A word of caution: The Canadian Legal Lexpert Directory 2018 has ranked Goodmans the only “most frequently recommended” law firm for insolvency and corporate restructuring for the past 15 years. ... An unusual case involving the Federal Government and a pending lawsuit in respect to the government's actions. In doing so, the court followed the long line of cases in both CCAA and BIA restructuring cases as well as bankruptcy liquidation cases. 2019 was a busy year for corporate restructuring practitioners in Canada. Deloitte makes efforts to post the latest information relating to … Canadian courts have also authorized numerous court-to-court protocols to facilitate cases with complicated cross-border aspects. Featured webinar: Cross-border insolvency and restructuring . Over the last two weeks, we have provided you with real case studies from our files. Restructuring, packaging out and the like are all informed by what courts are awarding. Co-author: Amendments to the CCAA and BIA in Force November 1, 2019 Blakes Bulletin on Restructuring & Insolvency, November 1, 2019. In addition to the common law and statute based legal system used in the rest of Canada, Quebec is the only province with a civil code, based on the French Napoleonic Code. In a decision discussed here, the Supreme Court of Canada ruled in Callidus that the … 2017 saw a number of interesting and important developments in Canadian insolvency and restructuring matters. The statutory framework is also supported by a well-­developed body of jurisprudence that reflects the willingness of Canadian judges to be responsive to the ‘real-time’ nature of insolvency proceedings and to grant appropriate relief that fits the unique facts of a particular case. Mr. Taylor will present oral arguments. In this article, I will offer some perspectives on the impact which some of these new players have had in the Canadian lending market as well as in restructuring and workout proceedings, including debtor in possession (DIP) financing and other forms of “distressed” lending. By not granting the commercial rent relief Canada requested, it differentiated the Canadian insolvency system from the US system as seen in the Modell’s and Pier 1 cases. Read More. January 16, 2019. … Co-editor: A Year in Review Commercial List Users’ Committee Newsletter, Issue #11, January 2019. In addition to the conditions imposed, there may also be specific LMIA exemption program requirements that may be affected by a corporate restructuring, such as the intra-company transferees who require a qualifying corporate relationship between the foreign and Canadian entities. You can read more about the impact of debt restructuring on your credit rating here. Aubrey Kauffman is a keystone of the Canadian market, with a wealth of experience and expertise in domestic and cross-border insolvency, ... Sidley Austin’s Kolja von Bismarck earns acclaim as “one of the undisputed leaders in advising on restructuring cases based on Anglo-Saxon financial structures”. A Win for Landlords: Letters of Credit and the Autonomy Principle Asking Lenders for Time to Deal with COVID-19 Problems Coronavirus: Harbinger of a New (Old) Approach to Restructuring in Canada? Case Name Case No. In cases where the assistance of the BVI Court is to be limited to the provision of evidence or the examination of witnesses, this can be achieve by a letter of request pursuant to the provisions of the Evidence (Proceedings in Foreign Jurisdictions) Act. IFLR 1000 has ranked Goodmans as Tier 1 for 14 consecutive years and clients say that "Goodmans has the strongest and deepest team in Canada. The good news is that in both cases the downgrade in credit rating does not last forever. II. Despite certain similarities with the U.S. Bankruptcy Code, there are still many notable differences between insolvency and restructuring law in Canada and the United States. In the Canadian oilpatch, Narfason anticipates further corporate restructuring cases as commodity prices and investment remain low. News. The highlights are summarized below: Supreme Court of … In all cases, addressing financial issues early on greatly increases the chances for … Read More. This Canadian resource hub provides practical guidance during times of instability and change. from Canadian case law and practice regarding KERPs. Certainly, this is the case when determining ‘exceptional circumstance’ on a case-by-case basis when dealing with lengthy reasonable notice awards. Insolvency and restructuring matters require clear communication with creditors and stakeholders. Watch now . Canadian Association of Insolvency and Restructuring Professionals: 2020-01-03 Some of the highlights (which, in certain instances, will continue as issues in 2018 and beyond) are set forth below: 1) Trends: Fewer CCAA Filings and Retail Insolvencies in the News. Consistent with general principles of the ... officer supervising the restructuring, the court’s involvement in the negotiation, design and implementation of any KERP is a necessary aspect of the process. The highlights are summarized below: While somewhat predictable, these legal concepts are fluid. This edition of Canadian Bankruptcy and Insolvency Law: Cases, Text, and Materials has expanded in several areas to account for recent developments and elaborate upon particular subjects. Understanding the nuances of the individual business, our LITs provide initial business