Éric Savard, Justin Dépatie, Charles Lapointe and Rémi Leprévost of Langlois discuss two recent Québec insolvency proceedings involving Groupe Finstar and Asbestos Corporation, considering the risks faced by secured creditors who initiate receiverships without holding first-ranking security over underlying assets, the circumstances in which solvent third parties such as insurers may obtain protection from litigation in exchange for funding a restructuring, and growing judicial scrutiny of third-party releases, while addressing competing stakeholder interests and the cross-border challenges of securing recognition of Canadian insolvency orders.

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