Search results for CCAA proceedings
CCAA proceedings now at your fingertips
Trustees, creditors, academics, policy makers and government officials have a new source of insolvency information available to them thanks to recent changes to the Companies’ Creditors Arrangement Act (CCAA). One result of the changes, which came into effect September 18, 2009, is that the Office of the Superintendent of Bankruptcy (OSB) became responsible for maintaining both a Registry of Public Records and a Repository of CCAA Files.
Registry of Public Records
Once a court grants protection to a debtor company under the CCAA, the monitor (trustee) must send basic information to the OSB within one business day. This information includes the court’s file number and coordinates—including the website address of both the debtor and the monitor.
Some Recent Canadian Developments in Cross-Border Litigation
Here are some recent developments important to anyone engaged in cross-border civil litigation involving common-law Canada. One, the criteria for determining whether a court has jurisdiction over a non-resident defendant have been revised. Two, the concept of "forum of necessity" is now established in Ontario. Three, Canadian courts will not, as readily as in the past, decline to exercise their jurisdiction in cases where a parallel action (one involving the same parties and issues) has already been commenced elsewhere.
Court Declines to Approve Sale of Assets as Part of Proposal Proceedings
In the decision of Justice Cumming In the Matter of the Proposal of Hypnotic Clubs Inc. (“Hypnotic” or the “Debtor”) the court dismissed a motion by the Debtor for a sale of its assets pursuant to s.65.13 of the Bankruptcy and Insolvency Act (“BIA”).
Suing a Foreigner? Keep Control of the Case with a Forum Selection Clause
In the world of cross-border litigation, I can tell you that prevention is worth much more than a pound of cure. Battles over where a case is to be litigated are common, and can be so protracted and costly that the parties never reach a determination of the merits of the case. Such battles are common because generally there are tremendous strategic advantages to litigating the case in one’s home jurisdiction, and disadvantages to litigating the case in one's opponent's jurisdiction.
Factoring Agreement: Security or Sale of Assets?
Lenders and other members of the factoring community should be aware of the potential impact of a recent ruling on a priority fight over the accounts receivable of a bankrupt company. One of the issues that the court had to consider was the application of a factoring agreement.
Demand Promissory Notes and the (New) Ontario Limitations Act
Hare v. Hare (218 O.A.C. 164), a December 2006 decision of the Ontario Court of Appeal, has important ramifications for the use of demand promissory notes in tax planning. Legal and tax planners should be aware that standard drafting language used in promissory notes may bring about unintended consequences.
Role of the Office of the Superintendent of Bankruptcy (OSB)
The Office of the Superintendent of Bankruptcy (OSB) is part of Industry Canada. Their role is to ensure public confidence in the market place by protecting the integrity of the bankruptcy and insolvency system.
BIA compared to the CCAA
The Companies' Creditors Arrangement Act (CCAA) is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. Under the CCAA, corporations ask the Court for protection while they prepare ...
Search Sites for Bankruptcies in Canada and the US
In Canada, you can check on the Superintendent of Bankruptcy search site, or in the US, by looking for a filing on PACER, (Public Access Court Electronic Records.) You will have to establish an account on PACER, but the fees are ...
PPSA Registrations - Is this the Weakness in Your Armour?
As the saying goes, an ounce of prevention is worth a pound of cure. This expression is particularly apt when it comes to secured creditors and their registrations under the Ontario Personal Property Security Act (the "PPSA"). Although "getting it right the first time" has always been the mantra of secured creditors, the economic roller coaster ride of recent months has heightened the need to ensure a properly perfected secured claim.
What is the Companies' Creditor Agreement Act (CCAA)?
The Quickening of Innovation in Asset Based Financing
Some would call it evolution: others, revolution. Semantic flourishes aside, financial technologies are increasingly in the foreground as drivers of product differentiation and proliferation in the asset-based financing industry.
My Customer is Restructuring, in Receivership or Bankrupt â€“ What Now?
https://creditedu.org/knowledgecentre/index.php/site/video/142Presented by Jerry Henechowicz, CA-CAIRP, Trustee in Bankruptcy Jerry HenechowiczThis one hour webinar with one of Canadaâ€™s leading restructuring and insolvency firms to get updates on the best practices and latest trends in maximizing recoveries when a customer is restructuring, in receivership or bankrupt.
Direct payments and construction insolvency
https://www.lexology.com/library/detail.aspx?g=3e346c6a-70d9-4608-8309-7bd85469f6ddMain contractor Carillionâ€™s entry into liquidation has resulted in many employers seeking to establish relationships with subcontractors, under which they will be paid directly in order to stay on site and finish the relevant project. On the face of it, this seems like an attractive solution, and may leave some employers wondering why they didnâ€™t procure their projects by construction management in the first place. However, establishing direct relations is not without risks, and requires safeguards for employers and subcontractors alike. Those are set out in the last section of this article, but it is important to understand the pitfalls, particularly of direct payment, first.
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Stay of Proceedings
https://creditedu.org/knowledgecentre/index.php/site/wiki/70Upon the filing of a bankruptcy, a proposal or a notice of intention to make a proposal, no creditor with a claim provable in bankruptcy shall have any remedy against the debtor or the debtor's property or shall commence or continue any action, execution or other proceedings for the recovery of a claim provable in bankruptcy.