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    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
    Due debts and contingent liabilities
    2017-09-26

    The Supreme Court has recently confirmed that the courts will adopt "a practical business approach (as against one which is unduly technical)" to the determination of due debts when considering a company's ability to pay its due debts.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Unsecured debt, Liquidation
    Authors:
    Bridie McKinnon , Oliver Gascoigne , Matthew Triggs , Myles O'Brien , Susan Rowe , Peter Niven , David Perry , Scott Abel , Kelly Paterson , Scott Barker , Willie Palmer , Jan Etwell , David Broadmore
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Is disclaimer effective to rid a company of its environmental obligations?
    2017-06-29

    This question arose in Queensland recently in Linc Energy Ltd (in liq): Longley & Ors v Chief Executive Dept of Environment & Heritage Protection.  The Supreme Court of Queensland found that the liquidators of Linc Energy were not justified in causing the company not to comply with an environmental protection order that required the company to maintain equipment that the liquidators had disclaimed.

    Filed under:
    New Zealand, Environment & Climate Change, Insolvency & Restructuring, Litigation, Buddle Findlay, Unsecured debt, Environmental protection, Liquidation, Corporations Act 2001 (Australia), Queensland Supreme Court
    Authors:
    Matthew Triggs , Peter Niven , David Perry , Willie Palmer , Scott Barker , Kelly Paterson , David Broadmore , Myles O'Brien , Bridie McKinnon , Jan Etwell , Scott Abel , Susan Rowe
    Location:
    New Zealand
    Firm:
    Buddle Findlay

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