Articles

In light of the critical importance of vesting orders, Canadian insolvency and banking professionals were understandably anxious when the Ontario Court of Appeal recently asked for submissions on whether receivership vesting orders can extinguish third party interests in land in the nature of a Gross Overriding Royalty.

Appeals in the insolvency arena, although procedurally governed by provincial rules of civil procedure, become a little more complicated when dealing with the appeal provisions contained in the BIA. That means that when appealing an order granted under the BIA, the first thing you need to figure out is whether you have an automatic right of appeal or if you need to seek leave to appeal.

Two recent Ontario decisions confirm the wide breadth of the powers available to trustees-in-bankruptcy under the Bankruptcy and Insolvency Act to examine witnesses and compel the production of documents.

In the recent highly publicized decision involving Nortel’s global insolvency, the Ontario Superior Court of Justice ordered a novel asset allocation scheme. This case demonstrates the tremendous flexibility of the Companies’ Creditors Arrangement Act (“CCAA”) and the discretion the CCAA provides to courts.

This year’s winners were presented with the Award at the CLUC Annual Retreat and Cocktail Reception on June 3, 2015.

The Government of Ontario has proposed three significant amendments to the Personal Property Security Act (Ontario) in recent years which have not yet been brought into force.

It would seem, based on the recent decision of the Ontario Court of Appeal in Bank of Nova Scotia v. Diemer that the honeymoon experienced by insolvency lawyers over the past decade with respect to the manner in which their fees can be charged, is over.

An overview of the Superior Court's decision in Incondo Building Corporation v Sloan, which ended a decades-old legal battle offering guidance on the interplay between provincial limitations rules in the context of conveyance claims and claims advanced pursuant to section 38 of the Bankruptcy and Insolvency Act.

Judge Robert D. Drain of the Bankruptcy Court for the Southern District of New York recently issued a bench ruling in the Momentive Performance Materials.