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In its recent decision in Angus A2A GP Inc v Alvarez & Marsal Canada Inc (“Angus A2A”),[1] the Alberta Court of Appeal upheld an “unusual” set of proceedings under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) initiated by equity investors rather than the debtor companies themselves or creditors. The principal issue before the Court was whether such investors could qualify as “interested persons” capable of commencing CCAA proceedings and, more broadly, whether the proceedings were consistent with the underlying purposes of the CCAA.

The story of a corporation’s formation, capital, business and affairs is typically set out in its minute book, financial statements, and related corporate records. That does not, however, mean all of that information is automatically available for review. A person’s right to access corporate information depends on the nature of their relationship with the company.

Having last implemented revisions to the Canadian take-over bid and issuer bid regime more than a decade ago, on May 14, 2026, the Canadian Securities Administrators (CSA) proposed changes [PDF] to securities law requirements governing issuer bids, take-over bids and early warning reporting obligations.