The adoption of cross-border protocols by judges in Canada and the U.S. on Wednesday will allow the Montreal, Maine and Atlantic Railway bankruptcy to move forward so that the victims of the Lac-Megantic train disaster may receive compensation as quickly as possible, the trustee assigned to oversee the case said, Bangor Daily News reported. “The U.S. case and the Canadian case are being administered primarily for the victims,” Robert Keach, a Portland lawyer who was appointed Aug. 22 to serve as trustee during the bankruptcy proceeding, said after a hearing in Bangor.

Aston Metals Ltd., a mining exploration company owned by Nathan Tinkler, was placed in receivership as the latest piece of the former billionaire’s empire in Australia to be offered for sale to repay creditors, Bloomberg reported. John Park and Quentin Olde of FTI Consulting Inc. were appointed as receivers in Australia, according to a statement from the West Palm Beach, Florida-based company. Madison Pacific Trust Ltd., representing funds that hold Aston notes, named Park and Olde, according to an e-mail from FTI.

Banks face being hit with a new set of international capital rules aimed at forcing bondholders rather than taxpayers to bail out failing institutions, the Financial Times reported. Global regulators are seeking support from world leaders to draw up proposals to force banks to hold a minimum amount of debt that can be “bailed in” if a bank collapses.

The liquidation vehicle for Ireland's failed Anglo Irish Bank has filed for bankruptcy protection in the United States, it said on Tuesday, Reuters reported. The Irish Bank Resolution Corporation's (IBRC) liquidators said they filed an application under Chapter 15 of the U.S. bankruptcy code in the district of Delaware on Monday. Chapter 15 grants a foreign company protection from creditors looking to seize its assets in the country. "These assets form part of the liquidation process currently underway," the liquidators said in a statement.

The rail company whose oil tanker train blew up in a Quebec town last month, killing 47 people, will be allowed to continue operating through Oct. 1 after providing insurance documentation demanded by Canadian authorities, Reuters reported. The Canadian Transportation Agency (CTA) said on Friday it would let Montreal, Maine and Atlantic Railway (MMA) and its Canadian subsidiary keep trains moving for now. Earlier this month it had ordered MMA to cease operations, saying the railway lacked adequate insurance.

A U.S. court has approved a multimillion-dollar settlement in a securities fraud class-action lawsuit against a bankrupt energy exploration company for which embattled Sen. Pamela Wallin was a director, The Globe and Mail reported. Between June 2007 and December 2011, Wallin was a paid member of the board of Oilsands Quest Inc., a Calgary-based exploration company. As a director, the Saskatchewan senator was named in the lawsuit along with fellow board members, TD Securities and Calgary consulting firm McDaniel and Associates.

Canadian Pacific Railway has been ordered by a federal agency to resume the transfer of cargo traffic to Montreal Maine and Atlantic Railway, CTV News reported on a Canadian Press story. Calgary-based CP had expressed concerns about the "fitness" of the insolvent short-haul railroad to safely handle hazardous substances in light of the deadly derailment and crash last month that devastated Lac-Megantic, Que.

The Finnish paper company Stora Enso Oyj agreed to pay $8 million to end a nearly nine-year-old antitrust lawsuit accusing a former unit of conspiring to fix prices for purchasers of coated paper used in magazines and catalogs, Reuters reported. According to a filing on Monday with the U.S. District Court in Bridgeport, Connecticut, the settlement resolves claims against Stora Enso and the former Stora Enso North America Corp unit, which was sold in 2007 and is now known as NewPage Wisconsin System Inc after going through bankruptcy.

The insolvency of one of Canada’s largest and oldest contracting firms is having a ripple effect on companies in Sudbury and across Northern Ontario, NorthernLife.ca reported. The Comstock Group of Burlington is under bankruptcy protection and a number of Sudbury-area industrial suppliers, engineering firms, equipment rental and fabrication shops, which worked as service firms on projects in Sudbury and across Canada, have been hit particularly hard. Forty-two Sudbury-area companies showed up on a list of unsecured creditors owed greater than $1,000.

The Canadian province of Quebec has ordered Canadian Pacific Railway Ltd to help pay clean-up costs after a train disaster that killed 47 people and said on Thursday the company has no choice in the matter. The disaster, North America's deadliest rail crash in two decades, destroyed the center of the Quebec town of Lac-Megantic last month after a runaway oil tanker train derailed on a curve and exploded. Crews are still cleaning up the 1.48 million U.S. gallons (5.6 million liters) of oil that spilled. "Let's be clear.