Pari Passu Prevails: The Court of Appeal’s Decision in Bridging Finance

Adam Driedger of TGF comments on the Ontario Court of Appeal’s recent decision in the receivership proceedings of Bridging Finance, noting that, while the Court’s decision is a positive development for the general body of unitholders, the Court did not comment on the extent to which foundational principles of insolvency law (such as the pari passu principle) will apply in receiverships under the Securities Act, where federal insolvency legislation is not engaged.

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