Edgeworth and Dondeb: A Tale of Two CCAA Applications December 18, 2012 Jeffrey Simpson Recent Ontario decisions dealing with property investment and development companies.
In Re Vitro: Non-Debtor Third Party Release Manifestly Contrary to United States Law December 18, 2012 Garry M. Graber, Craig T. Lutterbein In In re Vitro, S.A.B. de C.V., the U.S. Bankruptcy Court for the Northern District of Texas issued an important decision that clarifies the ability of foreign debtors to enforce plans of reorganizations that do not comply with essential portions of Chapter 15 of the U.S. Bankruptcy Code.
Re Fraser Papers: Contractual Releases in a CCAA Proceeding December 18, 2012 D.J. Miller On September 18, 2012 Justice Morawetz of the Ontario Superior Court of Justice (Commercial List) released written reasons following a motion heard June 29, 2012 concerning the availability, scope and binding effect of contractual releases.
Re Sino-Forest Corporation: CCAA “Equity Claims” Captures Indemnity Claims of Auditors and Underwriters December 18, 2012 Massimo Starnino, Denise Cooney SFC is a Canadian holding company that purported to own forestry assets in the People’s Republic of China. In June 2011, a private investment fund that held a short position in SFC’s stock issued a report alleging that SFC had fraudulently misrepresented its finances and that it was a ponzi scheme.
RADLAX: U.S. Supreme Court Holds Credit Bidding Required in Free and Clear Sale under Plan of Reorganization October 03, 2012 Garry M. Graber, Esq., Craig T. Lutterbein Esq. The U.S. Supreme Court recently issued a decision that should provide significant comfort to creditors secured by property owned by chapter 11 debtors in the United States.
Court of Appeal Confirms that Real Property Limitations Act Applies to all Limitation Periods Affecting Land October 03, 2012 Doug Smith In the recent decision of the Court of Appeal in Equitable Trust v. Marsing, 2012 ONCA 235 the Court confirmed that the limitation period in respect of the commencement of a proceeding regarding a claim on a guarantee contained in a mortgage instrument...
Ontario Court of Appeal Rules on Approval of DIP Financing that Survives Debtor’s Time in CCAA Protection: Crystallex (Re) October 03, 2012 Asim Iqbal On June 13, 2012 the Ontario Court of Appeal released its judgment in Crystallex (RE), which clarified the scope of financing that a supervising judge may approve under s.11.2 of the Companies’ Creditors Arrangement Act.
Sino-Forest – Subordination of Equity Interests and Collateral Damage October 03, 2012 Michael McNaughton On 27 July 2012, Justice Morawetz of the Ontario Superior Court of Justice (Commercial List) released reasons for decision in the Sino-Forest CCAA case concerning the scope and effect of the 2009 amendments to the CCAA that subordinate “equity claims”.
2012 Murray Klein Award for Excellence in Insolvency Law October 03, 2012 Frank Spizzirri This past Spring, it was both my pleasure and honour as the then chair of the Insolvency Law Section (“ILS”) to award the 2012 Murray Klein Award for Excellence in Insolvency Law to Michael J. MacNaughton of Borden Ladner Gervais LLP.
Message from the Chair October 03, 2012 Roger Jaipargas The OBA Insolvency Law Section seeks to promote the education and advancement of insolvency law principles among its members. The Executive for 2012/13 is comprised of a group of dedicated insolvency practitioners who have indicated their willingness to serve the Section and its members.