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About Articles The following articles are published by the Insolvency Law Section of the Ontario Bar Association. Members are encouraged to submit articles. About Articles

Editor: Stephen Brown-Okruhlik

Today
Today

Exiting the BIA NOI Process Without a Proposal: Court Approves Company’s Withdrawal of Proposal After Return to Solvency

  • October 14, 2021
  • Joël Turgeon, Goldman Sloan Nash & Haber LLP

Following the refinancing and repayment of first-ranking debt during a restructuring under the BIA, one of the subsidiaries in the debtor group, Down Under Pipe and Cable Locating Ltd., was solvent again, its only remaining creditor being a related party. Despite its return to solvency, Down Under still faced bankruptcy since the BIA prevents related parties from voting in favour of proposals.

Insolvency Law, Student Forum

Aquadis Case Comment: Extending the Reach of the Super Monitor

  • June 30, 2021
  • Alexander Overton, Western University Faculty of Law, recipient of the Michael MacNaughton Student Writing Award for Insolvency Law

The role played by the CCAA monitor in assisting the court as it shepherds along a corporate restructuring has evolved significantly over time. While still acting as the eyes of the court and standing apart from any particular stakeholder, recent developments in insolvency law have seen the monitor take on an increasingly active part in proceedings. The decision of the Québec Court of Appeal in Aquadis affirmed another such expansion of the monitor’s powers.

Insolvency Law, Student Forum

2019 CCAA Amendments and their Impact on First-Day Relief

  • June 30, 2021
  • Namrata Bhagia, Michael MacNaughton Student Writing Award finalist

The purpose of this article is to determine the practical implications of the CCAA amendments on timeline of initial stay order and first-day relief. In doing so, the initial orders in Clover Leaf Holdings Company, Re, Lydian International Limited (Re), and Laurentian University of Sudbury will be briefly analysed and compared.

Insolvency Law, Student Forum

The Separation of Statutes: The Effects of Bankruptcy on Spouses

  • June 30, 2021
  • Nadine Saba, Michael MacNaughton Student Writing Award finalist

In this paper, the author argues that legislative reform is necessary to ease the impact of the treatment of divorcing spouses as unsecured creditors in a bankruptcy. Nadine Saba first provides an overview of the bankruptcy and family legislation, with a discussion of the seminal case law. She then discusses the feminization of poverty, and concludes with suggestions for legislative changes.

Insolvency Law, Student Forum

Notice to the Profession - Toronto - March 18

  • March 22, 2021

A link to the latest amendments to the Notice to the Profession - Toronto, which include updates to the Registrars in Bankruptcy section (Section F).

Insolvency Law, Student Forum

Check Your Numbers Twice: Receiver and Its Counsel Denied Their Inadvertently-Omitted Fees and Disbursements

  • December 15, 2020
  • Jeremy Nemers, Aird & Berlis LLP

In what can only be described as a bitter pill to swallow for the professionals involved, the Ontario Superior Court of Justice in Duca Financial Services Credit Union Ltd. v. 2203284 Ontario Inc. has refused to approve the inadvertently-omitted fees and disbursements of its own receiver and receiver’s legal counsel, notwithstanding the highly unusual outcome that all other creditors had already been paid in full (thanks, ironically, in part to the efforts of the very receiver in question).

Insolvency Law, Student Forum

Supreme Court of Canada Clarifies the Place of the Anti-Deprivation Rule in Canadian Insolvency Proceedings

  • November 09, 2020
  • Michael Nowina

In Chandos Construction Ltd. v. Deloitte Restructuring Inc., a decision released on October 2, 2020, the Supreme Court of Canada affirmed the anti-deprivation rule in the common law of Canada. The dispute in this case revolved around a construction contract between Chandos Construction Ltd. and Capital Steel Inc. that included a clause which provided a fee of 10% of the contract price for the inconvenience and for monitoring the work in the event of Capital Steel’s bankruptcy.

Insolvency Law, Student Forum

Construction Trusts Can Apply to Funds Received by CCAA Monitor: the Court of Appeal’s Decision in Urbancorp

  • July 16, 2020
  • Laura Brazil, Stephen Brown-Okruhlik and Matti Thurlin

In a recent decision in Urbancorp Cumberland 2 GP Inc. (Re) (“Urbancorp”), the Court of Appeal held that statutory trusts can arise under the Construction Act over sale proceeds received by a court officer in a court-supervised sale process under the Companies’ Creditors Arrangement Act (“CCAA”). The decision also limited the application of the Court of Appeal’s earlier decision in Re Veltri Metal Products Co.

Insolvency Law, Student Forum
Jon Wigley

Celebrating the Late Jonathan Wigley, OBA Murray Klein Award for Excellence in Insolvency Law Recipient

  • June 18, 2020

The 2020 OBA Murray Klein Award for Excellence in Insolvency Law winner, Jon Wigley, a partner at Gardiner Roberts LLP, was a credit to the profession – a stellar lawyer, model of integrity and generous mentor. Sadly, Jon passed away before he could receive this honour. In this Q&A, two of Jon’s long-time friends and colleagues offer insight into why he was so highly regarded within the legal community and how his legacy will live on in those who benefitted from his sage advice and fine example.

Insolvency Law, Student Forum