Regional news: Canada

Universality and comity: the Royal Court of Jersey and Lydian International

Partner Stephen Alexander and associate Max Galt of Mourant Ozannes in Jersey acted for Canada-headquartered Lydian International in an application before the Royal Court seeking cross-border insolvency assistance in aid of proceedings before the Ontario Superior Court of Justice. They explain why universality and comity principles underpinned the Royal Court’s 9 October decision.

21 October 2020

Alvarez & Marsal appointed monitor to struggling cannabis company

Alvarez & Marsal has been appointed to act as monitor of California-based cannabis company Sunniva Group, which obtained an initial order from a Canadian court under the Companies' Creditors Arrangement Act last week.

14 October 2020

US courts grant emergency recognition of Canadian and English proceedings

A global group of satellite technology companies has secured preliminary US recognition of its Canadian restructuring in Minnesota despite creditor objections – while Swiss vending machine company Selecta has secured the same relief for its English scheme of arrangement in Texas.

12 October 2020

Canadian court approves cannabis company’s plan with narrowed releases

A British Columbia court has approved a revised restructuring plan for New York-based marijuana company iAnthus, telling opposing shareholders that not doing so would reward parties bringing “tactical” litigations at the expense of those with less “aggressive” lawyers.

08 October 2020

Canadian court upholds anti-deprivation rule

The Supreme Court of Canada has upheld the common law "anti-deprivation" rule that parties cannot enforce contractual provisions triggered by insolvency where they remove value otherwise available to creditors.

07 October 2020

Jackson Walker, Munsch Hardt and Weil advise as Texas takes on more Chapter 15s

Jackson Walker is helping British restaurant chain PizzaExpress seek recognition of its UK restructuring plan in Texas, while Munsch Hardt Kopf & Harr and Weil Gotshal & Manges are advising two Canadian energy companies on separate recognition cases in the same court.

05 October 2020

Sweeping release sends cannabis company’s plan up in smoke

New York-based marijuana operator iAnthus Capital Holdings has days to review its Canadian plan of arrangement after a British Columbia court rejected a sweeping release that would have shielded the company and its directors from ongoing shareholder suits in the US and Canada.

01 October 2020

Montréal retailer enters CCAA and Chapter 15 after landlords refuse abatements

Six law firms and Deloitte have taken new roles as Canadian womenswear retailer Groupe Dynamite obtained an initial order under the Companies' Creditors Arrangement Act, and Chapter 15 provisional relief in Delaware.

29 September 2020

Cayman bankruptcy and freezing orders recognised in Canada

An Alberta court has recognised Cayman Islands personal bankruptcy and freezing orders, rejecting arguments that granting the relief would be “an abuse of Canadian procedures” despite noting there were limited precedents.

24 September 2020

Shearman and Bennett Jones advise as power plant builder enters RSA

Sherman & Sterling and Bennett Jones have helped an Argentina-headquartered power plant producer enter a deal with an ad hoc group of noteholders, to be implemented under the Canada Business Corporations Act.

24 September 2020

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