March 12, 2018
Justice R. Graesser of the Court of Queen’s Bench of Alberta (Court) recently released his decision in Royal Bank of Canada v. Reid-Built Homes Ltd. (Decision), where he held that the Court has the discretion, but not the obligation, to grant a super priority for receivers’ fees and disbursements ahead of the claims of secured creditors. The Decision also held…
February 28, 2018
This is the third instalment in a series examining large retail insolvencies in Canada from the perspective of various stakeholders. This article discusses insolvencies from the perspective of corporate parents of distressed Canadian retailers. This article follows in the shadow of Sears Canada’s inventory liquidation and cessation of operations in January 2018. The Sears Canada shut-down followed a failed attempt…
February 24, 2018
Our National Restructuring & Insolvency Group reviewed key restructuring and insolvency developments and trends across Canada in 2017. This seminar provides a broad cross-country update on major domestic and cross-border filings, judicial decisions in 2017, and topics of interest to lenders and other stakeholders.
January 22, 2018
Alberta Energy has increasingly been targeting insolvent lessees and the historical gas cost allowances claimed by those insolvent companies. Alberta Energy deducts allowances for capital and operating costs and custom processing fees incurred and paid in Alberta for compressing, gathering and processing its royalty share of gas and gas products through the Crown share of allowable costs. Accordingly, there are…
December 7, 2017
On December 6, 2017, the Alberta Energy Regulator (AER) released a new edition of Directive 067 (New Directive), dealing with the eligibility requirements for acquiring and holding energy licences and approvals in Alberta. This was announced to the public though AER Bulletin 2017-21. The New Directive increases the scrutiny the AER will apply to ensure that licences and approvals are…
December 6, 2017
In 2017, a number of insolvency cases were litigated, in various provinces across Canada, which may materially affect the realization and recovery rights of commercial lenders in restructuring and insolvency proceedings. This article summarizes the core issue of importance to lenders in each of these cases and provides an update on their appeal status.
November 9, 2017
On November 9, 2017, the Supreme Court of Canada (SCC) granted the leave application (Leave Application) filed by the Alberta Energy Regulator (AER) and the Orphan Well Association (OWA) in Orphan Well Association, et al v. Grant Thornton Limited, et al, which sought leave to appeal the decision of the majority of the Alberta Court of Appeal in Orphan Well…
October 17, 2017
Our Retail Insolvencies in Canada Series examines large retail insolvencies from the perspective of various stakeholders. It focuses on Companies’ Creditors Arrangement Act (Canada) (CCAA) proceedings, with reference to alternate insolvency proceedings where applicable. The 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…
October 10, 2017
The Blakes Doing Business in Canada guide is an introductory summary of the laws and regulations that affect the conduct of business in Canada.
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October 6, 2017
This is the second instalment in a series examining large retail insolvencies in Canada from the perspective of various stakeholders. This article discusses retail insolvencies from the perspective of third-party inventory suppliers and service providers, and follows the Companies’ Creditors Arrangement Act (Canada) (CCAA) filing of Toys “R” Us (Canada) Ltd. (Toys Canada), a leading toy and baby products retailer. The…