Michael Basso of FTI and Derek Chiasson, Adrienne Oliver and Sylvain Rigaud of Norton Rose Fulbright note that insolvency practitioners are often asked for advice or assistance in preparing income tax returns for debtor companies and share recommendations for practitioners to follow at the onset of a filing to make the return preparation more efficient.
A curation of recent Canadian insolvency-focused articles.
Mary Plahouras of MNP urges high-tax debtors to consider a proposal under the BIA instead of a bankruptcy assignment to avoid the necessity of a court hearing and the consequences that may flow therefrom.
Ari Sorek of Dentons summarizes the amendments that are in the works for the BIA and CCAA which will statutorily entrench the duty of good faith, widen the scope of directors' potential liability and augment financial disclosure and transparency
Michael Nowina and Ben Sakamoto of Baker & McKenzie review a recent appeal involving the intersection of bankruptcy law and the doctrine of subrogation.
David Jackson of Taylor McCaffrey uses a recent case to remind readers that while Proposal Trustees are not typically the chosen tool for investigating or challenging pre-filing transactions, they do have similar powers to Bankruptcy Trustees
Jessica Cameron, Josef Krüger, Robyn Gurofsky and Miles Pittman of BLG review a recent case that serves as a cautionary tale for receivers regarding the duties they owe both to the Court as a Court officer, as well as to all of a debtor's interested stakeholders.
Patrice Benoit and Geneviève Cloutier of Gowling WLG share that the Court of Appeal of Quebec has overturned the decision of the lower court in the highly anticipated Bluberi case and note that the case will now serve as an example to debtors, litigation funders and creditors that when the only ”raison d’être” of the debtor is the pursuit of litigation, or when such litigation is at the core of any arrangement, pursuit of that litigation requires the approval of creditors.
Monica Carinci, Steven Graff, Kyle Plunkett and Miranda Spence of Aird & Berlis explain recent decision of the Ontario Court of Appeal that definitively answers the question of which appeal procedure must be followed in appeals of Orders made in proceedings constituted under both the Bankruptcy and Insolvency Act and the Courts of Justice Act
Matthew Lerner and Scott Rollwagen of Lenczner Slaght weigh in on the recent Court of Appeal decision in The Guarantee Company of North of America v Royal Bank of Canada, noting that the decision has upset the long-standing conventional wisdom among bankruptcy and insolvency practitioners in Ontario about the fate of provincially-created statutory trusts in bankruptcy.
Romain Viel of McInnes Cooper explains that the Supreme Court's hesitation to comment on the scope of a Crown's deemed trust before a tax debtor's bankruptcy in the Callidus case is likely because there is ongoing litigation about this issue (Canada v. Toronto-Dominion Bank)