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Court affirms priority entitlement of Canadian creditors to post-liquidation interest from Canadian branch of foreign insurance company

  • Stikeman Elliott LLP
  • -
  • Canada
  • -
  • September 2 2009

On July 14, 2009, the Ontario Superior Court of Justice released its decision in Canada (Attorney General) v. Reliance Insurance Company, an application regarding the allocation of surplus arising from the liquidation of the Canadian branch (Reliance Canada) of U.S.-based Reliance Insurance Company (Reliance U.S.), a property and casualty insurer that was itself in liquidation