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The Cassels Brock Restructuring and Insolvency Group is pleased
to present the 2012 Edition of Portable Canadian Insolvency
Legislation for our friends in the restructuring and
reorganizing community and for everyone else whose path might take
them into the area of restructurings and insolvencies, particularly
cross-border issues.
Our Portable Canadian Insolvency Legislation is
intended to be a handy reference to the critical materials that
anyone who is practising in the area or who is affected by it would
find useful and necessary. Our intention is to make Portable
Canadian Insolvency Legislation a regular feature of the
Canadian and international insolvency scene and to make it
userfriendly, convenient and comprehensive while at the same time
retaining its ease of use as an authoritative reference in
fast-moving insolvency and restructuring situations. This edition
of Portable Canadian Insolvency Legislation contains all
of the major Canadian federal insolvency legislation.
The edition also contains features from international insolvency
practice and procedure that are not readily available elsewhere to
reflect the growing trend of internationalization of restructurings
and insolvencies. To keep the print edition of the Portable
Canadian Insolvency Legislation to a convenient and popular
size, we will maintain other important and useful items on the
electronic version of Portable Canadian Insolvency
Legislation. You can easily access and retrieve the Toronto
Commercial List Practice Direction, the Toronto Commercial List
User Committee's Model CCAA and Receivership Orders, a
bibliography of literature and cases under the Uncitral Model Law
on Cross-border insolvency and Chapter 15 of the United States
Bankruptcy Code, and a current list of major Cross-Border
Insolvency Protocols on our website
www.casselsbrock/insolvency/portable.
We hope that everyone will find Portable Canadian Insolvency
Legislation convenient and useful and we would appreciate
comments or suggestions on additional materials that may be useful
for our next edition either for the print version or for the
electronic version on our website. We would, of course, appreciate
comments and suggestions of all kinds from our readers. Please
address comments to either Bruce Leonard at
bleonard@casselsbrock.com or David Ward at dward@casselsbrock.com.
We appreciate everyone's interest and attention to Portable
Canadian Insolvency Legislation, a new initiative in the
Canadian and international insolvency areas.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Click to Login as an existing user or Register so you can print this article.
On February 1, 2013, the Supreme Court overturned a controversial decision of the Ontario Court of Appeal which granted pension beneficiaries priority over DIP lenders in the context of a restructuring under the Companies’ Creditors Arrangement Act ("CCAA").
Domenico Magisano, Commercial Litigation Partner at Lerners LLP, discusses generally what happens when a company is insolvent and how restructuring tools can be used to help companies emerge from insolvency stronger.
Parties may need to proceed cautiously in enforcing contractual rights and remedies in circumstances where there is a risk of the counterparty subsequently becoming insolvent.
Swaps market participants accepting cash collateral from an entity subject to Ontario provincial pension benefits legislation will want to consider the implications of this decision on their priority.
A summary of a number of rulings made by the Supreme Court of Canada, which are of significance for lenders, employers and pension plan administrators of Ontario-registered defined benefit pension plans.
The Supreme Court of Canada’s decision in Sun Indalex Finance, LLC v United Steelworkers, 2013 SCC 6, has a number of implications for employers, pension plan administrators, as well as both secured and unsecured creditors.
