Category: Restructuring & Insolvency

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Amendments to Ontario’s Conflict of Laws Rules Will Require Changes to Documentation and Registration/Search Practices

December 17, 2015

Secured parties that make loans on the security of receivables and motor vehicles, that purchase receivables under securitization or factoring arrangements or that provide financing pursuant to motor vehicle leases or conditional sale agreements (each, a Secured Party) will need to take proactive action as a result of amendments to the Personal Property Security Act (Ontario), which come into force…

You Won Your Case — Now What? SCC to Consider Intersection of Judgment Enforcement and Privacy Rights

July 29, 2015

  A plaintiff wins judgment, but the defendant (judgment debtor) refuses to pay or provide information necessary for the plaintiff (judgment creditor) to realize against the debtor’s assets. When and how can the creditor obtain that necessary information from a third party?   This is the question at the heart of Royal Bank of Canada v. Trang, a case that…

CanaSea Group: Full and Fair Disclosure Required in Ex Parte CCAA Applications

January 22, 2015

  Applicants who seek ex parte relief under the Companies’ Creditors Arrangement Act (CCAA) have an obligation to make full and fair disclosure of all material facts to the court. In the case of Re CanaSea PetroGas Group Holdings Limited, in which the debtor group of companies sought and obtained ex parte relief under the CCAA, the court took the…

Nortel Unsecured Bondholders Can’t Claim for Post-Filing Interest in Canada: Ontario Court

October 2, 2014

  On August 19, 2014, the Ontario Superior Court of Justice [Commercial List] (Ontario Court) released an important decision regarding the ability of unsecured bondholders to assert a claim for “post-filing” interest in proceedings under the Companies’ Creditors Arrangement Act (Canada) (CCAA). The CCAA is Canada’s principal statute for the restructuring of large insolvent corporations and is similar in effect…

Update: Alberta Licensee Liability Rating Program Imposes Financial Challenges for Junior Oil & Gas Companies

June 13, 2014

  This is an update to our September 2013 Blakes Bulletin: Increases to Alberta Licensee Liability Rating Program.   Effective February 28, 2014, the Alberta Energy Regulator (AER) has implemented the Licensee Liability Rating (LLR) Program Management Plan (PMP). The PMP complements the changes made to the LLR program in the first part of 2013, which require oil and gas operators…

​Supreme Court Won’t Bring Order to ‘Untidy Intersection’ Between Environmental Law and Insolvency

April 22, 2014

  On April 17, 2014, the Supreme Court of Canada denied leave to appeal to Nortel from the decision rendered by the Ontario Court of Appeal last October. For additional details and commentary on the decision of the Ontario Court of Appeal, please see our November 2013 Blakes Bulletin: Ontario Court of Appeal Applies AbitibiBowater Test in Concurrent Decisions.   For…

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