
    Canada
    Firm:
    Dentons
    Supreme Court of Canada rules that the CRA has no claim on the GST component of a bankrupt’s accounts receivable
    2009-10-30

    The Supreme Court of Canada ruled that bankruptcy trustees, receivers and secured creditors can continue to collect the full amount of accounts receivable of a bankrupt supplier, including the Goods and Services Tax (GST) component, even if an amount remains owing by the supplier to the Canada Revenue Agency (CRA).

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Tax, Dentons, Bankruptcy, Debtor, Unsecured debt, Accounts receivable, Debt, Secured creditor, Goods and services tax (Canada), Goods and Services Tax (New Zealand), Canada Revenue Agency, Supreme Court of Canada
    Location:
    Canada
    Firm:
    Dentons
    Restructuring under the Business Corporations Act
    2009-09-30

    In the recent case of Re Masonite International Inc., the Ontario Superior Court approved a plan of arrangement under the Canada Business Corporations Act (“CBCA”), notwithstanding that certain insolvent entities were involved. This was a short but complex cross-border restructuring which commenced and was principally completed prior to the recent Canadian insolvency legislation amendments coming into force.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Dentons, Share (finance), Unsecured debt, Security (finance), Debt, Secured loan, Companies' Creditors Arrangement Act 1933 (Canada), Corporations Act 2001 (Australia), Canada Business Corporations Act 1985, United States bankruptcy court, Ontario Superior Court of Justice
    Authors:
    David W. Mann , David LeGeyt
    Location:
    Canada
    Firm:
    Dentons
    CCAA court allows debtor to pay pre-filing unsecured debts
    2009-07-30

    Recently, in Re Eddie Bauer of Canada Inc., Justice Morawetz ordered a debtor was entitled to pay amounts owing for goods and services actually supplied prior to the filing date.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Shareholder, Retail, Debtor, Unsecured debt, Debt, Stakeholder (corporate), Prejudice, Subsidiary
    Authors:
    David W. Mann , David LeGeyt
    Location:
    Canada
    Firm:
    Dentons
    The monitor’s power to revise claims after a claims bar date
    2009-06-30

    In Re ScoZinc Ltd., 2009 NSSC 136 the monitor appointed under the Companies’ Creditors Arrangement Act (“CCAA”) brought a motion for directions on whether it had the authority to allow the revision of a claim after the claim’s bar date, but before the date set for the monitor to complete its assessment of claims.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Shareholder, Debtor, Unsecured debt, Debt, Stakeholder (corporate), Prejudice, Bankruptcy and Insolvency Act 1985 (Canada), Court of Appeal of Alberta, Trustee
    Authors:
    David W. Mann , David LeGeyt
    Location:
    Canada
    Firm:
    Dentons
    Supplier's rights under S. 81.1 of the Bankruptcy and Insolvency Act expanded
    2009-04-29

    Section 81.1 of the Bankruptcy and Insolvency Act (“BIA”) grants a temporary super priority to suppliers who provided goods to a bankrupt purchaser or where a receiver has been appointed in relation to the purchaser. The section requires the supplier to provide a written demand to the purchaser and allows the supplier to repossess the goods within thirty days of the date of the delivery of goods.

    Filed under:
    Canada, Insolvency & Restructuring, Dentons, Bankruptcy, Debtor, Unsecured debt, Secured creditor, Unsecured creditor, Bankruptcy and Insolvency Act 1985 (Canada), Goldman Sachs
    Authors:
    David LeGeyt , David W. Mann
    Location:
    Canada
    Firm:
    Dentons
    Approval of cross border DIP financing facilities
    2009-02-27

    In Re Intertan Canada Ltd. (2009), WL 181688 (Ont. S.C.J. [Commercial]), 2009 CarswellOnt 324 [Re Intertan], Morawetz J denied the approval of an amended DIP financing agreement under CCAA proceedings which was granted under the Chapter 11 proceedings in the United States.

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Dentons, Retail, Unsecured debt, Default (finance), Subsidiary, Constitutional amendment, Companies' Creditors Arrangement Act 1933 (Canada)
    Location:
    Canada
    Firm:
    Dentons
    Does an execution creditor have priority over unsecured creditors in an insolvency?
    2009-02-18

    An Ontario Court recently confirmed that an execution creditor does not have priority over the unsecured creditors of a debtor upon the insolvency of the debtor even if the judgment creditor is then holding funds of the debtor which it has garnisheed.

    In February 2008, the Superior Court of Justice – Ontario granted Cotton Ginny Inc., CG Operations Limited ("H/O"), CG Operations I Limited and CG Operations II Limited, protection under the Companies’ Creditors Arrangement Act.

    Filed under:
    Canada, Ontario, Insolvency & Restructuring, Litigation, Dentons, Debtor, Unsecured debt, Capital punishment, Preferred stock, Ontario Superior Court of Justice
    Location:
    Canada
    Firm:
    Dentons
    Reorganised businesses and insolvencies – tax pitfalls you can avoid
    2008-10-09

    A business you are buying or selling, if reorganised for sale, may be less valuable if you do not avoid tax pitfalls. This note highlights the most common pitfalls, including those related to an insolvency. You can avoid most with planning.

    Reorganisations

    Many businesses will now be considering transactions involving corporate reorganisations. They might want to take advantage of market conditions to buy or be considering the sale of business units to refocus strategy. Or they might become involved in an insolvency or reconstruction.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Dentons, Debtor, Unsecured debt, Value added tax, Accounting, Swap (finance), Debt, Liability (financial accounting), Liquidation, Beneficial ownership, Subsidiary, Stamp duty, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    Dentons

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