Category: Restructuring & Insolvency

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Drilling Down: Alberta Court Finds Production Volume Royalty Can Be an Interest in Land

July 4, 2018

On June 22, 2018, in Re Manitok Energy Inc., Justice K. Horner of the Alberta Court of Queen’s Bench (Court) confirmed that the creation, grant and sale of a production volume royalty can constitute an interest in land where the parties have an express intention to create such an interest. This decision adopts the reasoning of the Ontario Court of…

Court Confirms that Priority of Receivers’ Charges is Discretionary

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…

Retail Insolvencies in Canada Series, #3: Parent Perspectives

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…

Reversal of Gas Cost Allowances Due to Insolvency on the Rise

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…

AER Revises Eligibility Requirements for Acquiring and Holding Energy Licences and Approvals

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…

Recent Developments in Canadian Insolvency Case Law: What Lenders Need to Know

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. 

Supreme Court of Canada Grants Leave to Challenge Unconstitutionality of Alberta’s Oil and Gas Licensing Regime

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…

Retail Insolvencies in Canada Series

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…

Doing Business in Canada

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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