Mondaq Canada: Insolvency/Bankruptcy/Re-structuring
Gehlen Dabbs
Two major pieces of legislation govern insolvency and bankruptcy in Canada – the Bankruptcy and Insolvency Act (BIA) and the Companies' Creditors Arrangement Act (CCAA).
Gehlen Dabbs
In receivership, an appointed third party acts on behalf of a secured creditor and is tasked with taking possession of the debtor's assets, selling them and using the proceeds to pay the secured debt.
Borden Ladner Gervais LLP
The Supreme Court of British Columbia made an order that the funds in a Registered Disability Savings Plan (RDSP) could not be seized by the Trustee-in-Bankruptcy of the bankrupt beneficiary to satisfy the claims of creditors.
Gehlen Dabbs
Each province has its own laws governing issues related to property and commercial matters, but when insolvency or bankruptcy enter the scene, federal law becomes paramount.
Gowling WLG
The economies of the United States and Canada are closely intertwined. As operations expand across the border, so too do the complexities associated with carrying on business.
McCarthy Tétrault LLP
In a previous post we discussed how the Court of Queen's Bench of Alberta recently authorized a sale transaction after being satisfied with the appropriateness of a sales process...
Gehlen Dabbs
In 2008, the federal government established the Wage Earner Protection Program. The provision was designed to protect the rights of workers whose employers have gone into bankruptcy or receivership.
Gehlen Dabbs
Several months ago, we provided a summary of the bankruptcy process.
Mercantile Mergers & Acquisitions Corporation
Debtor in Possession (DIP) financing describes the funding obtained by an insolvent debtor while that debtor is restructuring its business.
McMillan LLP
The tension between a trustee seeking to facilitate a proposal for the benefit of all creditors and a single creditor being forced to release its rights for the "greater good" was front and center in a recent case before the Supreme Court of British Columbia.
Gehlen Dabbs
The Alberta Court of Appeal last week heard an appeal of a precedent setting decision allowing for bankrupt oil and gas companies to walk away from unproductive wells and leave the cleanup costs to the province.
Gehlen Dabbs
In our last post, we discussed various acts that may be deemed as offences under the Bankruptcy and Insolvency Act (BIA).
Gehlen Dabbs
The Canadian bankruptcy regime was designed with two key purposes in mind – provide options to ‘honest but unfortunate' debtors struggling with an unmanageable financial load and create an orderly means for creditors to recover amounts owed them.
Clyde & Co
On 1 September 2016, the Korean Court issued orders commencing rehabilitation proceedings for Hanjin and staying proceedings against it and its assets (Korean Orders).
Gehlen Dabbs
Consisting of 97 apartments and 60 abandoned townhouses, the corporation owes the Canadian Mortgage and Housing Corporation (CMHC) over $4.2 million, including mortgage arrears of $300,000.
Borden Ladner Gervais LLP
The Ontario Court of Appeal in Meridian Credit Union Limited v Baig made it clear that misinforming a receiver during the purchase of a property, even by omission, will not be tolerated.
McCarthy Tétrault LLP
The Court of Queen's Bench of Alberta authorized a disposition of a debtor's assets by a receiver immediately upon appointment and without being forced to conduct a marketing process within the receivership proceedings.
Cox & Palmer
In the Nova Scotia case Witch's Glen Gold Inc., Re, 2015 NSSC 93, the sole creditor, Steve Furlotte, brought an application pursuant to s. 43 of the Bankruptcy and Insolvency Act (BIA) seeking a bankruptcy order against the debtor Witch's Glen Gold Inc. ("WGC").
WeirFoulds LLP
In its recent decision in Walchuk v Houghton, the Court of Appeal for Ontario clarified the interaction between the stay provisions of the Bankruptcy and Insolvency Act and motions for contempt of court orders.
Miller Thomson LLP
Il a été porté à notre attention que nous n'avions pas précisé que la décision St-Onge (Syndic de) 2014 QCCS 909 (7 janvier 2014) rapportée dans notre publication Été 2014 avait été inscrite en appel.
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Cassels Brock
Many of our clients, when faced with a delinquent debtor, are not sure what procedures need to be followed when seeking to enforce their security over the debtors property.
Borden Ladner Gervais LLP
The Supreme Court of British Columbia made an order that the funds in a Registered Disability Savings Plan (RDSP) could not be seized by the Trustee-in-Bankruptcy of the bankrupt beneficiary to satisfy the claims of creditors.
Gehlen Dabbs
In receivership, an appointed third party acts on behalf of a secured creditor and is tasked with taking possession of the debtor's assets, selling them and using the proceeds to pay the secured debt.
Gehlen Dabbs
In our last post, we discussed various acts that may be deemed as offences under the Bankruptcy and Insolvency Act (BIA).
Minden Gross LLP
The common law remedy of distress has become an increasingly difficult remedy for landlords to exercise in response to a tenant default.
Gehlen Dabbs
Each province has its own laws governing issues related to property and commercial matters, but when insolvency or bankruptcy enter the scene, federal law becomes paramount.
McLennan Ross LLP
When borrowers go insolvent, it is not uncommon for lenders to advance claims against the auditors of the borrower.
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