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Results: 1-10 of 346

Debtor in possession charge in priority to Canada Revenue Agency’s deemed trust

  • Dentons
  • -
  • Canada
  • -
  • April 29 2009

In Canada (Deputy Attorney General) v. Temple City Housing Inc., the Alberta Court of Appeal had to consider an application for leave to appeal a provision in a Companies' Creditors Arrangement Act (Canada) (“CCAA”) order granting a DIP lender a charge in priority over the claims of CRA

The “hardship fund” in CCAA proceedings

  • Dentons
  • -
  • Canada
  • -
  • April 29 2009

In Re EarthFirst Canada Inc., Justice Romaine had to consider establishing a “hardship fund” that would be used to allow EarthFirst Canada Inc. (“EarthFirst”) to pay pre-filing obligations owing to certain suppliers and contractors operating in a remote community where EarthFirst is developing a wind farm project

Corn producers not able to rely on their supplier rights under the BIA

  • Dentons
  • -
  • Canada
  • -
  • February 28 2008

In Meunerie B.L. inc., Re (2007), EYB 2007-126274, 2007 QCCA 1601 (Que. C.A.) affirming (2006), EYB 2006-109274, 2006 QCCS 4914 (Que. S.C.) Meunerie B.L. Inc. (“Meunerie”) made an assignment in accordance with the Bankruptcy and Insolvency Act (“BIA”

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

Alberta Receiver recognized in Colorado under Chapter 15 of the US Bankruptcy Code

  • Dentons
  • -
  • Canada, USA
  • -
  • February 28 2008

Ernst & Young Inc. was appointed by the Court of Queen’s Bench of Alberta as the Receiver and Manager of an Alberta Corporation named Klytie’s Development Inc., its Colorado subsidiary, and the two primary shareholders of the debtor companies

The importance of registering name changes

  • Dentons
  • -
  • Canada
  • -
  • January 30 2009

In Royal Bank of Canada v. Head West Energy Inc., the Court of Appeal considered the priority of two security interest registrations against the same collateral, namely industrial camp trailers, and the obligations, pursuant to the Personal Property Security Act, R.S.A. 2000, c. P-7 (“PPSA”) of a security holder to amend its registration to reflect a name change when the security holder has knowledge of that name change

Superintendent’s Levy deducted from repayment of bank’s mortgage

  • Dentons
  • -
  • Canada
  • -
  • January 30 2009

In Seeley (Trustee of) v. Canadian Imperial Bank of Commerce (2008), the Bankruptcy Court determined that the Superintendent’s Levy was payable on the amount paid to a secured creditor by a Trustee in bankruptcy

The priority of the operator’s lien

  • Dentons
  • -
  • Canada
  • -
  • January 30 2009

In Brookfield Bridge Lending Fund Inc. v. Vanquish Oil & Gas Corp., the Alberta Court of Queen’s Bench found that the trust created pursuant to section 507 of the 1990 Canadian Association of Petroleum Landman Operating Procedure (“1990 CAPL Operating Procedure”) created a trust in favour of the joint operator that went beyond funds held in the insolvent operator’s account at the date a receiver was appointed to cover all assets of the debtor’s estate, including the net proceeds of the sale of the insolvent operator’s interest in that property, in priority to the operator’s secured lender

Ancillary foreign proceedings in Canada

  • Dentons
  • -
  • Canada, USA
  • -
  • August 31 2009

Lear Corporation, a Delaware corporation, its Canadian subsidiaries, and other affiliates, sought an Order under s. 18.6 of the Companies’ Creditors Arrangement Act (“CCAA”) for a declaration that Chapter 11 proceedings in the U.S. Bankruptcy Court (New York) constituted “foreign proceedings” and for a stay of proceedings

BC courts uphold controversial plan of arrangement

  • McMillan LLP
  • -
  • Canada
  • -
  • March 17 2008

Typically, courts will only rarely and sparingly interfere with contractual rights that parties freely negotiate and agree upon