reviews, informal and private turnaround plans and formal restructuring proposals when required. Two relatively recent cases emanating from courts in the Canadian province of Quebec may be informative. The Canadian restructuring landscape also some significant shake-ups, with important decisions and extensive legislative changes. "We do expect to see more energy-based insolvencies. Robert I. Thornton has been recognized in the Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada. The case is a rare win for a taxpayer on the “tax benefit” issue, the first case to treat the “tax benefit” issue as a question of law and the first case where a taxpayer has prevailed on the tax benefit issue by showing that the tax consequences of the taxpayer’s actual transactions and comparative transactions relied upon by the government are the same. Recent Developments. KERPs in Canadian Restructuring Law” at the IIC Conference in Naples, Florida this weekend. Manitoba is planning to move forward with the second wave of restructuring its health-care system, which includes shifting the management of the Cadham Provincial Laboratory and … In order to determine if the Canadian case should be the main proceeding, the Canadian court will assess whether there is a real and substantial connection between the matter and Canada. A consumer proposal results in an R7. The Canadian Badlands Tourism Association, composed of over 50 member municipalities, was founded in 2006 to promote tourism throughout a unique region in south central and southeastern Alberta featuring … This article summarizes the core issues of importance in each of these cases. As such, Canada provides a model of efficiency, flexibility and creativity for restructuring solutions. Launched in the magazine’s Fall/Winter 2018 edition, the … Latest insights Filter by. Daryl Newcombe CTV News London Reporter @DNewcombeCTV Contact. More Cases. Share on Facebook Share on Twitter Share on LinkedIn Share by email. Highlights of 2018 Canadian Restructuring Law. The highlights are summarized below: Supreme Court of Canada clarifies Crown priority for GST claims. Deloitte Restructuring Inc. in its capacity as Trustee in Bankruptcy of Capital Steel Inc., a bankrupt: 2020-01-03: Notice of appearance, (Letter Form), Ashley Taylor and Sinziana R. Hennig will appear before the court. Search our archive of insolvency and restructuring proceedings. Recent restructuring cases suggest that, in determining whether Canada is the appropriate venue for principal insolvency pro-ceedings, the US Bankruptcy Court will grant a s. 304 order only where it is satisfied that a Canadian court should in fact have primary jurisdiction. Sept. 24, 2018 – Davies partners Natasha MacParland and Natalie Renner will be authoring a regular feature column in Rebuilding Success, the official magazine of the Canadian Association of Insolvency and Restructuring Professionals. News. Current Search (342 results) Clear results; 101133330 Saskatchewan Ltd. (O/A Orr Centre) 101149825 Saskatchewan Ltd. 101133330 Saskatchewan Ltd. o/a Orr Centre Regina; 101149825 Saskatchewan Ltd. 1585396 Ontario Inc. o/a AAA Trading Co. 1851018 Alberta Ltd. 1926378 Alberta Ltd - Sprockit Apps Inc; 2012241 Ontario Limited … Deemed trust and priority problems don’t arise in the case of a restructuring because that scenario contemplates a plan of arrangement providing for … players in the Canadian restructuring marketplace. The duty to act in good faith in court supervised proceedings has long been codified under the Quebec Civil law. Updates in Canadian Restructuring Case Law Publications. While 2018 saw a slight decrease in nationwide CCAA filings (with 19 total cases commenced, compared to 23 in 2017), there were a number of important decisions rendered throughout the country. Our lawyers have the multidisciplinary experience and global reach to advise Canadian corporations through sensitive, complex and cross-border restructuring and insolvency situations. Restructuring London Hydro could boost revenue but diminish Council involvement. Company restructuring process: Introduction. The year saw an uptick in CCAA filings nationwide, with 38 total proceedings (up from the total of 21 filings in 2018). Canada: Highlights Of 2018 Canadian Restructuring Law ... (with 19 total cases commenced, compared to 23 in 2017), there were a number of important decisions rendered throughout the country. It also provides status updates on the cases reported in our January 2019 Blakes Whitepaper: 2018 Developments in Canadian Insolvency Case Law: What Lenders Need to Know, and includes a summary of any appellate decision rendered in 2019 in respect of those cases. Canadian Badlands, a shareholder-based organization promoting tourism in Alberta’s east, is worth keeping but change is needed, according to the findings of a third-party review. Neutral Citation; December 20, 2019: Canada Post Corp. v. Canadian Union of Postal Workers: 37787: 2019 SCC 67: December 19, 2019: The Standard of Review (taken from Vavilov in the “Administrative Law Trilogy”) (Case Law in Brief) 37748 37896 37897: 2019 SCC 65 2019 SCC 66: Bell Canada v. Canada (Attorney General) 37896 37897 The Canadian courts will recognise a foreign proceeding as a foreign main proceeding where the debtor's centre of main interest is located in the jurisdiction of the foreign proceeding. 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