Category: Restructuring & Insolvency

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Retail Insolvencies in Canada Series, #1: Landlord Perspectives

July 18, 2017

This article is the first instalment in a series examining large retail insolvencies in Canada from the perspective of various stakeholders. The Companies’ Creditors Arrangement Act (Canada) (CCAA) is the principal statute for the reorganization, or sale, of large corporate debtors in Canada and the functional equivalent to Chapter 11 of the U.S. Bankruptcy Code (Chapter 11) in the United…

Update: Court of Appeal Affirms Unconstitutionality of Alberta’s Oil and Gas Licensing Regime

May 3, 2017

On April 24, 2017, in Orphan Well Association v. Grant Thornton Limited, the Alberta Court of Appeal (Court) upheld Chief Justice N. Wittmann’s decision (Chief Justice) in Redwater Energy Corporation (Re) (Chambers Decision) by finding that certain sections of the Oil and Gas Conservation Act (OGCA) and Pipeline Act (PA) are inoperative to the extent that they are used by…

Alberta Court Provides Clarity on Oppression Claims in CCAA Context

March 13, 2017

The Alberta Court of Queen’s Bench (Court) has provided clarity on how oppression claims will be adjudicated in the context of the Companies’ Creditors Arrangement Act (CCAA). In the recent decision in Lightstream Resources Ltd. (Re), the Court confirmed that it has jurisdiction to hear oppression claims, but held that the exercise of this discretion is limited to appropriate circumstances….

Restructuring and Insolvency: A Cross-Country Year in Review

January 26, 2017

Join members of our National Restructuring & Insolvency Group as they review key restructuring and insolvency developments and trends across Canada in 2016. This seminar provides a broad cross-country update on major domestic and cross-border filings, topics of interest and judicial decisions in 2016, across a number of industries, including oil and gas, mining, real estate, retail, and others. Mandatory…

From “Judgment Granted” to Getting Paid: SCC Ruling Makes it Easier for Plaintiffs to Enforce Judgments

November 18, 2016

The Supreme Court of Canada (SCC) has rendered judgment in a closely-watched case involving the intersection of judgment enforcement and privacy rights. As discussed in an our July 2015 Blakes Bulletin: You Won Your Case — Now What? SCC to Consider Intersection of Judgment Enforcement and Privacy Rights, this matter required the SCC to weigh enforcement rights of winning plaintiffs…

Court of Appeal Closes Door on U.S. Doctrine for Re-Ranking Creditors

September 22, 2016

The Ontario Court of Appeal (OCA) has closed the door on the application of equitable subordination in Companies’ Creditors Arrangement Act (CCAA) proceedings. In U.S. Steel Canada Inc. (Re), the OCA clarified the scope of the court’s broad discretion under section 11 of the CCAA and found that the American doctrine of equitable subordination — which allows for the re-ranking…

Alberta’s Oil and Gas Licensing Regime Found to be Unconstitutional

May 20, 2016

In Redwater Energy Corporation (Re) (Redwater Energy), the Court of Queen’s Bench of Alberta (Court) held that certain sections of the Oil and Gas Conservation Act (OGCA) and Pipeline Act (PA) are inoperative to the extent that they are used by the Alberta Energy Regulator (AER) to prevent the abandonment or renunciation of an insolvent debtor’s assets by a court-appointed…

AER Seeks to Hold Directors, Officers Personally Liable for Obligations of Insolvent Corporate Licensees

May 9, 2016

The Alberta Energy Regulator (AER) recently released Bulletin 2016-10 (Bulletin), as a reminder to directors and officers of corporate holders of AER oil and gas well licences (Licensees) that they may be personally responsible for the statutory obligations of the Licensee when it enters insolvency proceedings or otherwise ceases operations. The AER’s traditional position has been that the failure of…

Legal Trends 2016: Restructuring & Insolvency

April 6, 2016

ONE | OIL AND GAS SECTOR Amid the protracted drop in oil prices and the decline of the Canadian dollar relative to the U.S. dollar, capitalizing on distressed opportunities in the oil and gas sector in a low-risk jurisdiction, such as Canada, has never been more attractive. These combined circumstances have resulted in approximately US$112-billion worth of oil and gas…

Ontario Court Addresses Debt Re-Characterization Argument in CCAA Proceeding

March 3, 2016

On February 29, 2016, the Ontario Superior Court of Justice released a decision in the ongoing insolvency proceeding of U. S. Steel Canada Inc. (USSC). Two principal issues were addressed by the Court. First, whether amounts advanced by United States Steel Corporation (USS) to USSC (its indirect wholly-owned subsidiary) were properly characterized as debt obligations or “equity claims” under the…

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