Parliament seeks to clarify priority between Bank Act and PPSA security interests *

Canada - January 11 2012
On November 23, 2011, the federal government proposed amendments to the Bank Act (the “Amendments”) which effectively overturn two Supreme Court of Canada (“SCC”) decisions in the area of banking and financial services law.

Co-authors: Andréa Rinaldi, Edward A. Wooldridge, Ilia Danef, Kenneth David Kraft.

---

Leave to appeal granted in Indalex *

Canada - December 2 2011
The Supreme Court of Canada granted leave to appeal yesterday in Indalex Limited (Re).

Co-authors: Justin Fogarty, Andréa Rinaldi, Ilia Danef, Mark Newton.

---

Clarification to the right of prepayment under the Interest Act *

Canada - November 29 2011
The federal government recently introduced a new regulation (the “Regulation”) to the Interest Act which clarifies the application of what is commonly referred to as the “5-year rule.” The Regulation will come into force as of January 1, 2012.

Co-authors: Andréa Rinaldi, Ilia Danef.

---

Bank of Canada and OSFI heads provide insight on regulatory reform; Mark Carney endorsed as next head of G-20’s Financial Stability Board *

Canada, Global - October 6 2011
In the aftermath of the 2008 financial crisis, the G-20 empowered the Financial Stability Board (“FSB”) with coordinating the overhaul of international banking regulations.

Co-authors: Andréa Rinaldi, Ilia Danef, W. Kip Daechsel.

---

DIP lending charge: when super-priority is not so super *

Canada - April 25 2011
On April 7, 2011, the Ontario Court of Appeal (the "OCA") released its decision in Indalex Limited, ordering that the reserved sale proceeds of a going-concern sale involving the Canadian Indalex entities ("Indalex Canada"), held by the court-appointed monitor, FTI Consulting Inc.

Co-authors: John Salmas, Kenneth David Kraft.

---