Category: Restructuring & Insolvency

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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…

2017 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…

Retail Insolvencies in Canada Series, #2: Supplier Perspectives

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…

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…

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